Auto Insurance – Types of Coverage Available
Choosing between the many insurance companies is one thing, but then there is the task of determining which type of coverage you need. Insurance agents are extremely knowledgeable and can help you decide which policy might be best for you. If you’d rather hunt for OK auto insurance coverage online, then be sure you know what each policy covers. Some websites offer a toll-free number for you to contact a sales representative with any questions you have.
The cheapest form of coverage is known as liability. A policy taken out on a vehicle with this basic coverage offers payment towards damages that occur to someone else’s vehicle. If an auto accident occurs and you are at fault, then this policy will pay for damages to the other person’s property, as well as for medical bills. The amount of the payment will depend on the level of coverage you’ve chosen for this policy type.
Sometimes full coverage is desired, so not only is liability taken out, but also comp and collision. This latter policy provides payments to assist you in fixing your own damaged vehicle, any damaged property, and medical bills. Again, the extent of the payments will be determined by the level of coverage offered. Also, payment is only made if you are at fault for the collision.
For people who are concerned about the many drivers who may not have any type of insurance or who are underinsured, there is a special policy to take care of this as well. This coverage will help pay the difference in the cost of repairs or medical bills that the party at fault cannot cover. An example would be if the total cost of damages is 3000 dollars, but the other driver only has insurance that will pay half of this. Having this policy will enable you to receive the rest of the money for repairs from your own insurance company.
Liability is the minimum amount that most states allow drivers to have. Many people prefer to have full coverage, especially when they live in the city. Having complete coverage also offers protection against natural disasters, your vehicle being stolen or destroyed by animals, and some policies also cover flooding and fire.
The type of OK auto insurance policy you purchase is ultimately your decision, so know what each one has to offer. There’s no sense in being underinsured when you can afford to be completely covered for any event that may occur.