Car and truck insurance is now required by law in the US, UK, and Canada, so all drivers must now carry it. Even so, in spite of the fact that all these millions of people must pay for it on a month to month basis now, a surprising number of drivers are ill-informed about it. They basically buy it blindly. Relying on their brokers to help them in the decision process.
The minimum coverage you’re required by law to have, is what’s referred to as “basic liability” coverage. What this bottom-end policy does is pay for anything that you run over or into, and that includes people as well as material property. Even so, this type of coverage like all others will have a ceiling or payment cap on it.
Collision coverage – is the same type of policy, only with some “added extras” that you can pay for. This type of coverage does all the things that the above listed basic liability policy does, only with one difference. That is if you’re involved in an accident, this type of policy will also pay for damages to “your vehicle” as well. This is precisely why a bank will make you carry this when you buy a car on payments.
Now uninsured motorist coverage does come in handy, even though collision coverage is mandatory. Why? The reason is simple and that is that not everyone follows the law, and carries it. You see, this policy will cover you for damages and injuries in the unfortunate event that you find yourself in an accident with someone who’s not insured. Now it only covers you, and your passengers.
“Medical coverage” is really usually a policy add on that you can get to augment the policy you are carrying. Whit it does is it just covers medical expenses. Now you can easily find a policy like collision coverage that already has this type of coverage, but it will have a cap or ceiling. So with this type of added coverage you can carry an extra amount of medical coverage insurance.
Comprehensive Coverage is a policy that will cover your medical bills and pay for your vehicle damages in the event of things like natural disasters. Perhaps you may have seen cars and trucks piled up after a flood on TV and wondered who pays to replace them. Now if the owners that had comprehensive coverage their vehicles will be covered. Those who don’t have it though, are left without a vehicle.
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