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Vehicle insurance policy

Who Needs Auto Insurance?

Automobile accidents can cause great financial and economic insecurity. Financial loss may include property damage, medical bills, and legal costs if a lawsuit arises. Anyone who owns a car should purchase auto insurance so that these important financial protections are provided. Most states either require the owner of a vehicle to purchase insurance or provide proof of financial responsibility. In addition, your auto lender may require you to purchase auto insurance to protect them against damage to a financed vehicle.

Liability Coverage



When purchasing liability coverage, you will need to determine the amount of coverage needed to protect yourself if a loss occurs. Coverage is often sold with a per person and total per loss maximum amount. For example, 100/300/50 coverage means that you have coverage of $100, 000 bodily injury liability insurance per person, $300, 000 total bodily injury liability insurance per accident, and $50, 000 property damage liability per accident.

Some states have no-fault laws - meaning there is no need to determine who is at fault to receive payment for injury claims. Each party would seek recovery from his/her own insurer instead of bringing a lawsuit. no-fault does not completely eliminate the risk of you being sued. However, no-fault laws do place restrictions on when a suit can be brought forward. There are two typical types of coverage provided under a no-fault system. These coverages are Personal Injury Protection (PIP) and Residual Bodily Injury Liability Coverage.


Coverage for Your Car




Other Optional Coverage


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