Auto Insurance Basics
Auto Insurance Information
What is auto insurance?
Auto
insurance
protects
you
against
financial
loss
if
you
have
an
accident.
It
is
a
contract
between
you
and
the
insurance
company.
You
agree
to
pay
the
premium
and
the
insurance
company
agrees
to
pay
your
losses
as
defined
in
your
policy.
Auto
insurance
provides
property,
liability
and
medical
coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An
auto
insurance
policy
is
comprised
of
six
different
kinds
of
coverage.
Most
states
require
you
to
buy
some,
but
not
all,
of
these
coverages.
If
you’re
financing
a
car,
your
lender
may
also
have
requirements.
Most
auto
policies
are
for
six
months or
a
year.
Your
insurance
company
should
notify
you
by
mail
when
it’s
time
to
renew
the
policy
and
to
pay
your
premium.
Why do you need auto insurance?
It’s really all about protecting yourself financially.
- If you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it.
- If you or any passengers are injured in an accident, medical costs can be extremely expensive.
- If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth.
- Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
Questions to ask your agent
Your Independent Agent is an advocate for finding auto insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:
- How much can you afford to pay if you get in an accident? (To keep premiums low you may want to have a higher deductible and be willing to pay more for repairs.)
- What is the insurance company’s level of service and ability to pay claims?
- What discounts are available? (Ask about good driver, multiple policy and student discounts.)
- What’s the procedure for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
It's easy and costs you nothing but a little of your time.
Call us, email us or use our convenient online form to begin a conversation.
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