Personal Auto Insurance

Personal auto insurance coverage is a must and is now required by law if you own a vehicle of any sort. There are many choices of protection that are available, so it will depend on which coverage that you will need.

Liability Insurance

Liability insurance is required by state law. Also if you have purchased a new vehicle and it is being financed, your financer will require the coverage also. Liability insurance covers the property damage and medical injuries of others who are involved in an accident caused by the policyholder. This coverage is important because even though it may not cover the policyholder’s own losses, it protects them from having to pay for damages caused to others from their own savings.

For example, in the state of Maryland, effective 1/1/2011, drivers are required to have a minimum of liability coverage of 30/60/15. If an uninsured motorist was involved in a car accident causing injury to others as well as property damage, the driver would have to pay out-of-pocket the following monies:

•$30,000 for bodily injury per person
•$60,000 for bodily injury for two or more people
•$15,000 for property damage

These types of expenses can add up quickly and leave the uninsured motorist with an overwhelming tab of $100,000.00 or more, loss of driver’s license and registration, revoked license plates, and other fines. With the liability and sufficient coverage limits, the bill would be covered.

Comprehensive and Collision Coverage

Many motorists chose this coverage because their vehicles are paid for and they are not a required to obtain the liability portion. In addition, it reduces the insurance payments. This coverage protects the policyholder’s own losses ONLY. The comprehensive portion provides protections against anything other than collision, for example, theft, fire, hail, broken windows, etc. Collision coverage kicks in as a result of a physical contact between the covered automobile and another vehicle or object which then causes physical damage to the policyholder’s vehicle. The policy holder is allowed the collision benefits, despite the initiator of the accident.

Many insurance companies like MIAF Insurance of Maryland offer affordable rates and immediate coverage. To take advantage of these amenities, you have to be a resident of Maryland and have a Maryland driver’s license or registration. When you have been rejected by others, MIAF insurance is there when you need them providing competitive pricing for a quality product.

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