Auto insurance/Motor Insurance guards one person against the financial loss if he has an accident. It is a contract between the person (insured) and the insurance company (insurer). Customer agrees to pay the premium and the insurance company agrees to pay his losses as defined in his policy. Auto insurance offers property, liability and medical coverage:
Your motor insurance might include six coverages each of the coverage is priced separately.
This coverage relates to injuries that you, the designated driver or policyholder, cause to someone else. You and your family members listed on the policy are also covered when driving someone else’s car with their permission. It’s very important to have adequate liability insurance, because if you are involved in a serious accident, you might be sued for a large sum of money. Definitely one should consider buying more than the state-required minimum to protect assets such as their home and savings.
This coverage pays for the treatment of injuries/hurt to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.
This coverage pays for damage you (or someone driving the car with his/her permission) may cause to someone else's property. Generally, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, buildings, fences or other structures your car hit.
This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Even if you are at responsibility for the accident, your collision coverage will pay back you for the costs of repairing your car, minus the deductible. If you're not at fault, your insurance company might try to recover the amount they paid you from the other driver’s insurance company. If the effort is successful, you'll also be reimbursed for the deductible.
This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, like fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds, deer, etc.
Comprehensive insurance will also reimburse you if your windshield is cracked or crushed. Some companies offer coverage for glass with or without a deductible.
This coverage will reimburse/payback you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver.
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