Car insurance is one of those basic necessities of adult life that you may not have ever given much thought. You may know it’s required by law, but find yourself wondering what exactly it gets you, why you need it, and how to know if you’re getting the best bang for your buck. If you’re a first time driver, this may be your introduction to auto coverage – and by reading this article you’ll be ahead of the curve! Let’s break it down for the newbies and veterans alike.
What is Auto Insurance?
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
- An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements.
Most auto policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
Why Do You Need Auto Insurance?
It’s really all about protecting yourself financially.
If you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it. If you or any passengers are injured in an accident, medical costs can be extremely expensive. If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth.
Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
How Do I Know if I’m Paying Too Much?
There is a long list of factors that influence the cost of your premium. Talking with an auto insurance expert can do wonders for your price! They can ask the right questions to find the best discounts and also tell you what you’d need to do to work toward a lower price in the future. Henry Insurance Services would love to help you find the policy that fits your budget and your needs. We are a unique insurance provider because we are a private company- this means that we can search for the best combination of coverage and price from a wide range of insurance providers, rather than just selling 1 package or brand. Just hop over to https://henryinsuranceservice.com/personal-insurance/auto-insurance-2/ and request a free quote or chat with one of our insurance experts!
