The amount of insurance coverage you purchase represents the maximum coverage limit the insurance company will pay and you may be required to pay for losses that exceed your coverage limit.
Having the right auto insurance policy can help get you back on the road quickly if your car is damaged or destroyed by an accident, fire, theft or other event covered by your insurance policy.
An auto insurance policy is a contract between you and an insurance company. You pay a premium and in exchange the insurance company promises to pay for specific car-related financial losses during the term of the policy.
Car insurance requirements vary by state. In most states, you are required to have both bodily injury and property damage liability insurance
Bodily Injury Coverage
This coverage pays for bodily injury to others for which you become legally responsible due to an auto accident in which you were involved. It does not pay for bodily injury you may sustain. You would need to have medical payments coverage or uninsured/underinsured coverage in order to have the injuries you sustain in an auto accident covered under an auto policy.
Property Damage Coverage
Property Damage coverage protects you for damage you may cause to the vehicles or property of others. You would need to have collision coverage on your auto policy in order to have coverage to fix or replace your vehicle in this situation.
Collision coverage pays for damage caused to your vehicle in an automobile accident for example if you collide into something. Standard collision coverage will pay for any repairs up to the fair market value of your car. Collision coverage usually also comes with an insurance deductible. The deductible is the amount of money you pay toward repairs before your collision coverage kicks in.
Comprehensive Coverage (Other than Collision)
Comprehensive insurance covers damage done to your car in some way other than a collision, such as if it were stolen or vandalized. Flood, theft, fire and glass repair/replacement are event usually covered by comprehensive car insurance. Like collision, comprehensive will pay up to the fair market value of your car (less your insurance deductible.) Although it’s not legally required by any state, you will probably need it if your car is financed.
Medical Payments Coverage
You will need to read your policy for a complete description of the coverage provided. Basically medical payments provides coverage for necessary and reasonable medical expenses incurred as the result of an automobile accident up to the policy limit for you and your passengers in your vehicle. You may wish to carry some medical payments coverage to cover deductibles and co-payments not covered by your health insurance.
Uninsured and Underinsured Motorist Coverage
Uninsured Motorist coverage protects you or passengers in your vehicle for bodily injury you or your passengers sustain in an accident involving a driver who has no liability coverage. Underinsured Motorist coverage protects you or passengers in your vehicle for bodily injury you or your passengers sustain in an accident involving a driver who has insufficient insurance to cover the injuries of you or your passengers.
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Every situation is unique, call us to find out how to get the best price and value on Arizona auto insurance.