You have probably been hearing about something called Medicare Part B give back benefit. It is all over print ads, TV commercials, and online ads.
Cheap Car Insurance
Buying Auto Insurance
The truth is that accidents happen and when they do, you need to be prepared for the worst. During such devastating times, your car insurance policy kicks in to protect you against significant financial loss.
Whether you are at fault or not, your auto insurance coverage will cushion you against the potential financial loss. However, the amount of protection you get depends on the type of policy you carry.
A cheap car insurance policy is designed to provide you with minimum state-required protection.
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Understanding the Minimum Required Coverages
The minimum auto insurance requirements vary from state to state. This means that the car insurance limits and coverages that work for your friend in California may not be right for you if you reside in a different state.
However, there is a clear trend that all states seem to follow. Every state requires every driver to carry the following:
- Liability coverage: Every state except New Hampshire requires motorists to carry a specified minimum amount of liability coverage. The primary purpose of liability coverage is to help pay for any damage you may cause to another motorist, their passengers, or property in the event of an accident.
The crucial components of car insurance liability coverage are bodily injury coverage and property damage coverage. Every state has set the minimum liability insurance coverage amount that every driver must carry while driving through the state.
Experts recommend carrying more than the minimum amount because things can get out of hand quickly if you are involved in an accident and police establish that you were at fault.
- Uninsured/underinsured coverage: This coverage is required in more than 25 states and usually kicks in to help with settling the cost of injuries to you and your passengers if you are involved in an accident with a driver who doesn’t have enough or any auto insurance.
Some states also require motorists to carry uninsured/underinsured driver property damage coverage to take care of any property damage that may occur in the event of an accident.
In most cases, the minimum limits for underinsured/uninsured will be similar to your state’s liability coverage minimum limits.
- Personal injury protection (PIP): At least 30% of states require drivers to carry personal injury protection coverage that will cover hospital bills for you and your passengers in the event of an accident.
PIP will settle your medical expenses regardless of who is at fault. This option may also cover lost wages and a wide range of other benefits that your standard health insurance policy doesn’t cover.