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Originally, auto insurance was created to protect drivers against accidents with horses! Today it serves many more purposes, including coverage for accidents involving other vehicles, or property. To understand auto insurance it is important to know the basic types of losses. Automobile insurance provides coverage for three basic types of losses:
- those due to your negligence in the ownership and/or operation of your car which results in injuries and/or damage to the property of others
- those which result in damage to your car
- those which result in injury to yourself or your passengers
The first type is covered by your Bodily Injury and Property Damage coverages. The second type is coverage provided by Comprehensive and Collision coverages. The third type is covered through Personal Injury Protection, commonly referred to as "no-fault". There are other types of coverage available for specified losses such as towing coverage or rental reimbursement coverages.
While knowing the different types of losses is key to understanding auto insurance, knowing the factors that affect your auto insurance rates can be equally important. These factors include - age, safe driving records, area of residence, financial responsibility and the type of car driven. You may choose the type and amount of coverage to best suit you based on your current needs. That is why Members Insurance Center has experienced agents at your disposal to help you achieve the level of protection that fits your individual situation.