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What is the typical auto insurance?


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Answered 2011-03-09 23:48:12

"Typical auto insurance" is probably a misnomer. Most states require that certain levels and types of auto insurance maintained, but this is a matter of state law. There are also optional coverages that an auto owner may purchase.

The primary types of auto insurance include the following:

1. Collision coverage: this pays for the physical repair to your own vehicle as a result of a collision either with another car or some other object.

2. Liability coverage: this pays for the damages for which you may be legally liable if the person or property of another is damaged by your negligence in operating a vehicle. If you or your insurer contest your liability, this coverage provides an attorney to defend you at its own cost.

3. Personal Injury Protection: this pays a portion of your own medical bills and lost wages if you are injured in a collision, even if it was your fault. In some states, it is known as "no-fault coverage".

4. Uninsured/underinsured motorist coverage: uninsured motorist coverage pays compensation to you if you are injured by the negligent operation of a vehicle by another and that person has no liability coverage (which would otherwise compensate you). Underinsured motorist coverage is triggered if their liability coverage is in an amount less than the "value" of your injury.

Under certain circumstances (mainly, if you get your insurer's consent), you can accept the full liability limits of the at-fault driver, and collect the balance of the "value" of your injury from your own underinsured motorist coverage.

The maximum amount that you can collect in uninsured/underinsured motorist benefits is the amount of coverage that you have purchased and for which you have paid a premium.

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