Automobile Insurance Basics

2007-03-08 10:33:40

( Insurance )



The losses incurred from property damage, both medical and legal costs and lost income add up to millions, if not billions, of dollars yearly for automobile misfortunes. This is where automobile insurance comes in. Automobile insurance plays a very important role in protecting consumers like you from devastating losses financially or even emotionally that can result from such accidents.

The very basic coverage of automobile insurance includes the following: Bodily injury liability, property damage liability, medical payments and/or personal injury protection, collision, protection from comprehensive physical damage and protection from uninsured or underinsured motorist.

There are a lot of organizations offering auto insurance coverage nowadays. You can even save time by getting online auto insurance quotes through the internet. But bear in mind that cheap auto insurance is not always the best. We suggest you take the following precautions to avoid being a victim of insurance fraud:

• First and foremost, plan ahead. Make sure you give yourself enough time to enumerate the type of coverage you want and if you can afford it in terms of deductibles;
• Second, canvass, canvass, and canvass. Although auto insurance rates have decreased in the past few years, it is smart to comparison shop. The actual cost of insurance coverage can vary from company to company;
• Investigate. Make sure both your insurance agent and the insurance company are licensed. You may even contact your state insurance commissioner’s office to verify. Do not provide any sensitive information – like the state of your finances – until you have done so.
• Keep track of your records. As with any major purchase or policy, keep copies in a safe place. You can keep them in a deposit box or even send them to your attorney.

In case of fraud, please inform the fraud division of your state insurance department. Always remember that detailed, up-to-date and accurate documentation is your greatest advantage when filing automobile insurance claims.


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