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It is often easier to think of your auto insurance policy as six separate policies. Some types of coverage are required by state law, depending on where you live. Other coverage is optional. But, consider each one and ask yourself how much you need. Each type of coverage has it's own premium. Add them up and you've got the price of your auto insurance policy. Subtract the ones you may not need and you gain some control over the cost.
- Bodily Injury Liability coverage is in case you cause an accident in which someone is hurt or killed. Many insurers recommend carrying at least $100,00 per person and $300,000 per occurrence. You should consider what assets you have to protect and your pocketbook can bear when deciding how much to purchase.
- Property Liability coverage is for when you damage someone else's property. Usually it is someone else's car, but it could apply to buildings, utility poles, garage doors, etc.
- Collision coverage covers damage to your car from a collision with another car, a brick wall, a fire hydrant, etc.
- Comprehensive coverage is in case your car is stolen or damaged in ways that don't involve a collision. Covered risks include hail, fire, theft, flood, earthquake, explosion, and falling objects.
- Uninsured Motorist coverage is available in two forms - property damage coverage and medical coverage to pay your bills when you are hit by a driver without insurance.
- Medical Payments Coverage pays for reasonable expenses you and your passengers incur because of injury in a motor vehicle accident, regardless of fault. Coverage amounts available vary from company to company.