Car Insurance: Liability Vs Collision Vs Comprehensive Coverage?
Car insurance is something that every driver needs to have. It’s not just a recommendation, it’s the law. Why do people need to have car insurance? Well, the most important point is that it protects a driver from civil liability in the event of an auto accident. Insurance is a way of making sure that people are financially responsible for their own mistakes. There are many other benefits to having car insurance, however, and there are many different coverage options.
First, let’s talk about the backbone of any automotive insurance policy: liability insurance. No matter what other options a person chooses, he or she needs to have, at minimum, liability insurance. Liability insurance covers other people and other people’s property in the event of an accident up to a certain, predefined limit. That means that if a person hits another driver’s car and is determined to be at fault, then the insurance will pay to fix the other person’s car and it will cover personal injury.
If a person owes money on a car or the value of the car is high enough that it is worth insuring then a person may opt for collision and comprehensive coverage as well. Collision coverage is the insurance that covers a driver’s own personal vehicle in the event of a collision that is determined to be his or her fault. A person who chooses this coverage will choose a deductible (anywhere from $0 to $1000) and in the event of an accident, the insured party is only responsible for the deductible and the insurance will take care of the rest. Comprehensive insurance is similar to collision, except that it covers damage to a car from most things other than a collision. For example, hail damage, fire, theft, or vandalism would be covered under comprehensive coverage.
In addition, insurance companies offer certain services like tow and rental coverage and many different payment options. Many insurance companies allow a person to split their insurance premium up into either monthly payments with an installment fee or a person can pay for six months to a year up front, with no monthly payments. Insurance companies are also making it easier and easier to pay online and for the insurance payments to come out of a person’s account automatically. Insurance is definitely a “necessary evil” but with all of the options and all of the companies offering insurance, there’s definitely a reasonable policy for every driver out there.
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Americans have always loved their automobile. Whether an individual used the shining mode of transportation as a status symbol to impress neighbors or value its safety and reliability, the auto industry has been one important economic foundation of our society. Throughout this book we will not only focus on the elements of the Personal Auto Policy but also the history, development and impact the automobile had on our society. We will also discuss the legal nature of automobile insurance, along with the rating of automobile drivers. We will conclude our discussion with ways to navigate the car insurance waters and how to be sure such Personal Auto Policies are best for our clients.
When John Frank and Charles Durye produced their gas-powered auto in Springfield, Massachusetts in 1896 they could not have envisioned the industry they gave "birth" to. Before 1886, the horse was the transportation mode of most. Like all good ideas, the newness of the new form of transportation would take awhile for total acceptance. After all, the horse was used for years and had a loyal following.
A Detroit pioneer, Ransom E. Olds, realized that mass production was the key. By 1904, he was mass-producing 4,000 cars a year using hundreds of skilled craftsmen.
Finally, in 1913, Henry Ford adapted the moving assembly line from other industries (basically, the meat packing industry). Mr. Ford insisted that engine blocks and other complex parts be cut to precise dimensions in order that the parts are interchangeable,
Styling, which has become rounder and sleeker over the last 100 years, continues to evolve. The cars likely will be shorter and more aerodynamic in design. Vehicles will also act differently. The car of the future will have as standard equipment: obstacle detection on the road, collision warning and traffic information devices. Also standard will be sophisticated technology that will allow drivers to summon help in an emergency. Voice-activated instrument panels will replace conventional buttons and knobs. In addition, the "heads-up-display", a technology primarily used in aircraft will expand to autos projecting information such as speed and fuel levels in the driver's line-of-vision.
By 2021, experts predict automated highways will guide cars to their destinations. Some auto designers are abandoning all traditional concepts of the vehicle. Some are looking at developing a basic car body that auto buyers themselves can alter to fit their lifestyles.
The Benefits of Paying a Car Insurance Premiums in Full Vs In Installments
In Florida, the car insurance requirements are as follows: $10,000 for personal injury protection, also known as PIP, and $10,000 for property damage liability, also known as PDL.
Floridians are not alone when it comes to having state-imposed car insurance requirements. All states in America require minimum car insurance requirement. While some people choose to satisfy these car insurance requirements by purchasing their policy through an insurance company, other people choose to be "self-insured," or to put down a bond that will cover the amount of the car insurance requirements. How you choose to show proof that you have met your state's car insurance requirements is up to the state.
Before you begin your search for a policy that meets Florida's car insurance requirements, make sure you are eligible to have that minimum coverage - not all drivers are. If you have borrowed money to purchase your new car, your lender will undoubtedly require you to purchase more than Florida's minimum car insurance requirements until the debt is paid.
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