Auto insurance is something that all drivers must have if they would like to register their vehicles. It’s not legal to operate a vehicle without insurance coverage, and that’s why many drivers have insurance. Each state has a minimum policy requirement that vehicle owners have to purchase for their cars in order to operate them. The policy covers the many mishaps that can happen when people share the road. The states expect the driver to get a certain amount of money towards bodily injury and property damage. Some states have very low minimum insurance requirements while others are very steep.
Auto or car insurance coverage has two parts. The first is the liability section of the policy. It covers your financial responsibility for injuring others. Some liability coverage is required by most states.
The second part of auto insurance covers the car itself: comprehensive coverage reimburses losses from fire, theft or other perils; collision coverage pays to repair losses caused by an accident. Often this coverage is mandated by leasing companies or banks. There are also ancillary medical, car rental and other coverages which vary by state.
Utilizing high deductibles on the physical damage coverages can help reduce premiums. If you carry umbrella insurance, you must be sure that you carry the required amount of basic liability insurance to avoid a gap in coverage for a serious accident.
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