Car Insurance Coverage
As a vehicle owner, you have the opportunity to minimize your risk as a driver with the help of a car insurance policy. These help to compensate you in the instance that you incur losses due to things like collision, vandalism, and theft. The type of compensation you will receive after one of these events depends on which type of policy you opt to purchase. Let’s take a look at some of these different policy options below.
Liability Car Insurance
If you are established as the cause of an accident, meaning you are at fault, liability coverage will take care of the medical costs of other injured parties and repairs for other vehicles involved. Youi Car Insurance https://www.youi.com.au/car-insurance
Each liability policy has two set maximums, which include bodily injury and property damage. At the time you establish the policy, you will agree to a maximum amount for both of these areas. You will be held responsible for paying all charges that exceed the maximum amounts set in your policy.
Collision Car Insurance
This type of coverage pays for damage to both your vehicle and the other parties vehicle in the event of a collision. In addition, it pays for repairs to your vehicle in the case of a collision with another object, instead of another vehicle.
You will be responsible for a deductible amount, upfront cost, before your insurance company will pay for the damages. This deductible is agreed upon at the time you set up your policy agreement.
Comprehensive Car Insurance
Comprehensive goes a step further than collision coverage. This policy will pay for damages to your vehicle that are a result of other factors than a collision. This includes things like theft, vandalism, or falling objects. You will be required to pay a set deductible before the insurance coverage will kick in.
Medical Expenses Coverage
This type of insurance coverage is specifically designed to decrease the risk of medical fees you will have to pay out in the event of an accident. This typically covers all injuries to you and others in your vehicle in the event of a collision, regardless of who is deemed at fault. In addition, this insurance can cover injuries that you or your family members may incur while in someone else’s driver.
Uninsured or Underinsured Motorist Car Insurance
This type of coverage is meant to protect your finances in the case an individual that was deemed at fault for an accident was not insured or underinsured. If the other motorists insurance is not enough to cover your injuries and the damages to your vehicle, this insurance policy will. In addition, this will cover instances, such as hit-and-runs, where you are unable to file a claim against the other vehicle.