Auto insurance is basically a contract between you as the insured and the insurer who protect you from financial loss in case of an accident or even theft. In return for your paying a regular premium, the insurer will then pay your claims as agreed in your policy. The main feature of the agreement between you and your insurer is that in case of accident you have to pay for the medical bills of the other driver and damage to property. If the other driver does not have insurance, he will be responsible for all these costs. Your auto insurance policy covers personal injury liabilities and property damages due to an accident by other drivers. However, it does not provide coverage for damages caused due to collision with you. In such a scenario, liability car insurance helps you meet the expenses for damages to your vehicle. This type of liability coverage is required by law. You can discover more about auto insurance on this web page. In case of personal auto insurance, your insurer also takes care of lost wages and pain and suffering. In most states, this type of coverage is also provided by the government. The amount of coverage provided under this clause varies from state to state. If you are a home owner, it is mandatory for you to have home owner's insurance in order to register your vehicle. This type of insurance ensures that in case someone else gets hurt in a vehicular accident with you, they will be able to get monetary compensation from the insurance company. However, this coverage is only offered if the person you hit is the insured's neighbor or a member of the family. In such cases, your auto policy will pay for all medical expenses and damages incurred. However, you cannot recover any claim for lost wages or pain and suffering. You can find out more info about auto insurance on this page. Under common law, some people injured in accidents can sue for damages even if no one is at fault. However, this depends on the extent of the damage to property and personal belongings and the financial capability of the victim. In order to determine whether you are eligible for seeking compensation for injuries, your lawyer will determine the extent of liability of the party involved in the accident. Factors that affect your eligibility include the type of car insurance you carry, the amount of your liability insurance and your age. The minimum amount of insurance that most states require is the liability cover. The minimum requirement is usually the same for most states. You can search online for available car insurance quotes to compare rates and policies. It is important for you to carry adequate insurance since the cost of repairing your vehicle if there is an accident is much higher than the repair cost of the vehicle if you don't have auto insurance. If you want to know more about this topic, then click here: https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/insurance.
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