The Best Car Insurance
By Maria Cuttini
If you're over insured, you're wasting money. If you're under insured, your financial life is at risk. The first thing to do is educate you about what types of car insurance coverage is available. Different insurers offer different types of coverage. If you have any kind of specialty automobile –a classic car, a hot rod, and an exotic sports car – you'll also need specialty insurance. If you have auto insurance now, get your policy out and read it over. You'd also be covered if someone vandalized your car (broken windows, scratches from keys, etc.).
Liability: This covers all the damage and medical expenses for someone that you injure in an accident. Most states require that you carry liability coverage and set a minimum you must have. In many states, the minimum coverage is $10,000 per person or $30,000 per accident.
Personal Injury: This is the part of your policy that covers your injuries and medical expenses. Do you have any other medical insurance? If you don't have separate medical insurance, you may want to increase this coverage for financial protection.
Collision: If you have an automobile loan, more than likely your lender will require collision insurance. It covers damages that you cause to your own vehicle. The deductible on this type of coverage can be increased or decreased – the lowest deductible I've seen is $250 – but I imagine you could find a policy with no deductible if you look hard enough.
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