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What is automobile insurance?
It is a contract between a
policyholder
and an
insurer
. The
policyholder
agrees to pay the
premium
and the
insurer
agrees to provide coverage to
insured
as defined in insurance policy.
What does automobile insurance cover?
An automobile insurance policy comprises several coverage. They are either mandatory or optional.
Bodily Injury Liability
This coverage pays for claims and lawsuits brought by people who are injured or die as a result of an accident caused by
insured
.
Property Damage Liability
This coverage pays for claims and lawsuits brought by people whose property is damaged as a result of an accident caused by
insured
.
Medical Payments
This coverage pays the
insured
for medical expenses arising from an automobile accident while the
insured
is in the insured vehicle or someone else's vehicle. It may also cover medical expenses if the
insured
is injured by a vehicle while walking or bicycling, regardless of who is at fault.
Personal Injury Protection (PIP)
This coverage pays for medical expenses, rehabilitation, lost wages, payments for child care, funeral expenses and other damages to the
insured
.
Collision
This coverage pays for the payment to repair the insured vehicle, or the cash value of the insured vehicle if it is not repairable when the insured vehicle is involved in an accident. It is subject to deduction if the
insured
is at fault.
Comprehensive
This coverage provides coverage for an insured vehicle that is lost due to theft or damaged by an incident other than a collision with another vehicle or object, such as vandalism, flood, fire, falling objects, earthquake, windstorm, hail, riot, or contact with animals.
Uninsured Motorist Coverage
This coverage pays property damage or bodily injury of the
insured
caused by a uninsured or hit-and-run motorist.
Underinsured Motorist Coverage
This coverage pays property damage or bodily injury of the
insured
caused by a motorist who is insured, but whose coverage is insufficient to cover the damage and/or injury.
Loan/Lease Payoff Coverage
It is also called
Gap Insurance
. This coverage pays for the difference between what the insurance company pays and the amount that the consumer owes the leasing or finance company when the insured vehicle is declared a total loss or is stolen and not recovered.
Loss of Use Coverage
This coverage pays for the cost of other transportation like renting a vehicle, hiring a taxi or using public transportation when the insured vehicle is being repaired.
Car Towing Coverage
This coverage pays for towing a vehicle, delivery of gasoline, change of a flat tire, etc.
Who does automobile insurance cover?
The
insured
, the insured vehicle and the
third party
are covered by different coverage in an insurance policy.
The
Insured
Medical Payments
Personal Injury Protection
Uninsured Motorist Coverage
Underinsured Motorist Coverage
The Insured Vehicle
Collision
Comprehensive
Loan/Lease Payoff Coverage
Loss of Use Coverage
Car Towing Coverage
Uninsured Motorist Coverage
Underinsured Motorist Coverage
The
Third Party
Bodily Injury Liability
Property Damage Liability
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