The Complicated World of Auto Insurance Pt. 1
At the Law Offices of Terry Bryant we talk with victims of motor vehicle crashes everyday and we often find that they have questions about their insurance coverage or are not adequately insured. In an effort to demystify the complicated world of auto insurance, I want to briefly review the various types of coverages and the purpose of each.
Liability insurance is the only coverage required by law. There are two types of liability coverages. They are bodily injury and property damage. In the event that you are at fault in an accident where another party in injured, bodily injury coverage compensates the victim for his injuries. This coverage also helps to protect your assets against lawsuits. It does not prevent you from being sued; however, it gives you an umbrella to help insulate you and your personal assets if you are sued.
The second part of liability coverage is property damage. This coverage will pay for the repair or replacement of the other person’s vehicle or damaged property resulting from a crash in which you are at fault. Once again, this coverage will help to protect your assets if you are the party in the wrong.
In a few days we will discuss the following types of coverages:
- Collision
- Comprehensive
- Medical Payment
- Uninsured motorist
- Underinsured motorist
I hope this brief overview has been helpful. If you or a loved one has been injured in a motor vehicle crash, we would be happy to talk with you about protecting your legal rights. You can call us at 800-444-5000.
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