This depends on a number of factors. Certainly, you want to get liability coverage to protect yourself against lawsuits in case you cause an accident. However, if your car is older, you might not want to get collision insurance since you might pay more for the premiums than the car is worth. On the other hand, if your car is new or is a used one that is being financed, the lending institution will probably insist on collision insurance. Below is a listing of the different kinds of coverages a policy may contain and what they do.
• Bodily injury liability — pays medical costs of other people injured in an accident that you caused. It also covers the cost of litigation if you should be sued.
• Property damage liability — pays for other people’s property damaged in an accident for which you are responsible.
• Medical payments — pays medical costs if you or your passengers are injured in an accident. There are usually limits specified in the policy.
• Uninsured/Underinsured motorists — pays your medical bills if you’re injured in an accident caused by someone who has no insurance or inadequate insurance to cover the costs. In some states, it will also cover damage to your property.
• Collision — pays for damage to your car when you are at fault in an accident involving another vehicle or some other object.
• Comprehensive — pays for damage to your car not caused by an accident, like theft or vandalism.
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