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Auto Insurance

What is auto insurance?

Auto insurance protects you (and your lien-holder if your car is financed) against loss in case of an accident. It is a legal and binding contract between you and your insurance company. You make payment (called an insurance premium) and in exchange the insurance company pays any losses you incur in accordance with the terms, conditions and declarations of your policy.

There are 3 general categories of coverage in an auto insurance policy:

  • Property coverage is for your vehicle.
  • Liability coverage is for your legal responsibilities.
  • Medical coverage is for injuries and associated costs.

  • How much auto insurance coverage do I need?

    Most states (47 of them, to be exact) have minimum requirements for automobile insurance coverage. Most auto lenders and banks (lien-holders) also require a certain level of auto insurance coverage for the duration of your auto loan. Be sure to check with your state government and auto loan provider to be sure you are maintaining the required level of coverage for each of the 6 types of auto insurance:

  • Property Damage Liability - pays for damage your policyholders cause to someone else’s property.
  • Collision - pays for damage to your car.
  • Comprehensive - pays for loss due to theft or damage caused by something other than a car wreck.
  • Bodily Injury Liability - is for injuries that you and others listed on your policy cause to someone else.
  • Medical Payments and Personal Injury Protection (PIP) - pays for injuries to the policy holders.
  • Uninsured / Underinsured Motorist Coverage - pays costs caused by an uninsured driver, hit-and-run driver, or someone that does not have enough insurance coverage.

  • How much will my auto insurance premiums be?

    Auto insurance premiums vary depending on the types and amounts of coverage you select. Premiums are also "rated" based on the specific vehicles covered and the driving record of those insured on the policy. Generally speaking, state minimum insurance policies will be the cheapest while full coverage insurance will be higher.

    Where can I get more information on auto insurance?

    When you are ready you can research the various coverages available, shop, compare, get free rate quotes and purchase auto insurance online directly from most of the major auto insurance companies today like:

  • Progressive
  • Geico
  • esurance
  • State Farm
  • Allstate
  • Nationwide
  • Traveler's
  • USAA
  • 21st Century
  • Amica

  • Buying auto insurance can be a very confusing and tedious process. There are resources available to help you learn more and decide what coverage is best for you:

  • Insurance Information Institute
  • Wikipedia
  • Insurance Institute for Highway Safety

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