The Basics of Car Insurance


It is important to know the basic types of car insurance when determining the type of car insurance that suits your requirements. Types of auto insurance vary in each country. In the United States and Canada, car insurance is divided into four categories. The most important category is called third-party liability. This is mandatory in both countries. If you are at fault in an accident, the third-party liability policy covers physical injuries and property damage caused to the other party while still including your legal bills. The second type equally includes collision and comprehensive coverage.

Generally, both collision and comprehensive packages carry deductibles or the portion you have to pay if your car is damaged. If you are involved in an accident, collision insurance will cover the cost of repairing your vehicle up to its cash value. Comprehensive coverage covers damage to your car that was not caused by an accident, such as from fire, vandalism or natural disasters.

The other type of car insurance is called medical payment (MedPay); it may provide financial compensation for dependents in the event of the insured person's. It covers the driver's and passenger’s medical expenses. The latest option for car insurance is called uninsured motorists, or (UM) coverage. This ensures coverage in the event that you are the victim of a hit-and-run driver. You will also be covered if the other party does not have auto insurance. The type of car insurance that you choose should depend on the risks that you take the amount you are willing to pay. Comprehensive coverage normally is the most costly, but offers greater protection.

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