Your auto insurance policy can include various kinds of coverage, depending on what you bought. When you talk to an agency, you will get advice on the kind and amount of coverage you must have to meet your needs and stay compliant with regulations. The following are the main types of coverage your car insurance policy may include:
Bodily Injury Liability
How much bodily injury coverage you should buy at a minimum depends on your location. But, you must carry enough coverage to protect your assets when an accident happens. Keep in mind that if you will ever cause an accident and injure someone in this incident, you could be sued for a lot of money. When it comes to auto insurance, there is no place for cheap coverage. You may own a million-dollar home but you could lose it in an accident lawsuit if you have insufficient coverage. You can talk to a representative from Miway to get extra coverage. Make sure to purchase liability insurance that is appropriate to your assets’ value.
Property Damage Liability
Again, you should carry enough coverage to protect yourself should you be involved in a serious accident. With a lot of cars costing tens of thousands of dollars, you could be responsible for a significant repair bill when you hit somebody’s car and it’s totaled. Your insurance provider may require you to carry more than the minimum coverage, so you can qualify for extra coverage.
Comprehensive Coverage
This coverage covers the cost of replacing or repairing your car when it is stolen or damaged due to fire, explosion, and natural disasters such as floods. It also covers liability to other parties because of an accident and intentional damage to your car. This is the highest level of protection your car can have, giving you peace of mind and financial protection.
Collision Coverage
This auto insurance coverage covers the cost of your car’s damage in a crash. How much you will buy depends on the car you insure. However, you should decide whether to purchase it and how big a deductible to take. You need collision coverage if you have a new vehicle with a high value.
Total Loss
This auto insurance coverage covers the total loss of your car only because of write-offs, hijack, or theft. Also, it offers limited third-party liability. This insurance does not cover an accidental damage that doesn’t lead to a total loss.
