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Automotive Insurance

Auto insurance coverage is packaged into different coverage types. You purchase insurance to protect yourself and your family in the event that you suffer a loss to your person or property and you purchase insurance to protect yourself and your family from losses suffered by others. Auto insurance can be confusing to decide what limits and coverages to purchase. Let us at Main Street Insurance examine your individual situation and help you determine what options are best for you.

Bodily Injury Liability

Covers other people's bodily injuries or death for which you are responsible. It also provides for a legal defense if another party in the accident files a lawsuit against you. Claims for bodily injury may be for such things as medical bills, loss of income or pain and suffering. In the event of a serious accident, you want enough insurance to cover a judgment against you in a lawsuit, without jeopardizing your personal assets. Bodily injury liability covers injury to people, not your vehicle. Bodily Injury Liability does NOT cover you or other people on your policy. Coverage is limited to the terms and conditions contained in the policy. It is mandatory in most states. If you select limits that are too low, you could be putting yourself at risk financially.

For example, if either you or a driver covered by your policy cause a serious injury where damages exceed your limits, you will be held responsible for the amount above your limits. To make that payment, you could be forced to liquidate property, savings, and other assets, or your future earnings could be attached. By purchasing liability limits to account for both your current assets and future net worth, you can help protect yourself against this risk.

Property Damage Liability

Covers you if your car damages someone else's property. Usually it is their car, but it could be a fence, a house or any other property damaged in an accident. It also provides you with legal defense if another party files a lawsuit against you. It is a good idea to purchase enough of this insurance to cover the amount of damage your car might do to another vehicle or object.

If you select limits that are too low, you could be putting yourself at risk financially. For example, if either you or a driver covered by your policy cause a serious accident where damages exceed your limits, you will be held responsible for the amount above your limits. To make that payment, you could be forced to liquidate property, savings, and other assets, or your future earnings could be attached. By purchasing liability limits to account for both your current assets and future net worth, you can help protect yourself against this risk.

Comprehensive Coverage

Covers your vehicle, and other vehicles (in limited scenarios) you may be driving for losses resulting from incidents other than collision. For example, comprehensive insurance covers damage to your car if it is stolen; or damaged by flood, fire, or animals. It pays to fix your vehicle less the deductible you choose. To keep your premiums low, select as high a deductible as you feel comfortable paying out of pocket. This is not required by a state, but if you have a loan or a lease then the lien holder will require it. A higher deductible can substantially lower the cost of insurance premiums. You should balance this savings against your ability to absorb a larger out-of-pocket expense. For example, if you set your deductible at $1,000 and your car sustains damages totaling $1,500, you will pay $1,000 and your insurance company will pay $500.

Collision Coverage

Covers damage to your car when your car hits, or is hit by, another vehicle, or other object. Pays to fix your vehicle less the deductible you choose. To keep your premiums low, select as large a deductible as you feel comfortable paying out of pocket. For older cars, consider dropping this coverage, since coverage is normally limited to the cash value of your car. This is not required by a state, but if you have a loan or a lease then the lien holder will require it.

A higher deductible can substantially lower the cost of insurance premiums. You should balance this savings against your ability to absorb a larger out-of-pocket expense. For example, if you set your deductible at $1,000 and your car sustains damages totaling $1,500, you will pay $1,000 and your insurance company will pay $500.

Uninsured Motorist Bodily Injury

Covers you, the insured members of your household and your passengers for bodily/personal injuries, damages, or death caused by a not-at-fault uninsured or hit-and-run driver. If you are involved in an accident where the other driver is at fault but has no insurance, your policy will cover your medical expenses, up to the limit on your policy.

Underinsured Motorist Bodily Injury

Covers you, the insured members of your household and your passengers for injuries, damages or death caused by the negligence of a person with insufficient insurance. If you have an accident with a person whose coverage cannot meet your damages, your policy will meet the difference-up to the limit of liability listed on your policy. Be combined or sold separately depending on the state and the insurance carrier.

Uninsured Property Damage

Covers your auto when property damage is sustained by an insured and the negligent operator does not possess insurance. Usually the limit on this coverage is $3,500. This option would only be selected if you did not have full coverage on your vehicle.

Underinsured Motorist Property Damage

Covers when property damage is sustained by an insured and the negligent operator possesses insurance, but the limits of liability carried by the negligent driver are not sufficient to cover the damages.

Personal Injury Protection Coverage

Covers within the specified limits, the medical, hospital and funeral expenses of the insured, others in his vehicles and pedestrians struck by him. The basic coverage for the insured's own injuries on a first-party basis, without regard to fault. It is only available in certain states. Depending on the state, the covered parties below and the amount of protection may vary.