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What is the definition of auto insurance?

 

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Auto insurance is a policy that will protect you in situations like automobile usage, and safeguards you in the event of an accident. It also will protect you against liability in an accident that you may incur. There are different kinds, and even levels of coverage depending on what you need.

 

If you have bodily injury, property damage, medical payments, or even physical issues, your insurance company will pay for these losses included in your policy in exchange for your premiums, which is your agreed payment. Most states by law require you to carry some, but not every kind of coverage. Some auto lenders might require a certain amount of insurance that you must carry, but some lenders have different requirements.

 

Different policies will in detail go over each item that is covered in your auto policy. Some states require a minimum amount of auto insurance coverage so that the driver can cover costs, and damages to people or property in an automobile accident. The minimum required coverage may not pay for everything that can happen in an accident, and the legally responsible driver may have to pay the additional expenses out of pocket.

 

It's a good rule of thumb to find out exactly what your policy will cover before you buy the auto insurance policy to insure you are getting the coverage you need. Generally auto insurance policies are from 6 months to a year. You should be sent a reminder by your insurance company to let you know when you need to renew your policy.

 

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