||BUYING TIPS: SHOPPING
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If a client has a problem, Worthington Insurance is their neighbor. We, at Worthington Insurance welcome you to stop by and review your insurance accounts. We have the most up to date computerized systems and a staff of qualified licensed insurance agents to serve you.
Although shopping for auto insurance may not be as much fun as shopping for a new car or new clothes, it is a necessary step in protecting yourself and your loved ones from risk. Every state has its own requirements for auto insurance. Some require proof of liability insurance to register your car, while others only ask for proof of insurance if you have an accident or are stopped for a traffic violation. A handful of states do not require you to carry liability insurance at all, but those are fewer in number each year. The states that do require it also demand that you purchase at least the state’s minimum amount. Regardless of whether or not your state requires it, however, it is important that you purchase auto insurance, and that your policy includes the right coverages for your financial and other life circumstances.
Types of coverage
The following types of coverage are those that are typically found on auto insurance policies:
- Medical Payments (Med Pay)
- Bodily Injury (BI)
- Property Damage (PD)
- Uninsured/Underinsured Motorist (UM/UIM)
- Most policies also include Rental Car Coverage for an additional premium.
Do you need to buy all of these and how much do you need?
At the very least, you need to buy Liability Insurance (Bodily Injury and Property Damage) in the minimum amount required by your state, but you should consider buying more, and buying other types of coverage, as well, if you can afford the premium.
Suppose you accidentally rear-end another vehicle at high speed, and in addition to your passenger sustaining a neck injury, the other vehicle’s driver sustains a broken arm and his passenger sustains injuries to her back. Further, you damage the rear of the other vehicle and the front of yours. Let’s say your state requires liability insurance limits of 15/30/10, which means if only the driver or one passenger is injured, your policy would pay out up to $15,000 for his medical bills and other injury-related expenses including pain and suffering. If the driver and his passenger or passengers are injured, your policy would pay out up to $30,000 total for all of their combined medical bills and other injury-related expenses. It will also pay out up to $10,000 for the damage to the rear of the car and any other property damage you caused.
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