Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Auto insurance provides coverage for:
Property: Such as damage to or theft of your car.
Liability : Your legal responsibility to others for bodily injury or property damage.
Medical : The cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
While most basic, legally mandated auto insurance covers the damage your car causes, it does not cover damage to your own car.
To cover your own car, you should consider these optional coverages:
Collision reimburses : You for damage to your car that occurs as a result of a collision with another vehicle or other object—e.g., a tree or guardrail—when you’re at fault. While collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car, it will cover damage from potholes or from rolling your car.
Comprehensive: Provides coverage against theft and damage caused by an incident other than a collision, such as fire, flood, vandalism, hail, falling rocks or trees and other hazards—even getting hit by an asteroid!
Glass Coverage: Provides coverage from windshield damage, which is common. Some auto policies include no-deductible glass coverage, which also includes side windows, rear windows and glass sunroofs. Or you can buy supplemental glass coverage.
Homeowners insurance is a form of property insurance that covers losses and damages to an individual's residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
Business liability insurance protects a business against the risk of unintentional accidents, which include bodily injury and property damage to a third party..
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