Car Insurance, Explained
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Acquiring car insurance can be very confusing to anyone and there are many types of car insurance that are available today.
Which type of car insurance do you need and what will be the best to protect your assets should you be involved in an accident?
You will need to find out the requirements for car insurance are for your state and understand the different types of insurance that are available to protect your assets, NerdWallet says.
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Although minimum car insurance requirements vary from state to state, there are three main types of coverage that you may be required to get.
Liability Insurance pays for damages due to an accident that was your fault.
Uninsured and underinsured motorist pays for expenses from a driver without enough money to pay for the damage they cause or if they have no car insurance and they caused the accident.
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The third major type of car insurance is Personal Injury which will pay for your own medical expenses, no matter whose fault the accident was.
Other types of car insurance policies out there include Collision coverage, which pays for damages of your vehicle from things other than car collisions, such as weather events, theft, and vandalism.
Another car insurance for medical expense purposes, for not only you but for your passengers no matter who is at fault, is known as Medical Coverage.
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If you would like to have coverage that not only covers your medical expenses but any lost wages, child care, funeral expenses, and other various losses due to a collision no matter who is determined to be at fault, the insurance to get would be Personal Injury protection insurance.
Having an understanding of the various types of car insurance that are available to you will help you decide what is best for you and your loved ones.
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