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Understanding your car insurance policy can be difficult. As a result, people often end up with policies that do not provide the right protection. Here is some basic information which you may not know.
Uninsured Motorist Protection: This provides protection if you are struck by a driver who does not have insurance, or by a hit and run driver. Most states require that your insurance company provide you with this protection.
Under-Insured Motorist Protection: This provides protection if you are struck by a driver who has only limited insurance. For example, if you suffer a serious injury by a driver who has only a $25,000 policy, but you have a $300,000 policy, you are eligible for $25,000 from the other driver and $275,000 from your policy (i.e., this equals $300,000).
Personal Injury Protection (PIP): This provides protection for medical bills and, sometimes, a portion of your wages, even if you are at fault in an accident. In some jurisdictions such as District of Columbia there are limitations on whether a person can make a PIP claim and pursue a claim for compensation.
Gap Coverage: This provides protection on your financed vehicle. Essentially, if you financed $20,000 on your car and have an accident, but the value of the car at the time of the accident is only $18,000, “gap” coverage may apply.
Collision Coverage: This provides protection when your car is damaged. Keep in mind that having collision coverage in the amount of $250 as opposed to $500 or $1000 may increase the amount of your insurance, especially if you are not inclined to make a damage claim for an amount which is less than $1000. You may want to get different quotes from your broker.
Insurance coverage is a complex matter, and varies greatly from state to state. If you would like more information on whether you have an appropriate policy, feel free to contact us and one of our lawyers will review your policy free of charge.