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Beyond The Basics of Car Insurance
Auto insurance is essential before hitting the road, it is also required in every state. As a result, insurance companies offer a standard policy that covers most situations a motorists will encounter. Standard polices range in price and protection depending on what you buy and what you need.
Insurance doesn’t stop there, though, if you need special coverage or prefer an extended policy there are options you can purchase that expands your protection. These all depend on your needs and wants so it pays to think about what type of vehicle you use and how it will be used everyday. So let’s go over what you can buy.
Most insurance policies include basic collision and liability insurance. Liability, though, can extend to different scenarios as needed by the customer. For example, some states allow providers to offer liability insurance in no-fault situations meaning that insured drivers can be compensated for damages or medical coverage regardless of who is at fault for the accident.
In the same manner uninsured/underinsured liability compensates you for damages involving a driver who is either underinsured or not insured at all. Like no-fault insurance, some states require some form of it while others leave it as just an option. It’s a smart investment either way because even though insurance is required of all drivers there’s still a portion of drivers who slip through the cracks.
Along with protecting you insurance covers the well-being of, obviously, your car. Along with standard collision and damage coverage you can extend your policy for extra protection.
More insurance providers are starting to include roadside assistance coverage alongside regular polices. As the name implies this coverage compensates drivers for roadside services like towing while also providing emergency services like tire changes, battery jumps, lockout assistance, or gas fill-ups. This kind of coverage is vehicle specific.
Filling The Gap
Most drivers still make payments on their cars through loan or lease payments. In situations where an accident leaves your car totaled before it’s paid off it’s not unusual for a driver to owe more in payments that the value of the car because of depreciation.
Gap insurance helps fight this problem by providing coverage that quite literally fills the gap between what you still owe and the car’s current actual cash value.
Car insurance may seem complicated at first but a little research can answer a lot of questions. At Shepard Walton King we work with you to find the best policy for you and your family. Insurance is piece of mind and we won’t rest until we get it for you. If you would like to learn more about what we offer please contact us online or give us a call at 800.446.2471.