Collision coverage covers your vehicle if it overturns or collides with another vehicle or object, including trees, guardrails, and fences. Medical payments coverage is offered in most states, while personal injury protection is a broader coverage that is available only in the states that require it to be offered. Both cover medical bills if you or your passengers are injured in a car accident regardless of fault. UIM can pay for injuries caused to you and your passengers when you're hit by a driver with no insurance or not enough coverage.
UMPD can pay to repair or replace your vehicle if it's damaged in an accident with an uninsured or underinsured driver. Explore more auto insurance coverage options with Progressive. A basic car insurance policy won't cover wear and tear, people who regularly drive your car but aren't listed on your policy, and driving on a ridesharing platform. However, you can sometimes add coverage or purchase a separate policy or warranty to cover the things your auto policy doesn't.
For example, you can add rideshare coverage to your Progressive auto policy. Insurers consider many factors when pricing your auto policy, including your age, driving history, location, and type of car. Learn more about car insurance cost factors and the average cost of car insurance. Your auto insurance premium is the amount of money you pay your car insurance company in exchange for coverage.
You generally have the option to pay your premium monthly or in full. Your deductible is the out-of-pocket expense you pay before your insurer will cover your claim. You can choose your deductible amount from the options offered by your insurer. The higher your deductible, the more of the claim expense you're responsible for. That means your out-of-pocket costs will be higher, but you'll have a lower overall rate, and vice versa.
Maintenance, mechanical failures, and wear and tear to your vehicle aren't covered by auto insurance. If your vehicle is disabled anywhere in the United States or Canada, Progressive's roadside assistance coverage can pay for a tow to the nearest mechanic. Get a car insurance quote. Talk with a licensed representative who can guide you through the process.
The value of your insurance policy is based on the IDV- the Insured Declared Value of your vehicle, which is the maximum insured amount sum the insurer can pay you; it roughly equals the market value of your vehicle.
So, when you buy insurance for a new car, the IDV is calculated based on the showroom's listed price. However, the IDV of your car is not constant. When you renew your motor policy after a year, your IDV will decrease because of the rate of depreciation that is applied on vehicles between one and two years old.
Also, you need to renew your policy within a stipulated amount of time or risk having to pay heavy penalties. This period is usually 90 days. Events outside of your control, such as lightning, earthquake, flood, typhoon, hurricane, storm, cyclone, landslide, etc. Man-made disasters like burglary, theft, riot, strike, terrorist activity, and any damage caused in transit via road, rail, or water.
This secures your family's future in the event of a permanent disablement or in the unfortunate circumstance of your death. You can get coverage of up to 2 lakhs for any damage caused to the driver while travelling, mounting, or dismounting from the car. To cover this, you may want to look into purchasing gap insurance to pay the difference. Note that for leased vehicles, gap coverage is usually rolled into your lease payments. Next steps: Check out this handy infographic on the types of required and optional drivers insurance coverages.
Is auto insurance coverage mandatory? What other types of auto insurance coverage are typical? What is gap insurance and do I need it? Understanding auto insurance—the basics Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.
Auto insurance provides coverage for: Property — such as damage to or theft of your car Liability — your legal responsibility to others for bodily injury or property damage Medical — the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses Basic personal auto insurance is mandated by most U.
Who is covered by my auto insurance—and under what circumstances? Nearly every state requires car owners to carry: Bodily injury liability — which covers costs associated with injuries or death that you or another driver causes while driving your car. In the event that your car is declared a total loss after an accident, gap insurance will cover any difference between what your auto insurance company pays you and what you still owe on your lease or loan.
In addition to the coverages above, many insurers also offer more specialized types of policies, such as antique or classic automobile insurance and ride-share insurance for people who drive for companies like Uber or Lyft. Note that if you use your car for work purposes, you may need a commercial car insurance policy rather than a personal one.
In general, a personal auto insurance policy will cover the policyholder and any family members listed as drivers on the policy.
Policies also typically cover anyone who isn't on your policy but is driving your car with your consent. Still, your costs could be much higher or lower.
The cost of car insurance depends on a wide range of factors, including the buyer's driving record, where they live, and the value of their car. Prices can also differ from company to company for the same coverage. A major variable is the policy's levels of coverage. States that mandate certain types of coverage also set minimum required amounts for them. That's just the minimum; drivers can and often should buy more coverage than that, especially if they have significant assets to protect from a lawsuit.
Still another factor in the case of collision and comprehensive coverage is the deductible the policyholder chooses. That's how much the policyholder has to pay out of pocket before their insurance kicks in, and the lower the deductible, the more their insurance will cost.
If you've been in an accident or your car has been damaged in some other way, you should notify your insurance company as soon as possible.
It will assign a claims adjuster , whose job is to assess the damage and determine how much the insurer is obligated to pay you under your policy. If you disagree with the amount, you can challenge it. Ask your insurer what information it needs to process your claim.
It might, for example, request that you send photos of your damaged car via text, email, or through the insurance company's app. You should also save any documentation, such as a police report if there is one, and a receipt if you had to pay for your car to be towed.
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