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What are the different types of insurance I can get for my vehicle?
As you are thinking about purchasing a vehicle, have you thought about insurance yet? Do you know what policy would best fit your needs? Did you know that there are many different types of insurance as well? Maybe you have been thinking, “what are the different types of insurance I can get for my vehicle?” Keep reading as we explore the different kinds of insurance and what they cover.
Six of the most common types of insurance and what they cover
There are six types of insurance that are quite well-known that individuals usually choose from. They include liability, uninsured and underinsured, comprehensive, collision, medical payments, and personal injury protection. Learn more about these six types below.
This type of insurance is mandatory in most states, and there is typically a minimum requirement set by the state. There are two parts to liability insurance. They are bodily injury liability and property damage liability. If you cause an accident, these two may help pay for the other person’s medical bills and vehicle damage.
Uninsured and Underinsured Insurance
If you are hit by someone that either does not have insurance or does not have enough insurance to cover the cost of your medical bills or repairs for your vehicle, this would be useful. Some states require this type of insurance, so make sure you know what the laws are in your state!
This type of insurance is a good option to have as just another layer in case you are in an accident. In addition to being in an accident, this insurance covers things like vandalism, fire, theft, and other things that are not accident-related. Comprehensive insurance typically has a deductible, so you will want to keep that in mind as you learn more about his kind of coverage!
If you hit an object with your vehicle, then collision insurance will often help repair or replace your vehicle. Many times, this type of insurance is optional but nice to have.
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Medical Payment Insurance
Medical bills are quite expensive. Whether you were at fault or not, this type of insurance can help pay for bills related to hospital visits, surgery, etc.
Personal Injury Protection Insurance
Accidents are expensive events that occur. Not only do you have to think about paying for medical or repair bills, but potentially childcare, lost wages, and other similar items like that. This kind of insurance may help make ends meet as you recover from an accident.