The cheapest car insurance, period, will likely carry the minimum coverage required in your state. In most states, this is liability insurance only, which covers property damage and medical bills for others due to accidents you cause. Some states also require uninsured and underinsured motorist coverage, which pay for your injuries or damage if an at-fault driver doesn’t have enough insurance.
Comprehensive coverage is extensive and includes damage of the car, theft of the vehicle, third party legal liability and personal accident cover. The policy coverage can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage and thus less stress for the policyholder.
If your car is not insured and involved in an accident, you might have to pay to rent a car or cover repairs yourself. Comprehensive and Collision coverage as part of your car insurance policy is a much better value because, even if you're not involved in an accident, you can still be protected against theft, fire, vandalism and windshield damage. Want to reduce your monthly auto insurance payment? Choose a higher deductible.
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The coverage offered in liability policy differs from the comprehensive policy. While liability plan only covers third-party liability, the comprehensive one covers you for the damages to the vehicle and the owner which is called as Personal Accident Cover. The limit varies from plans to plan. Moreover, additional add-on benefits are also offered by some auto insurance plans. So, it is necessary to check and compare this trait to decide the personal accidental cover along with the additional coverage, if any under the same auto insurance plan.
Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various auto insurance options before going for a car insurance renewal or buying a new policy.