Annual financial assistance for vehicle insurance
Vehicle insurance, also commonly known as auto insurance, is a contract between a vehicle owner and an insurance company. The purpose of vehicle insurance is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents
Liability Coverage:Bodily Injury Liability (BI): Covers medical expenses, lost wages, and legal fees for individuals injured or killed in an accident for which you are at fault. Property Damage Liability (PD): Covers the cost of repairing or replacing another person's property (e.g., vehicles, fences, buildings) if you are responsible for the damage.
Collision Coverage:Pays for repairs to your own vehicle after a collision, regardless of fault. This coverage often has a deductible, which is the amount you pay before insurance kicks in.
Comprehensive Coverage:Covers damage to your vehicle caused by non-collision events such as theft, vandalism, fire, natural disasters, or hitting an animal. Like collision coverage, comprehensive coverage usually comes with a deductible.
Uninsured and Underinsured Motorist Coverage:Uninsured Motorist (UM): Protects you if you are in an accident with an at-fault driver who doesn't carry insurance. Underinsured Motorist (UIM): Kicks in when the at-fault driver's insurance coverage is not sufficient to cover your damages.
Medical Payments (MedPay) or Personal Injury Protection (PIP):Medical Payments: Covers medical expenses for you and your passengers, regardless of fault. Personal Injury Protection: Extends coverage to additional costs such as lost wages and rehabilitation expenses.
Towing and Rental Reimbursement:Towing Coverage: Pays for the cost of towing your vehicle to a repair shop. Rental Reimbursement: Covers the cost of a rental car while your vehicle is being repaired.
