Picking the right insurance coverage can be confusing. Below, we break down 5 types if car insurance policies and what each one can do for you after an accident.
#1: Liability Insurance
This type of insurance covers you if you are in a car accident and you are found to be at fault. A liability insurance policy covers the cost of property damage repairs and medical bills for injuries. States usually have a minimum requirement for how much liability insurance coverage drivers should carry. However, it is a good idea to get more coverage than the minimum requirement, just in case you need additional protection for an accident you were at fault for.
#2: Collision Coverage
It is important to have collision coverage to pay for repairs on your car. Collision coverage will pay the value of your vehicle if it is totaled in an accident. The need for this coverage depends on the value of your vehicle. If it’s older, it might not be worth it, but if your car is new, you should definitely consider collision coverage.
#3: Comprehensive Coverage
What if your car is stolen or damaged by weather? That’s where comprehensive coverage comes in. Comprehensive coverage can help you in situations that don’t involve a collision. This type of coverage is required if you have a lienholder.
#4: Personal Injury Protection
Personal Injury Protection (PIP) is something all drivers should seriously consider. The cost if an accident can add up quickly, and PIP can help with these expenses. Medical bills for you and your passenger are covered under PIP, even if you were at fault for the accident.
#5: Uninsured /Underinsured Motorist Protection
Although state laws require all drivers to have insurance, not everyone abides by these rules. Another issue you might encounter is getting into an accident with someone who has minimum coverage that is not enough to pay for all of your accident expenses. Having uninsured and underinsured motorist protection can pay off in this situation. This protection can usually be added to your policy for a relatively inexpensive amount.
At the Lam Law Firm, we take on all car accident cases. We can help you get the compensation that you are entitled to for any injuries or property damages you have incurred. Contact our Myrtle Beach car accident lawyers to schedule your free consultation today.