Each year, more vehicles and operators hit the road. With so many vehicles on the highway, crashes will happen. Car insurance can be the difference between a minor problem and a huge hassle. But why do you need insurance and just how much should you buy?
Auto insurance safeguards you by paying for damage or injury you cause others while driving your car, damage to your car or injury to you or your passengers in your car from a wreck, plus certain other occurrences, such as theft. Auto insurance is required by law in all states and provinces. Without insurance, you risk having to pay the full cost of any accident you cause others or of repairing or replacing your car if it is damaged or stolen.
Coverage requirements vary by state/province but usually include the following:
Liability: Pays for damages due to bodily injury and property damage to others for which you are responsible. Bodily injury damages include medical expenses, lost wages and pain and suffering. Property damage includes damaged property and loss of use of property. If you are sued, it also pays your defense and court costs. State regulations usually mandate minimum amounts, but higher amounts are available and usually recommended.
Personal injury protection: This is required in some states and is optional in others. It pays you or your passengers for medical care resulting from a crash, regardless of who is at fault, and is often called no-fault coverage. It may also pay for lost earnings, replacement of services and funeral expenses. State law usually sets minimum amounts.
Medical payments: This coverage is available in non-no-fault states; it pays regardless of who may have been at fault. It pays for an insured person’s reasonable and necessary medical and funeral expenses for bodily harm from a crash.
Collision: This pays for damage to your car caused by a crash.
Comprehensive: This applies if your car is stolen or damaged by causes other than collision, including fire, wind, hail, flood or vandalism.
Uninsured motorist: This pays damages when an insured person is injured in an accident caused by another person who does not have liability insurance or by a person who is not known (i.e. a hit-and-run driver.
Underinsured motorist: This covers damages when an insured person is injured in an accident caused by another person who does not have enough liability insurance to cover the full amount of the damages.
Further coverages, such as emergency road service and car rental is also available.
What you pay for auto insurance will differ by company and will depend on several factors, including:
* What coverage you select
* The make and model of the car you drive
* Your driving record
* Your age, sex and marital status and
* Where you live
Some people think of car insurance as an annoying expense, but in reality it is a smart financial decision. Evaluate your needs, do your research and with the help of your insurance agent make the decision that is best for you.
Life insurance is a concrete way to take care of your family in the evident of an accident. However, millions of Americans do not have life insurance coverage!
In fact,, only 53 percent of all adult Americans have life insurance coverage. Less than half of those are individual policies, while others rely on group insurance, leaving them underinsured as well as vulnerable to being uninsured if they lose their job.
When you purchase a life insurance policy you can have a sound mind knowing your family and beneficiaries will be taken care of. You can rest assured that there will be money available for your financial obligations.
Losing a family member is devastating to survivors emotionally and financially. Life insurance can provide funds to help with:
* Immediate needs, including funeral expenses, unpaid medical bills and taxes.
* Income replacement – to allow your family the chance to continue living the life to which they are accustomed to living.
* Long-term needs, including the costs associated with maintaining your home, including child care, home maintenance, and extended care for a disabled child or elderly parent.
* Life insurance is not for people who die, it's for the people who live. According to a study by LIMRA, 45 percent of widows and 37 percent of widowers said their spouse had been inadequately insured. Most households hit by a premature death saw a minimum 15 percent drop in income.
* When you buy life insurance, you buy a promise of protection in the event of an untimely death.
Planning for the unexpected leaves you with a foreseeable financial future for your family and beneficiaries.
State Farm® has been in the business of providing excellent auto insurance coverage at an affordable price since 1922. Responding to our customers' needs keeps us the leader in auto insurance.
Car insurance coverage is designed to help financially cover potential auto-related damages, loss or injuries. It helps protect you, your passengers, your fellow drivers, pedestrians, other people's property and your vehicle. It can also help protect you in the event of an automobile-related lawsuit.
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