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At one time you needed to buy several different types of auto insurance policies to get complete protection. Now an auto insurance company can sell you all your coverage in one policy. But with this convenience, comes the need to make sure you're getting the coverage that's right for you. The policy from an auto insurance company can be adapted to your requirements, so all you need to do is decide what you want.
Liability is the part of an auto insurance company policy that protects you when you cause an accident with another driver. Bodily liability takes care of the other driver's injury treatment expenses and pays for your legal costs if sued. Property liability covers damage to the other driver's car and any other property. To get adequate protection, you should have at least $100,000 per person bodily liability and $50,000 or more for property coverage.
A common way that people overpay on their auto insurance is with collision and comprehensive coverage. Having the minimum deductible is throwing money away. When you get a quote from an auto insurance company, you should ask for a deductible of at least $500.
Medical protection is another type of coverage that you might be overpaying your auto insurance company for. Most health insurance provides the same protection as auto insurance does. So if you already have a medical plan, you may want to eliminate the duplicate coverage from your auto policy. But you might keep minimal medical protection if it's required by your state or to provide coverage for your passengers when in an accident.
For the accidents caused by a driver with inadequate insurance, there's uninsured or underinsured driver protection. It handles any bills that the other driver's auto insurance company doesn't pay. Reasonable coverage for this protection is at least $50,000.
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