When it comes to buying insurance for your vehicle, you will find many different kinds of insurance available from different insurers. While some states require different kinds of insurance while others have other options (like collision insurance and other types of excess insurance), most basic insurance policies usually consist of the following: bodily injury liability insurance, personal injury liability insurance, property damage liability insurance, comprehensive and collision. These three types of coverage to cover you if you are at fault in an accident.
Bodily Injury Liability insurance is a type of policy that covers any damage to another person’s property as a result of a collision or a DUI arrest resulting from driving under the influence of alcohol or drugs. The amount of bodily injury coverage will depend on the amount of coverage you choose and whether or not the policy requires that you have bodily injury coverage for your vehicle, your driver, or both. The coverage is typically required for all vehicles that are owned by the policyholder unless you want a rider added to the policy. If this rider is added to the policy, it will be made part of the policy.
Personal Injury Liability insurance protects you in the event that you injure another person or property while operating a motor vehicle. It does not require a rider on the policy. This insurance covers injury to any person or property due to your negligence. This kind of liability insurance is designed to reimburse you for any medical expenses, lost wages and other related expenses when you are at fault in an accident.
Property Damage Liability Insurance, also known as Property Damage Liability Coverage, is designed to protect your business from any damage or expense that may occur as a result of an accident. This kind of liability insurance will pay to repair or replace your property, including, but not limited to, vehicles, and personal property if you are found responsible for any damages that occurred as the result of an accident. If your policy has a deductible clause, this means that you will have to prove to the insurer that the cost of repairing or replacing the property is greater than the amount that you are responsible for paying out-of-pocket. If your policy does not have a deductible, you will have to pay the entire cost of repairing or replacing your property in question.
Accident Insurance coverage is meant to protect you if you are involved in an accident that was your fault. This type of coverage will reimburse you for any expenses that are related to the accident, regardless of who is at fault in the incident. Examples of things that will normally be covered under accident coverage are expenses such as the cost of repairs on your vehicle, medical bills, damage to the property, pain and suffering, and property damage.
Home Insurance is a combination of two different policies: home owner’s insurance, and contents insurance. Contents insurance protects you if you have certain items in your house that can be damaged in case of an accident. These can be your tools, jewelry, antiques and collectibles, sentimental or family heirlooms, and other items of value that are valuable to you.
Contents insurance provides coverage in the event that you are at fault in an accident for any damage to your property, and you are not able to prove it was your fault. It usually includes only the value of the things that were stolen, damaged as a result of a theft or burglary, and damage caused by fire or vandalism. The insurance policy does not include liability for the actual cost of repairing or replacing the item, only the replacement cost and replacement value. If you own your home, you may also have homeowner’s insurance, which provides additional coverage.
There are many types of policies available that will help reduce the insurance costs of homeowners, renters and business owners. The most expensive policy is not necessarily the best one to buy, because some people can save money with a combination of both policies. Shop around and compare your insurance quotes before making a purchase. Take into consideration what you will be using your insurance for, because it will be easier to determine what is necessary for your particular needs.