A Number Of Car Insurance Riders That Are Worth The Investment
Figuring out what to have for your auto insurance policy can take some investigation. While you will need to have the minimal coverage required by your state, you might also want additional coverage to cover certain costs in the event of an accident or injury. Gap insurance protects you if you have recently purchased a car and you owe more money on the vehicle than it is currently worth. Additional insurance for personal injury protection can help you recover in the event of a serious accident, while uninsured motorist protection will keep you covered in the event you are in an accident with a driver who doesn't have insurance.
Understanding Your Gap Insurance
When you buy a new vehicle and drive it off the lot, the value depreciates almost immediately. The first months you make your car payment, you are really only paying the interest on your loan. As a borrower with a vehicle that is worth less than what you owe on your car loan, gap insurance is an excellent choice. When you have gap insurance, you are covered in the event that you total your vehicle. While your traditional insurance covers the value of the vehicle, gap insurance takes care of any of the loan that is left over, covering the gap between what you owe and what it's worth.
Personal Injury Protection Insurance
Most states have a minimum of coverage that you need when it comes to personal injury protection. If you are in a serious car accident, your personal injury protection coverage isn't going to last long. You can add additional coverage in the event that you need extensive medical care or you cause an accident and someone else needs medical treatment. Personal injury protection amounts can help you avoid becoming personally liable for injuries you may have caused.
Uninsured Motorist Coverage
Some drivers are on the road and they don't have insurance. If you are in an accident with an uninsured or underinsured motorist, you have more coverage if you add on uninsured motorist coverage to your own policy. This can make a big difference when it comes to dealing with and paying for property damage.
Your car insurance helps protect you as a licensed driver. Additional riders give you the assurance you need when you are driving a vehicle around that you owe money on. It enables you to finance a new car if necessary because you aren't left with an old loan for a vehicle you no longer own.
For more information, contact a resource like Reinhardt's Insurance Agency.
