Liability insurance will cover the cost of repairing any property damaged by an accident as well as the medical bills from resulting injuries.
What type of insurance covers damage to your car?
Comprehensive insurance is a coverage that helps pay to replace or repair your vehicle if it’s stolen or damaged in an incident that’s not a collision. Comprehensive, sometimes called “other than collision” coverage, typically covers damage from fire, vandalism or falling objects (like a tree or hail).
What are the different types of auto insurance quizlet?
Terms in this set (7)
- Bodily Injury Liability. insurance that covers physical injuries caused by a vehicle accident for which you are responsible.
- Property Damage Liability. …
- Medical Payments. …
- Uninsured. …
- Comprehensive Insurance. …
- Collision Insurance. …
- No-Fault Insurance.
What type of automobile insurance pays for claims against you for the injuries and property damage of persons other than yourself quizlet?
When you are found legally responsible for a car accident, bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to the other person or people involved.
What type of insurance pays for your car if you are at fault quizlet?
In the event that you are in a car accident and the police decide it is your fault, liability insurance covers the cost of repairing any property damaged in the crash (such as cars or buildings), as well as the medical bills from resulting injuries.
What three types of auto insurance coverage are the most important to have?
The most important coverage has to be your state’s minimum liability and property damage coverage. More than anything else, you need to maintain car insurance to keep yourself legal to drive.
What are the different types of insurance coverage?
But there are five key types available:
- Health Insurance.
- Motor Insurance.
- Travel Insurance.
- Home Insurance.
- Fire Insurance.
What does collision coverage pay for quizlet?
If there is a covered accident, collision coverage will pay for the repairs to your car. If your car is totaled (where the cost to repair it exceeds the value of the vehicle) in an accident, collision coverage will pay the value of your car.
Do all states require you to buy some type of car insurance quizlet?
Most states have financial responsibility laws that require individuals who drive cars to purchase a minimum amount of liability insurance. … The deductible is the amount of damage that you are responsible for paying on your car before any coverage is provided by the insurance company.
What will Collision insurance cover in the event of an accident quizlet?
Collision insurance is a coverage that helps pay to repair or replace your car if it’s damaged in an accident with another vehicle or object, such as a fence or a tree.
What does 100 300 50 represent on an insurance policy?
A standard Split Limit Liability coverage is broken down as a 100/300/50 split. This means $100,000 medical bodily injury coverage per person, $300,000 bodily injury coverage for the entire accident and $50,000 total property damage limits.
What you must pay before an insurance company will pay a claim?
Deductible. The portion of covered charges that an insured must pay before the insurance company will consider payment and before coinsurance goes into effect.
What type of automobile insurance is required by law quizlet?
What is liability coverage? Liability coverage insures you against the cost of injury and damage you cause to another in an automobile accident. It’s made up of two policies, bodily injury liability, and property damage liability. Auto liability insurance is required in virtually every state.
How does auto insurance work quizlet?
An auto insurance policy is a legal agreement between you and your insurance company. … You pay a premium to the insurance company regularly, and in return the company is obligated to help pay for covered damage to your car, others’ property or injury to yourself or others as a result of an auto accident.
What is the purpose of auto insurance quizlet?
Automobile coverage that protects you against claims if your car damages someone else’s property and you are at fault. THIS IS INSURANCE PROTECTS A CAR OWNER AGAINST FINANCIAL LOSS WHEN THE CAR COLLIDES WITH ANOTHER CAR, AN OBJECT, OR FROM THE CAR TURNING OR OR ROLLING OVER.
What will Collision insurance cover in the event of an accident?
Collision coverage helps pay to repair or replace your vehicle if it’s damaged or destroyed in an accident with another car, regardless of who is at fault. … Once you’ve paid your deductible, your collision coverage will help pay to repair or replace your vehicle, up to its actual cash value.