High Risk Auto Insurance Coverage

High Risk Auto Insurance Coverage

If you still can’t find the perfect high risk auto insurance coverage for your car then you’ve come to the right site. You just have to type in your Zip Code. In a few seconds, you will have a list of all car insurance policies available in your city.

There are some car insurance coverages that you can live without. However, there are some that you need if you have large amounts of assets to protect. Your car can be a gateway of other people in getting the rest of your assets. It might get out of hand once the car accident that happened is brought up in court. There’s a possibility that you will get bankrupted.

Here are some of the insurance coverages that you need to have.

Bodily Injury Liability

When you are at fault for the car accident that has transpired, you are liable to pay for all the damage including the hospitalization of the victims. That’s where the bodily injury liability insurance coverage comes in. The car insurance covers from the hospital bills and if necessary, rehabilitation of the victims. For instances wherein there are casualties, your insurance covers for the funeral bills. The bodily injury liability covers you and your passengers, the other party and his passengers and the pedestrians involved. In addition, your insurance premium will pay for the pain and suffering awards and the legal costs.

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Ideally, you could purchase car insurance coverage of at least $100,000 per person or $300,000 per car accident. However, if you have significant assets then you might want to increase the limits to $250,000 per person or $500,000 per accident. An additional coverage will increase your insurance coverage to at least 10%.

If you have a big net worth then you should get a separate umbrella policy. It will protect you from any lawsuit wherein the other party is rooting for an amount that exceeds your car policy’s limits. To qualify for an umbrella policy, it is a better option to get higher insurance limits.

Property Damage Insurance Coverage

For the repair of the other party’s car or damaged property brought about by your car, this insurance policy will cover the expenses. Typically, a state will require at least $10,000 insurance coverage. However, car insurance experts suggest that you buy the $100,000 coverage.

Uninsured and Underinsured Motorist Coverage

In the road, there are a lot of hit-and-run drivers or drivers with minimal or no insurance at all. You need to get yourself protected. There might be instances wherein you will encounter such drivers. Get the uninsured or underinsured motorist coverage. It will pay for the hospitalization, funeral bills and rehabilitation fees that the other party could not afford.

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Collision and Comprehensive Car Insurance Coverage

The collision insurance policy will pay up for the repair of your car no matter who caused the accident. It covers the repair up to the last damaged part. The comprehensive car insurance coverage gets you paid for the repair of your car or when it gets stolen. The coverage will be above your deductible. A great suggestion is to pay the highest deductive out of your pocket. If cost of the coverage will be equivalent to 10% of your car’s book value, cancel it. You won’t be able to collect what your car market’s worth.