When it comes to looking for insurance in the United States, there are many different choices (including uninsured or underinsured motorist, general liability, bodily injury, property damage, medical payments, loss of earnings and disability) and a number of different levels of coverage. The following is a brief outline of the different kinds of insurance available to you in the US.
Comprehensive Car Insurance: This is a general type of policy that covers everything that you would typically find in your car insurance policy. These policies typically cover all major expenses associated with your vehicle, including depreciation, replacement, repairs, and the cost of replacing any car parts you may lose. These policies also usually have limits on the amount of money that you can spend on car repairs and replacement, and generally will not cover damages to another person’s car, as well as bodily injury or property damage liability coverage.
Home Insurance: Some home owners will purchase a type of home insurance called renters insurance, which is specifically designed to cover damage to your home. These policies are often less expensive than full coverage home insurance policies because they only cover the contents of your home and usually do not cover any medical costs related to damage to your home. Other types of coverage typically offered in these plans include liability coverage, renter’s insurance, homeowner’s insurance, and personal liability insurance. Personal liability insurance is designed to pay for medical bills if you are injured while at home and the policy will pay for repairs and treatment for your injuries. Homeowners insurance is designed to pay for your property in the event of a fire or flood or other natural disaster that results in substantial damage to your home.
You should compare the cost of comprehensive car insurance against the cost of personal liability insurance. There are often some companies that offer low premiums but will raise rates drastically when you file a claim or file for bankruptcy. Before you decide which plan to get, you should ask your friends, family, coworkers, co-workers, and others who you may have come into contact with on a regular basis if they have any experience with a particular company. If you can’t find anyone with personal experience with an insurance company, you might want to consider contacting an insurance broker that works for a number of different companies and get their advice on which company is the best for you.
Motorcycle Insurance: Motorcycle insurance is similar to car insurance in that it covers you and your bicycle and many people purchase both types for several different reasons. A bike insurance plan is usually less expensive and can be tailored to suit the size of your bike, your riding habits, and the location of where you live.
Physical Liability Insurance: This type of insurance is generally not intended to pay for anything except bodily injury or property damage liability and will pay for things like accidents that happen to you, that happen because of something that you did, and something that you caused. This includes things like damage to someone else’s property, vandalism, theft, hit and runs, and vandalism. This coverage is often included in the price of your bike’s insurance, but you may need to purchase separate physical liability insurance for each part of the bike, such as your tires, brakes, frame, and motor if you own one.
Collision Insurance: Collision insurance pays for damages to your car from an accident, such as a road accident. If you are sued for damages to your vehicle because of an accident or an incident, your collision coverage will pay to repair or replace your car and any other items that were in the way of the accident. This coverage is commonly found on car and home insurance policies.
Medical Payments Insurance: Many people purchase this coverage so that if they have an accident and are unable to work for a period of time due to injuries or illness, their insurance policy will cover the costs of their medical expenses while they are unable to work. This coverage can also help to pay for funeral expenses and lost wages that can occur from an accident.