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June 1, 2021
Throughout the US, car insurance is required for car owners. Car insurance protects all parties from financial loss in the event of an accident.Â
Some of the types of coverage are mandatory, while others are optional.
Ultimately, this depends on your state’s minimum auto insurance requirements.
The types of coverage included in your car insurance will affect the cost of your auto insurance.
This is the most basic coverage and is required in all states.
Liability covers any injury suffered by the other party and property damages sustained if you are found at fault for the accident.
This coverage includes bodily injury liability, such as medical bills, lost wages, legal fees, and personal damage liability, which covers costs of repair or replacement for damaged items.
And, if you live in a no-fault state, then the other party’s Personal Injury Protection (PIP) will cover their own medical bills, lost wages, legal fees, and other expenses.
Collision coverage pays for any repairs needed or the cost of replacing your car after a collision.
A collision may involve another vehicle, a building, a rail, and any other stationary object.
PLEASE note that the coverage will only pay for the current value of your car, not the purchase price nor the price of a new car.
Comprehensive coverage will help you pay for any damages to your vehicle that are not caused by a collision.
This includes damage from vandalism, theft, fire, weather, and accidents involving animals.
Medical payments coverage helps you pay for the medical expenses you and your passengers incurred after an accident, regardless of who is at fault or if you’re driving someone else’s car.
PIP covers medical expenses, including physical and psychiatric therapy, loss of income, death benefit, as well as other non-medical expenses as a result of an accident.
PIP is often required in no-fault states meant to cover the carrier’s expenses regardless of who is at fault.
Uninsured Motorists coverage protects you from financial risks in case you get into an accident with a driver who is not insured, or for instance if you become the victim of a hit-and-run.
This coverage also comes in handy if you get into an accident with an underinsured driver.
In this case, the other party will pay the maximum of their coverage, then your insurance will cover the difference (or up to the max).
Insurers also offer additional coverage for other potential expenses:
1.   Gap insurance – covers the gap between a car’s purchase price and its current value.
2.   Rental reimbursement insurance – helps you pay for a rental car after an accident.
3.   Towing and roadside assistance – pay for fees for towing and labor costs in case your vehicle breaks down.
Contact Panorama to help you figure out what types of auto insurance you should carry. Call: 818-781-6630
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Panorama Insurance Agency 19302 Citronia Street Northridge, California 91324
