RI Law Firm Rob Levine & Associates Releases Free Resource Discussing Different Coverage Options In Auto Insurance Policies
June 28, 2021 at 16:43
Rhode Island law firm Rob Levine & Associates Personal Injury Lawyers, has released a new article on their site offering valuable free legal information to New Englanders. The article explains the purpose of different coverage options in auto insurance policies so that readers can make more informed choices when purchasing insurance packages.
The article begins by acknowledging that there are many different types of coverage available their requirements and availability vary from state to state. The article lists liability insurance, uninsured motorist insurance, underinsured motorist insurance, collision insurance, rental insurance, comprehensive insurance, medical payments, and personal injury protection benefits as the coverages that one needs to consider while purchasing auto insurance. The article then assures the reader that though the list of options sounds confusing, a little knowledge can go a long way towards making the right decisions.
Liability insurance, which is mandatory in almost every state, covers the damages, both injury and property damage, for all parties involved in the accident, except for the at-fault party. Medical costs and auto repair costs are generally higher than expected and hence it makes sense to purchase more liability coverage. However, higher limits come with higher insurance premiums.
Uninsured insurance (UM) is used when someone is involved in an accident with a driver who does not have auto insurance. There are two kinds of UM coverage - bodily injury coverage which covers personal injuries and property damage coverage which covers the damages to the vehicle. Underinsured motorist coverage (UIM) is used when someone is involved in an accident with a driver who has insurance, but their policy limits are not high enough to cover all of the damages sustained in the accident. UM/UIM coverage can be used by any blood relative or spouse who resides in the insured person’s household.
The blog post then talks about collision coverage which is designed to cover the cost of repairs to a vehicle that is involved in a motor vehicle accident, regardless of who is at fault. This type of insurance is optional and generally has a deductible which means that the policyholder is responsible for paying that portion of the repairs while anything over the deductible amount will be paid by the insurance company. The lower the deductible for the collision coverage is, the higher the monthly rate will be. Going through one’s collision coverage is generally the fastest way to get the vehicle repaired. If the motorist has a deductible on their collision coverage and is found to not be at fault for the accident, the insurance company will reimburse the deductible.
Rental insurance is allocated to cover the cost of a rental car while a motorist’s main vehicle is being repaired. There are limits on the amount of coverage per day and the duration of coverage. Comprehensive coverage covers damages to the vehicle caused by anything other than an accident such as damage from an animal, if the vehicle is stolen, vandalism, or weather storms. It is optional and typically has a deductible that needs to be met every time there is an incident.
Medical payment coverage, or Medpay, is available in different amounts through auto insurance and will cover medical bills. Medpay can be used by any blood relative or spouse who resides in the household. Personal injury protection benefit, also known as PIP, is a form of no-fault insurance and is required in thirteen states. PIP will pay for medical expenses, lost wages, funeral expenses, and replacement services. PIP benefits are be paid regardless of who is at fault for the accident. PIP benefits travel with the vehicle which means that a passenger in a vehicle that has PIP benefits will be able to use them. A pedestrian or a bicyclist hit by a vehicle with PIP benefits will also be provided with benefits through that vehicle’s insurance company.
Readers can check out the article for more details regarding the mentioned coverages and specific amounts that vary from state to state. Readers can also keep updated with other news from the law firm by following it on its social media.
For more information about Rob Levine & Associates Personal Injury Lawyers, contact the company here:
Rob Levine & Associates Personal Injury Lawyers
544 Douglas Ave
Providence RI 02908