Auto insurance » Automobile Accident

Auto Insurance

admin — Sat, 02 Oct 2010 19:34:06 +0000

Auto insurance is a contract with an insurance company that helps to protect you against severe financial loss if you are ever in an auto accident Auto insurance is required to protect yourself from road and auto accidents and may include losses for liability, medical payments and any physical damage resulting from the accident. The coverage of a personal auto policy includes the insured, his family members, friends and associates that may borrow the car.

Automobile insurance includes vehicles like cars and bikes and is available for everybody. Most states have laws that require basic auto insurance coverage for every driver. Only some states ask that you display financial responsibility. If you are involved in an auto accident or stopped by a police officer and found to be driving without car insurance or proof of financial responsibility, you will have to pay a fine or specific to the laws of your state which may also include loss of driving privileges. The financial responsibility law states that you have to demonstrate having sufficient assets to settle any judgments against you which may arise out of an auto accident. If you are uninsured and in an auto accident that involves property damage or injuries to people, you will be required to pay for any damages assessed by a court.

However, having automobile insurance does not prevent a person from suing you. It does assure that the financial and legal resources of the insurance company will assist you in defending the suit and paying for the damages in the case of an automobile accident.

Since most states require auto insurance from all drivers, the states have assigned risk plans to assure coverage. The plans vary from state to state, but assigned risk policies are usually expensive, because a bad driving record makes you a bad risk for any insurer. Most auto insurance policies are non-assessable. If you do have an assessable policy, you can be assessed an extra amount if your insurance company has had an extraordinary amount of car accidents that year.

Auto insurance rates have fallen considerably across the U.S. in the last two years. The reasons contributing to this decline are:

Safer cars

Falling crime rates

Stringent drunk driving laws

Increased competition among insurance companies

Ageing of the population

With a growing need for auto insurance, many insurance companies now offer specific auto insurance deals tailored to the consumer.

By: William Brister

Colorado Auto Insurance Minimum Coverage Requirements

admin — Tue, 27 Jul 2010 00:03:42 +0000

Are you aware of the Colorado auto insurance minimum coverage requirements? The minimum levels of auto insurance coverage requirements are set by CO lawmakers. Driving without the required insurance is a very serious matter and can result in penalties and unwanted hassle.

Bodily Injury Liability

As a Colorado driver, you must have at least $25,000 in individual bodily injury liability insurance in place. This type of insurance pays for the medical expenses of a person injured in an automobile accident where you are considered the at-fault driver. Your policy must also have a cap of at least $50,000 to pay the medical bills for two or more people injured in the same accident.

Property Damage Liability

The property damage liability portion of your policy pays for damage caused to objects, such as the other driver’s vehicle, a mailbox, a fence, or a shed. The minimum level of coverage required by law in CO is $15,000.

Please keep in mind that the minimum levels of insurance coverage set out here are just that. Drivers in Colorado do have the option of buying more coverage if they want to. Before you make a decision about what level of coverage to buy, you will need to keep in mind that if you at the at-fault driver in an accident, you will be responsible for paying for damages above your policy limits.

It makes more sense to insure your vehicle properly and not take the chance that you will have to consider tapping into your savings or liquidating your assets after an accident. Your insurance company or agent can help you to figure out how much coverage you should have in place.

Find Colorado Auto Insurance Coverage Today

Now that you know what the Colorado auto insurance minimum coverage requirements are, why don’t you get take the next step and make sure you have enough protection for your needs? Spend a few moments comparing rates from some of the top companies and you can be on your way to the best Colorado car insurance in a jiffy!

By: James J. Robinson

Auto Insurance In Texas

admin — Mon, 05 Apr 2010 17:07:45 +0000

If you are looking for auto insurance in texas, you might want to check out golden rule insurance company who offers cheap auto insurance online. Of course there are plenty of other companies that also offer affordable rates, but first you should understand Texas auto insurance requirements.

Texas is a tort state, which means that the driver is financially responsible for any damage and injury they cause in an accident. Purchasing Texas Auto Insurance will fulfill this legal requirement.

Texas auto liability minimums are 20/40/15 which translates to $20,000 per person for injuries you cause to the other party to a total of $40,000 for all claims and up to $15,000 for damage you cause another persons property. These are the minimum requirements and it is recommended that you carry much higher levels of liability insurance.

