![]() ![]() ![]() Some common types of insurance you may be able to add to your auto insurance policy include: Gap coverage pays for this difference.Īuto insurance policies typically offer more specialized features and benefits to help customers through additional challenges. Say your car’s depreciated value is $10,000, but you still owe $15,000 on your auto loan - you would have to make up the $5,000 difference out of pocket. Uninsured motorist bodily injury and property damageĮxample: If your car is totaled or stolen, most insurance policies will only pay for the car up to its depreciated value.Medical payments or personal injury protection (PIP).Here are some of the most common types of coverage you’ll find on car insurance policies: You can do this easily by using a car insurance broker, like Young Alfred. Once you’ve decided on the type of coverage you want, shop around for quotes. Before choosing a policy, it’s important that you read about the coverage, limits, and any exclusions. Minimum car insurance requirements by state StateġNew Hampshire does not require its drivers to carry auto insurance, however, drivers must be able to cover the cost of property damage or bodily injury as a result of an accident in which they are at fault.Īuto insurance policies are very specific about what is and isn’t covered. If you cause a major accident and carry no more than your state’s required minimum coverage, you could be on the hook for any costs above and beyond those limits. Setting higher liability limits may cost you more in monthly premiums, but it can ensure that you’ll be financially protected in an accident. And an accident that results in someone’s death costs an average of $1.75 million. An accident that causes injury costs an average of $29,200 to $101,000, depending on the severity of the injury. Good to know: In 2020, the average cost of property damage per vehicle in a car crash with no injuries was $4,700, according to the National Safety Council. Some states also require uninsured motorist bodily injury, uninsured motorist property damage, and personal injury protection insurance in addition to these minimums.īut even in states with these additional insurance requirements, you may find yourself in a tough financial situation if you’re liable for an accident, since the minimum liability coverage required by your state may be far less than the cost of an accident. The state minimums for bodily injury and property damage liability insurance are the amount of coverage required to pay for any injuries or damages you cause in an accident. The minimum coverage, however, isn’t enough for many drivers. If your state requires auto insurance and you own a vehicle, then you must carry auto insurance to drive legally. Here’s what you need to know about car insurance: ![]() This guide will help you determine what you need in an auto insurance policy, and how to get it. But you have many choices when it comes to the types of coverages you can get, insurance providers, and your deductible. Most states require drivers to have car insurance. ![]() NMLS # 1681276, is referred to here as "Credible." By refinancing your mortgage, total finance charges may be higher over the life of the loan.Ĭredible Operations, Inc. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances. ![]()
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