Insurance and You

home insurance eden prairie mn Each year, more automobiles and drivers hit the highways. This could lead to an increased likelihood of a car accident for you and your family. Car insurance can make the difference between a minor inconvenience and a major trial. So how do you know which type of insurance you need and how much you should buy? Coverage requirements will differ by state/province, but typically include the following: Liability: This kind of insurance can pay for the damage that you are responsible for. These damages might include bodily injury, and property damage. Bodily injury damages can include medical expenses, lost wages, and pain and suffering. Property damage can refer to damaged property or loss of property use. If you are sued, this type of insurance can pay for your defense and court costs. Local laws typically mandate minimum amounts, but larger amounts can be purchased and are extremely helpful. Personal Injury Protection: Personal injury protection pays for all medical treatment for you or your passengers, regardless of who was responsible for the accident. It is required in some states and optional in others. Local law typically sets minimum amounts. Medical Payments: This type of coverage is available in states that are not considered no-fault and will pay regardless of who is responsible for an accident. This insurance will pay for an insured person’s reasonable and necessary medical or funeral expenses for bodily injury from an accident. Collision: Damages that occur from a car accident will be paid for under this kind of car insurance. Comprehensive: Applies if your vehicle is stolen or damaged by causes other than a wreck, including fire, wind, hail, flood or vandalism. Uninsured Motorist: Too many drivers are ignoring the law by driving without having the right amount of auto insurance. This insurance will cover you if you are in a collision with one of these drivers. Under-Insured Motorist: Similar to uninsured motorist protection, this kind of insurance protects you against people driving without sufficient insurance coverage. Other policies, like car rental, are also available. Your auto insurance payments varies based on the company and will depend on multiple factors, including: * What coverage you select * The type of the vehicle you own * Your driving record * Your age, sex and marital status * Where you live Many people think of auto insurance as a necessary evil, but it can save you from a financial dilemma. Review your needs, research your options, and with the help of your insurance agent, choose the option that best suits you.