What is auto insurance$%: Most states require the owner of a vehicle to have a certain minimum coverage. But to protect oneself from law suits and expensive repair bills, it makes sense for the customer to go for more than the minimum coverage.
What is liability insurance$%:
Liability insurance is the coverage that the insurance policy gives the consumer, if he/she has caused an accident that has resulted in bodily injury to another party and/or damage to the property of another person. Bodily injury coverage pays for the medical expenses and the likely loss of wages, whilst property coverage pays for the cost of repair or even replacement for the vehicle of the victim.
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What is a 20/40/10$%:
These are the liability coverage limits. Instead of presenting in terms of thousands of dollars, limits are presented in a series of numbers. 20/40/10 stands for $ 20,000/40,000/10,000, where $20,000 is the coverage for the bodily injury per person, $40,000 is the coverage for the bodily injury per vehicle. $10,000 is the property damage coverage per accident.
Is the minimum liability coverage limit the same, wherever one lives in the US$%:
It is different in all the fifty states. In Texas, for example one has to purchase at least 20/40/15 liability coverage limits. In California, it is 15/30/5. In New York it is 25/50/15.
It makes sense for the owner to know the local coverage limit and have a coverage which is more than the limit.
How important is the driver$%:s history in getting a good offer from an insurance company$%:
Owners with good driving habits are generally rewarded with discounts by the auto insurance companies. These may include people with airbags and centralized locks in their vehicles, people with no tickets history or driving offences etc.
What is an SR-22$%:
SR-22 is a form that proves that one carries auto insurance. SR-22 status is given for people falling in category of high risk. All the states require SR-22 for people who have had a past history of serious driving violations like drunken driving and reckless driving.
What is no fault insurance$%:
Several legislations in the US provide coverage like the $%:no fault insurance,$%: where the victim should only prove his/her injury to claim damages from the insurers.
How does one know which auto insurance to choose$%:
Owners of the vehicles would be advised to choose companies with good credit worthiness. These companies are rated as A, AA, and beyond. The above points can be the best guidelines for any auto owner in choosing the right auto insurance company.
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