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Auto Insurance Information
Basic Auto Insurance Coverage: An Overview
Amistad Insurance Services does not limit itself to finding the ideal auto insurance in Charlotte, North Carolina. We also take the time to educate you on the types of coverage available that would help you stay protected. Apart from liability coverage, an auto insurance policy combines three individual coverage plans: for damage to the vehicle, for medical payments, and for uninsured/underinsured motorists (UM/UIM).
Coverage for Damage to Your Vehicle
This insurance is for the accidental and direct loss of your vehicle. The coverage also applies to any unowned vehicle that fits the following criteria:
- Any trailer or auto you don’t own that serves as a temporary substitute for your covered vehicle due to the latter’s breakdown, destruction, loss, servicing, or repair
- Any private passenger trailer available or furnished for your regular use or the frequent use of your family member and is operated by or in the custody of you or any of your family members
Coverage for automobile damage comes in two types, namely, collision and comprehensive. The term “collision” refers to the physical destruction of your covered automobile caused by the impact of hitting an object or another vehicle. If your car runs into a pole, building, truck, or any nonliving thing, collision coverage applies. This insurance reimburses either the Actual Cash Value (ACV) of your covered vehicle or the cost of repair, whichever is lower.
On the other hand, comprehensive coverage reimburses the ACV or repair of your covered vehicle minus any deductible. It covers losses caused by:
- Falling objects or missiles
- Breakage of glass
- Contact with a bird or any other animal
- Fire and explosion
- Civil commotion or riot
- Larceny or theft
- Vandalism or malicious mischief
- Natural calamities such as flood, hail, windstorm, or earthquake
Coverage for Medical Payments
This coverage pays for necessary and reasonable medical and funeral costs due to an auto accident. People included in this coverage are:
- You or any member of the family riding your car when it collided with another vehicle
- A pedestrian hit by a car or any other vehicle
- Any person riding your covered automobile or any vehicle (trailer licensed for road use or a private passenger vehicle) driven by you or a family member.
It is important to remember that the insurance company will pay up to the limits enumerated in your policy for each person injured. Also, the medical payment coverage will not cover any costs while riding a motorized vehicle with less than four wheels.
Coverage for Uninsured/Underinsured Motorists (UM/UIM)
Compared to other auto insurance coverage, these two are unique as they pay damages to the insured as opposed to a third party. Uninsured Motorists (UM) Coverage will offer protection as well as property damage coverage when an at-fault, uninsured driver injures you or another person.
Underinsured Motorists (UIM) Coverage, on the other hand, pays the same way UM coverage does but doesn’t provide property damage protection. Instead, the insurance will pay the maximum difference between the limits of your UIM and the other driver’s liability limits.
Whether you have UM or UIM coverage, it’s important to know that auto insurance companies in Charlotte will not offer coverage if you or your legal representative settles the property damage or the bodily injury without the written consent of the company.
Supplement Your Basic Auto Insurance Coverage with Miscellaneous Coverage
Depending on your needs, you have the option to add different automobile coverage on top of your basic auto insurance. Take note that additional premium charges apply when you choose any of the following coverage:
- Extended Transportation Expense Coverage – Also known as Rental Reimbursement, this coverage pays up to a maximum total amount and specified rate, loss of use costs for a non-owned auto for which you become legally responsible, or transportation costs incurred by you.
- Towing and Labor Cost Coverage – This covers labor and towing expenses for each time you lose or break your keys, accidentally lock your keys inside the vehicle, or get your covered auto or any non-owned auto disabled.
- Customizing Equipment Coverage –The limits of liability goes up for permanently installed electronic accessories as well as for custom equipment and furnishings.
- Coverage for Rented Vehicles – This covers you or a member of your family who rents a rental vehicle every day for less than 22 consecutive days.
- Miscellaneous Type Vehicle Endorsement – This endorsement covers travel trailers, golf carts, motorcycles, and other similar This endorsement extends the medical payments coverage to motorized vehicles with less than four wheels.
- Benefits Coverage for Automobile Death Indemnity, Specific Disability, and Total Disability –This endorsement will offer a benefit for aspecific disability, total disability, dismemberment, and death resulting from a vehicular accident.
The Dangers of Having Too Little (and Too Much) Auto Insurance Coverage
While it’s great to save money on your car insurance premium, having enough coverage to protect you and your finances in an accident is also vital. Just meeting the minimum auto insurance coverage required by law may not be sufficient for your situation. If you have inadequate coverage, another individual can hold you personally liable for your damages.
Conversely, it’s problematic to have too many car insurance policies. The most obvious risk is that you will be paying too much for an excessive amount of coverage, which is akin to throwing money down the drain.
Another threat is that opportunistic people can make you a prime target for frivolous lawsuits due to the amount of your coverage.
We Help You Find the Right Coverage
Not sure which auto insurance coverage to choose? No problem. We have experienced and professional agents who present the available auto insurance options available to you. We point you to a trusted insurer who can provide excellent rates for your vehicle insurance policy.
Get in touch with us today to schedule an obligation-free consultation.