Valley Business Connections

Financial Security and Your Insurance Policy

The number of drivers on the road increases each year. As this number goes up, the possibility of accidents also goes up. Car insurance can make the difference between a minor inconvenience and a major hassle. But why do you need insurance and just how much should you buy? Insurance requirements vary by state/province, but usually include the following: Liability: This type of insurance will pay for the damage that you are responsible for. These damages may include bodily injury, and property damage. Bodily injury damages include medical expenses, lost wages, and pain and suffering. Property damage includes damaged property or loss of use of property. It can also cover your defense and court costs if you are sued. State laws usually require minimum amounts, but higher amounts are available and very beneficial. Personal Injury Protection: Personal injury insurance is required in some states and is optional in others. It pays you or your passengers for medical treatment resulting from a crash, regardless of who may have been at fault, and is often called no-fault coverage. It can also cover lost earnings, replacement of services and funeral expenses. The minimum amount of this insurance is usually set by local government. Medical Payments: This type of coverage can be purchased in states that are not considered no-fault and will pay no matter who is responsible for the accident. It pays for all insured person's necessary medical or funeral expenses resulting from a crash. Collision: This pays for damage to your vehicle caused by a collision. Comprehensive: This applies if your vehicle is stolen or damaged by causes other than an accident, including weather damage or vandalism. Uninsured Motorist: This pays for repair and replacement costs when someone with insurance is injured in a crash caused by a driver who does not have liability coverage. Under-Insured Motorist: This pays for damages when a driver with insurance is injured in a crash caused by a driver who does not have enough liability insurance to cover the full cost of the damages. Emergency road service, car rental, and other varieties of car insurance can also be purchased. Your auto insurance payments varies based on the company and will depend on several factors, such as: *Your desired coverage *Your vehicle's make and model * Whether or not you have been in an accident * Your age, sex and marital status * The place where you live Many people think of auto insurance as a necessary evil, but it can rescue your finances. Review your needs, do your research , and with the help of your insurance agency, choose the option that fits you best. State Farm Agent Clermont

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