In addition to required liability coverage, Texas drivers may choose to purchase coverage for some “first party benefits”. These include compensation for medical expenses, loss of income, and loss of services. These benefits apply to every accident regardless of fault.

Uninsured and underinsured motorist policies also cover your expenses, but these apply in the event that you are struck by a driver with inadequate liability insurance. These policies are not required, but they’re relatively inexpensive, and can provide a lot of protection.

Texas auto insurance companies will also offer optional policies such as collision and comprehensive coverages.
Be warned the mandatory requirements are way too low for the average cost of serious injuries and financial loss from an automobile accident. All insurance agents recommend you purchase much higher levels of liability insurance.

Auto insurance companies also offer optional coverage such as medical payments, collision, comprehensive, and uninsured and underinsured motorist’s bodily injury coverage.

How your insurance rates are set in Texas is different than many other states. The rates are determined by the behavior and accident rates of all Texasn drivers. The cost of insuring Texas drivers’ including settlements and legal fees is totaled for the entire state and divide it up between everyone.

Of course these costs are not spread around evenly. The percentage of these costs that you are going to pay is determined by things like your driving record, your age, where you live, and the kind of car you drive.

Not all insurance companies compute their figures the same way so a driver with the same profile can land up with different rates depending on the insurance company. That’s why it is so important to get several quotes before purchasing insurance.

As mentioned previously liability is the most important element of your entire insurance policy. Make sure you purchase adequate liability insurance to protect your assets, because within a split second, the time it takes for an accident to occur, your life could be left in financial ruin if you are not adequately covered.

There are also other coverages you can buy such as collision, comprehensive, rental, and even towing and road side assistance. You will need to determine what your personal needs are.

When comparing insurance make sure you compare equal policies. Make sure the deductibles are the same, that the exemptions or fine print reads the same and that the liability is for the same amount. It is important to compare policies of equal quality to make sure your cheapest quote truly is your cheapest quote.

In less than a half hour you can have all the quotes you need and be on your way to buying cheap Texas auto insurance. Why waste time? Get busy!

By: Sher Matsen

Car Insurance in New Jersey – Know the Basics

admin — Fri, 26 Feb 2010 08:09:47 +0000

Auto insurance is mandatory in New Jersey, but the type and cost of that coverage can vary considerably. Every day, consumers are finding that there are options available to make it easier to comply with the law. The New Jersey Automobile Insurance Cost Reduction Act mandated that a basic policy be available to all drivers.
It is essential to realize that you are breaking the law if you drive uninsured. The penalties for driving uninsured are getting more severe – in addition to risking economic loss by not having insurance protection, you risk fines, suspension of driver’s license or registration and even time in jail. In the future, your car could be impounded if you are caught behind the wheel without coverage.

The Basic Policy should be considered by those with few family responsibilities and few real assets. It can provide a transition for younger drivers who are just beginning work, providing a basic, minimum protection when they may be least able to afford more comprehensive coverage.

Let’s review the New Jersey auto insurance Basic Policy. The Basic Policy offers less protection, but at a lower cost than the Standard insurance policy.

Bodily Injury Liability

Coverage for claims and lawsuits by people injured as a result of an accident you cause. Coverage is not included but $10,000 coverage for all persons, per accident is available as an option.

Property Damage Liability

Coverage for claims and lawsuits by people whose property is damaged as a result of an accident you cause. Coverage of $5,000 per accident is provided.

Personal Injury Protection

Coverage for injuries sustained in an automobile accident by you or other persons covered under your policy. Coverage of $15,000 per person, per accident and up to $250,000 for permanent or significant injury is provided as defined in the policy.

Uninsured/Underinsured Motorist Coverage

This type of coverage would pay for property damage or bodily injury if you are in an accident caused by an uninsured motorist (a driver who does not have the minimum level of insurance required by law) or a driver who is insured, but who has less coverage than your underinsured motorist coverage. This is not included in the Basic Policy.

Collision

Coverage for damage to your vehicle as the result of a collision with another car or other object. This coverage is not included in the Basic Policy.

Comprehensive

Coverage for damage to your vehicle that is not a result of a collision, such as theft of your car, vandalism, flooding, fire or a broken windshield. Comprehensive coverage also pays if you collide with an animal. This also is not included in the Basic Policy.

