What is an auto insurance deductible?

An auto insurance deductible depicts the amount of money you will need to contribute to repairs. This is a consistent amount not a percentage of the total cost. Deductible rates can also affect the amount of your monthly insurance payment. A lower deductible can sometimes mean a higher monthly payment.

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How much auto insurance coverage do I need?

There are different types of auto insurance available. The minimum coverage you will need can vary from state to state which means you should research before purchasing. Insurance is broken down as follows:

Liability – Covers expenses when you are proven at fault but does not cover passengers of your own vehicle.

Bodily injury liability – Covers medical expenses when you are deemed at fault. There is a certain amount per person that can be paid out. You can usually choose the level of cover so you can be sure you won’t need to pay any excess from your own pocket.

Property damage – Covers the other party’s car damage if you are deemed at fault. This will cover a certain amount of bodily injury liability.

Personal injury protection – Covers the cost of injuries sustained to yourself and/or passengers. It may also cover loss of earnings if your injuries cause you to lose wages as a result.

Uninsured motor cover – Covers costs if you are hit by an uninsured driver or someone with minimal insurance that doesn’t cover the repair costs.

Collision insurance – Covers any repairs to your vehicle if you are involved in an accident.
Comprehensive – Covers costs if the car sustains damage by any way other than motor accident such as theft, deliberate or accidental damage.

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What does auto insurance cover?

Auto insurance covers any damage that occurs to your car if you are deemed at fault in an accident. It will also cover damage to the other party’s car, property and/or compensation to cover any harm that results, physical or mental, to all parties. You can get extra coverage to insure against damage caused by fire or theft.

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