Buying your first car is an exciting experience, but researching insurance may not be. This is a basic beginners guide to insurance to help you assess which coverage is right for you.
The most basic coverage you can buy is liability coverage. In many states it is a requirement to carry at least this level of coverage. Liability insurance covers damage to someone’s property of injury, bodily injury and property damage. Keep in mind, this is only in relation to other people, your own property or injuries are not included in this type of policy. As this is the most basic form of insurance, it also carries the lowest cost.
Full coverage will generally include liability coverage but you have the opportunity to add more protection for yourself and your own property.
Uninsured motorist coverage provides you with compensation if you are involved in an accident with a motorist who has no insurance, or inadequate coverage for you to claim against. Similarly, collision coverage, is specifically for compensation in the event of a collision – this is a common form of coverage in the rental industry.
Comprehensive coverage is coverage in the event of situations other than a collision. This could include theft, vandalism or weather-related damage. You can work with your provider to tailor your coverage to your needs and address your concerns about protecting your property.
Choosing the Right One
Choosing the right insurance coverage for you is about looking at what you can afford and what your main concerns are. If your car is important for you to get to work or daily transport, you may want to consider a full coverage for added protection in the even of damage or loss of use. Choosing the right insurance is about weighing up the cost against the benefits.
What you can take from this beginners guide to insurance is the importance of looking at both the protection of the coverage and the cost. Not only should you consider the cost of the policy itself, but the cost of an accident if you were to go without it.
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