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Discussion: Five Types of Auto Insurance

Choose your car insurance carefully and have adequate coverage in case an accident takes place.

Discussion: Five Types of Auto InsuranceThere are many options available for car insurance. Choose your car insurance carefully and ensure that you have adequate coverage in case an accident takes place. There are several types of insurance and dozens of specialty add-ons provided by insurance companies.

Liability Insurance

Liability insurance provides coverage if you are involved in an accident and it is determined that you were at-fault for the accident. Liability insurance covers the cost of medical bills, the cost of repairs to the damaged vehicle, and other related expenses. In Illinois, there is a minimum amount of liability insurance that each driver must carry. The minimum required insurance is:

  • bodily injury per person: $25,000
  • bodily injury per accident: $50,000
  • property damage: $20,000

While this is the minimum coverage required, it is highly advisable that you carry more than this. Liability insurance does not cover the cost of personal injury and the costs of your own property damage.

Collision Coverage

Collision coverage only covers the damage to the vehicle or replace the vehicle if the total damage is more than the vehicle’s market value. Older vehicles usually do not benefit from this coverage, especially when the vehicle is only worth a few thousand dollars.

Personal Injury Protection

While comprehensive coverage is optional, you cannot go without personal injury protection. PIP covers the costs of personal injuries and medical treatment associated with an accident.

Comprehensive Coverage

Comprehensive insurance covers damage that is not related to an accident. For example, if your vehicle gets damaged because of a pothole on the road, comprehensive coverage may cover the costs. It is not compulsory to have this type of insurance. However, if you can afford it, comprehensive coverage is used to cover all possible types of damage.

Underinsured/Uninsured Motorist Protection

Not all drivers adhere to the state’s minimum requirements of insurance. If you happen to get into an accident with one of these drivers, you will have to pay for your own damage. Underinsured and uninsured motorist coverage protects you from out-of-pocket expenses in case you are involved in an accident with an underinsured or uninsured driver.

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