Types of Insurance Coverage
Updated: Dec 6, 2021
When you buy insurance, do you ask what the policy will cover? Perhaps not. In fact, most car owners who buy car insurance don’t take the time to ask the details of the plan they sign up for. Sadly, most of them end up disappointed whenever they get into an accident, and they expect their car insurance company to offer them help but doesn’t. They are told that their policy does not cover the help that they need, that’s when they regret not reading the policy at all.
If you don’t want to end up like the many others, here are the types of insurance policies and the coverage that they provide.
• Bodily Injury Liability – it covers both injury and death claims filed against you in case you get involved in an accident, and someone else gets seriously injured or died. This is the coverage that you get when the work that you do puts your life and the life of others at risk. This is also the best coverage for those drivers who love the thrill of speed driving.
• Property Damage Liability – this is the type of coverage that will provide financial assistance to those whose properties are damaged because of the accident you’ve been involved in. The liability coverage protects the other party; it is important that you get this one too.
• Your insurance company covers Medical Expenses – All medical payments that need to be made to cover treatment for you and the people inside your car. Some companies refer to this as a personal liability coverage because it involves the owner of the car and everyone who was inside it during the accident.
• Collision Coverage – this is the coverage that protects the car up to its current market value. This coverage involves a deductible, the amount that you will shoulder before the company gives you its share. While this is often optional, most lending companies require their borrowers to have collision coverage just in case.
Some insurance companies offer a variety of coverage programs that covers the other aspects of a possible car accident. However, the list above shows the essential coverage that you might want to consider talking about with your insurance provider. When you’ve got all these covered, you won’t have to worry about not getting enough help when the need arises.