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Someone that has decided to purchase an automobile insurance policy enjoys an opportunity to make numerous choices. Almost any policy can include one or more optional provisions.
2 types of liability insurance
One that covers bodily injuries: It protects the policyholder, in the event that he or she becomes the target of a claim made by another driver.
One that covers property damage: Someone other than the policyholder must own the damaged property. The damaged object does not have to be another vehicle.
Collision coverage and comprehensive
Both come with a deductible. Collision covers damage to the policyholder’s vehicle, when it has been caused by a collision. The policyholder does not need to collide with another set-of-wheels. In other words, this could cover damage to some hit object on a neighbor’s property.
Comprehensive covers harm done to the policyholder’s vehicle during an event other than a collision. For instance, it would cover the loss created by a fire, by theft, or by vandalism of any objects in the covered vehicle.
Supplemental provisions: uninsured motorist option and underinsured motorist option. Limits of option stated in policy. The insurance company does not pay an amount that exceeds that stated limit. A company’s adherence to that stipulation could set the stage for the scheduling of arbitration proceedings.
Provisions that become applicable if accident takes place in area with no-fault system
PIP (Personal Injury Protection): Reimburses the policyholder for accident-related injuries, regardless of who caused the accident.
Residual bodily injury liability coverage: Protects the covered driver if an injured motorist in a different vehicle happens to sue that same driver. Policyholders that agree to pay for this provision should know that it mentions a specific threshold.
Injury Lawyer in Barrie knows that threshold places a limit on the amount of protection offered by this particular provision. Because of the existence of that limit, an injured motorist has the right to file a lawsuit against the responsible driver, if the motorist’s injuries have a sufficient level of value.
Other optional policies
Medical payment coverage: This pays for the medical expenses that are associated with treating any injury to a passenger. It makes sense to invest in this policy, if you have agreed to take part in a car pool, and you will be offering rides to other drivers.
By the same token, the owner of a vehicle should consider buying this policy, if he or she expects to be giving rides to a caregiver. In addition, it helps to have this policy, if you expect to carry a passenger that is covered by Medicare.
Towing and emergency road service coverage: Pays the expenses created when a damaged vehicle must be towed to a yard that accepts salvaged vehicles.