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  • What kind of auto insurance do I need?
  • July 8, 2015
  • how to buy car insuranceBy

    Purchasing auto insurance can be tricky, especially when it comes to understanding what a policy covers and the amount of coverage needed to best fit your needs. If you neglect to buy it, your finances could be jeopardized – especially if you are involved in a costly car accident. Plus, in most states, it is illegal to drive without it.

    In a nutshell, car insurance has a number of layers. It primarily consists of liability, medical payments or personal injury protection(PIP), collision and comprehensive and uninsured/under insured motorist coverage.

    What is liability coverage?

    Liability is exactly what it sounds like. If you find yourself in a car accident and it is your fault, you are liable for the cost of paying for injuries that your actions caused — in addition to the cost of paying for property damages.

    Most states require that drivers to have liability insurance. Even those that do not require it mandate that you show proof of financial responsibility–meaning you would have enough assets to pay for damages you caused in an accident. According to the National Association of Insurance Commissioners (NAIC), bodily injury liability primarily covers lost wages, medical bills, rehabilitation expenses, legal fees, court costs, and pain and suffering. Property damage liability covers repair costs and damage to the other party’s car or to their property.

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