Is Auto Insurance Required? Find Out Before It's Too Late.

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What You Ought To Know About Auto Insurance Required By Law

Topics: Auto Insurance, Insurance Added on: Tuesday, October 6th, 2009 Posted by: yourwealthpuzzle Leave a Comment

If you own a car, you are required by law to carry auto ins (insurance) on it. An auto ins policy has many different coverages that you should carry; but liability car insurance is the only coverage that you are required by law to carry.

The law also requires you to carry minimum liability limits. You should check with your insurance agent because each state has a different minimum requirement.

It is very important to know that if you own a car and you are driving it without carrying minimum liability insurance coverage – - – you are breaking the law.

If you ever get a speeding ticket or you are in a car accident you must be able to prove that you have current auto insurance. Your proof is a current, up-to-date insurance card. If you do not have or cannot find your insurance card, call your insurance agent to get one, immediately.

The best way to stay current with all of your insurances is to review your insurance policies with your insurance agent on an annual basis.

Let’s breakdown some details that you should know about your auto insurance policy. When you meet with your agent you want to be able to understand what they are talking about.

Your Auto Insurance Policy

There are 2 parts to an auto insurance policy; property coverage and bodily injury. And there are generally 2 parties involved in an auto accident, you and the other person.

Liability Coverage

This required coverage pays for the other person in the event of a car accident.
The other persons car would be the property coverage.
Any injuries to the other person would be the bodily injury part of the policy.
Liability coverage covers the other person.
Liability coverage protects you.
You want to carry as much liability coverage as possible; the more protection the better.

Collision Coverage

Collision coverage pays for damages to your car that are the result of a car accident.
Collision covers your property.
Medical coverage covers your body (see below).

Comprehensive Coverage

Comprehensive pays for damages to your car that are not the result of a car accident.
Non-car accident damages can include:
If you hit a deer or a tree.
Your car is keyed.
A cracked windshield.

Medical Coverage

This part of the auto insurance policy pays for your bodily injuries, if the liability coverage is not involved.

Uninsured Motorist Coverage

This coverage pays for your property and bodily injuries if the other person who was in the accident does not carry auto insurance.

Car Rental

This coverage kicks in only if your car is in the shop as a result of a car accident.
This coverage does not get used if your car is in the shop for maintenance.
You cannot use the car rental coverage from your auto insurance policy when you go on vacation.
The car rental coverage is only used when you car is disabled as the result of a car accident, period!!

Auto insurance is a must have is you own a car; even if it’s not the law. You want to carry insurance just to protect yourself and your property.

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