6 Additional Types of Coverage to Look for in an Auto Insurance Policy
The insurance industry usually categorizes auto insurance policies into different types. Broadly, they are Collision Insurance policies, Comprehensive Coverage Insurance policies, Uninsured and Underinsured Motorist Coverage policies and No Fault Auto Insurance policies. You can also find extra policies in these plans, which can help cover car rental expense payments, auto loans and other important things. It is important to look for these 6 additional types of coverage in an auto insurance policy that you are going for.
Auto Lease Protection
It is an additional protection, and you can add to a collision car insurance or comprehensive car insurance that you already have with you. It could be useful in bridging the gap between your vehicle’s actual cost and the amount of loan that you opted for from a lender for buying the same automobile.
This form of car insurance plan provides customers with coverage for the cost of renting a vehicle when the existing car is being repaired or getting replaced following an accident or road mishap. It is also known as “Extended Transportation Expense Coverage”.
Property Damage Liability
It can keep you protected from the compulsion of paying from your pockets for any damage to the property or car of another person, or even paying for restoration if you ram into your own property.
Bodily Injury Liability
It can protect you from any claims made by another individual against your name, for any physical injury that he or she has suffered due to your driving. In some cases, these types of plans can also include compensations for the death of another person.
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Agreed value policy
This form of car insurance plan can be important at times. In these plans, the car value is mentioned and agreed on right at the start. However, it is typically done for automobiles that are expensive and come with advanced features. It is difficult to specify a market value for these vehicles. A large premium can be necessary right at the beginning in case of vintage or classic cars.
Medical Payments Insurance
It includes covering for every medial expense that arises for treating any injury that might have been suffered in case of accidents, including the person who is insured, other parties or other people within the automobile. The coverage is offered irrespective of the fact whether the other party or the insured himself was the cause of the damage or the accident