Whether you just got a driving license or have been driving for years, you have to make an important decision about your insurance coverage. It is a requirement and also shows that you’re financially covered in the event of an accident. There are varying types of auto insurance available. However, it can be pretty challenging to understand auto insurance and the right one.
Luckily for you, the Charlotte car accident lawyers at Ted A. Greve and Associates are here to clear up the confusion. This article will explain the common types of auto insurances and their coverage. By the end of this article, you’ll know which auto insurance is best for you; let’s begin.
What Are the Different Types of Auto Coverage?
Car insurance is needed to ensure your financial worries are taken care of. Car coverage is crucial because it helps you have a worry-free experience when driving. Even with all the proper precautions, you could meet unexpected challenges on the road, like a minor accident or breakdown. Below are the common types of auto coverage to note.
Liability Insurance
This type of policy you have covers the financial damage of other parties when you’re at fault in a car accident. Liability coverage deals with personal injury and property damage up to a particular amount. If compensation exceeds the set amount, the rest is up to you. For example, suppose your policy limit is $25,000, and the victim’s treatment bills and other losses total $30,000. Your liability coverage will pay $25,000 while you pay the remaining $5,000 out-of-pocket.
Collision Coverage
This type covers the repair of your car if you’re involved in an accident that you’re responsible for. If you’re not responsible, your Charlotte car insurance attorney can help you get compensation from the at-fault driver’s insurance carrier. However, if you are at fault and your car is totaled, the insurance company will pay you the value of your vehicle. This is even more common in cases where the cost of repairs surpasses the total value of your car.
Comprehensive Coverage
This type of coverage goes beyond car accidents; it protects your vehicle from non-accident-related damages. For example, if your car is involved in vandalism, theft, natural disaster, and much more, comprehensive coverage will compensate for the financial losses resulting from that.
Uninsured Motorist Protection
This type of coverage helps to provide coverage if the at-fault driver is not insured. When the accident cost surpasses the maximum liability coverage, it also comes into play. This coverage is usually inexpensive but can save you thousands of dollars in the long run. It’s common to meet uninsured motorists on the road, so this uninsured motorist coverage ensures you’re covered at all times.
Personal Injury Protection
This type of policy covers the medical expenses of you and your passengers if you’re in a car accident. This coverage provides financial protection irrespective of who’s at fault in the car accident. In addition to hospital bills, this policy could also provide coverage for lost wages and funeral costs if someone dies.
Other Available Auto Insurance Coverage
Some companies offer other types of car coverage you can add to your policy. Below are six optional car insurance coverage you could consider:
- New car replacement
- Gap insurance
- Roadside assistance coverage
- Towing and labor
- Rental car reimbursement coverage
There are also times when you need specialty coverage. For instance, if you have a classic car, you will need a policy that considers the car’s value, age, and the frequency with which you drive the vehicle. If you also leave your vehicle in storage often, you can get specialty coverage for it. It also comes in handy for cars you use for ride-sharing services.
Contact a Charlotte Car Accident Lawyer Today!
If you don’t have an automobile policy in place, you might have to deal with a mountain of bills alone if you’re involved in a car accident. This is even more frustrating if the accident isn’t your fault. Also, in most cases, if the at-fault driver is uninsured, you have to cover your losses. But afterward, your attorney can help you recover the amount spent.
So, were you, your passengers, or a loved one injured in an auto accident because of someone’s negligence. In that case, the Charlotte car accident attorneys at Ted A. Greve and Associates will fight for your rights and get you maximum compensation. We work on a contingency fee basis, so you don’t need to pay us until we win. Contact us today for a free case review.