Collision and comprehensive coverage are available as options on policies issued through PAIP (Personal Automobile Insurance Plan) or on voluntary policies issued by some insurance companies. This is very significant for anyone who has a vehicle loan or lease that requires such coverage.

Another affordable car insurance option in New Jersey is the Dollar a Day Auto Insurance Policy or theSpecial Automobile Insurance Policy (SAIP). This is a new initiative to help make limited auto insurance coverage available to drivers who are eligible for Federal Medicaid with hospitalization. Such drivers can obtain a medical coverage-only policy at a cost of $365 a year.

People who are currently enrolled in federal Medicaid with hospitalization are eligible for the Dollar a Day policy. You are eligible if the Card Run Identifier on the upper left of your Medicaid ID card has an asterisk “*” after the code and “SAIP” is printed on the lower right of the card.

The SAIP policy can be obtained at most insurance agencies. There are two payment options: $360 if you pay up front or $365 in two installments.

The policy covers -emergency treatment immediately following an accident and treatment of serious brain and spinal cord injuries up to $250,000. It also provides a $10,000 death benefit. It does not cover -outpatient treatments such as doctors’ visits covered by Medicaid, damage you may cause to other persons or property, or damages to your own car.

The policy only covers those enrolled in Medicaid. If there is one car and several people in the household enrolled in Medicaid, they can all be covered by the same policy. However, there can only be one car per policy.

To apply for this policy, bring the driver’s licenses for all operators of the vehicle to be insured and the vehicle’s registration and your Medicaid identification card that shows that all persons to be covered under the policy are enrolled in Medicaid.

Remember for both of these types of New Jersey car insurance policies, if you do not have any liability coverage; you are responsible for paying for the personal hardships and some economic damages, such as lost wages, that you cause. The insurer will not provide or pay for a lawyer to represent you if you are sued. Your assets will be at risk, including the risk of having money deducted from your wages if a judgment is entered against you. And, if you lack coverage and someone hits you, you cannot sue.

By: Marie Wakefield

Full Coverage Auto Insurance Quotes – Where to Get the Cheapest

admin — Tue, 11 Aug 2009 19:45:42 +0000

Looking for full coverage auto insurance quotes? Want to get the most coverage for the least amount of money? Here’s how …

Full Coverage Auto Insurance

Full coverage auto insurance pays for medical expenses, repair costs, and liability law suit expenses when you’re involved in an automobile accident. It also pays for expenses if you’re hit by an uninsured or underinsured driver. Here are the various coverages you should have and how you can save money on them.

Liability Insurance

Liability insurance pays for claims made against you, plus your legal fees, if you injure or kill someone. It also pays for claims made against you when you damage someone else’s property.

Imagine what would happen if someone won, say, a $500,000 lawsuit against you? Would you be able to pay it? Probably not. That’s why liability insurance is so important.

If you don’t own a lot of personal property you may want to carry the minimum liability insurance your state requires. If you do own a lot, then you’ll want to increase it to cover your assets.

Personal Injury Protection Insurance

PIP pays medical expenses for you and your passengers when you have an accident. It also pays for you and your family’s medical expenses if you’re in another car.

If you have medical insurance you may want to skip this coverage. But if you don’t, or if you live in a high-accident area, then you should purchase it.

Collision and Comprehensive Insurance

Collision coverage pays for damage to your car from an accident no matter who was at fault. Comprehensive coverage pays for damage to you car from fire, theft, vandalism, storms, etc.

To save money on collision and comprehensive coverage you’ll want to get the highest deductible you can afford to pay. If you drive an older car that’s worth less than your annual premium plus your deductible, consider dropping these coverages.

Uninsured Motorist Insurance

Uninsured motorist insurance pays for medical expenses and property repairs caused by an uninsured, inderinsured, or hit-and-run driver. This is good coverage to carry, especially if you live in states that have a large number of uninsured drivers like Alabama, Arizona, California, Mississippi, and New Mexico.

How Get The Cheapest Full Coverage Auto Insurance

The best way to get the cheapest full coverage auto insurance is to get quotes from an auto insurance comparison site. Here you can compare quotes from different companies and choose the best policy with the lowest rate.

By: Brian Stevens