The Rock Insurance Minnesota:
Auto Insurance Types in Minnesota
Auto Insurance Types
The Main Types Of Auto Insurance
We offer the main 4 types of auto insurance: the personal injury, the collision and comprehensive, the liability, the uninsured and the underinsured motorist insurance cover. Most states mandate drivers to purchase particular types of auto insurance.
In many states, the liability insurance is deemed as necessary. As such, it is the legal minimum insurance coverage for drivers to have. This particular type of insurance coverage is meant to protect the insured against property-damage suits and injury claims (obviously, up to the policy limits) that are filed by pedestrians, other drivers, and property owners when you are at fault in case of an accident.
This policy will help pay for the cost of property damage when you damage other people’s properties. It will also pay for the injuries suffered by other people. Finally, it helps pay for the legal cost, if needed. All of these payments are made up to a certain dollar limit.
When purchasing this insurance coverage, you can opt for a policy with a universal dollar limit on all the liabilities. Alternatively, you can opt for a policy that has individual limits to property damage, individuals’ injuries in the accident, and all the injuries resulting from the same accident.
Underinsured And Uninsured Motorist Coverage
An insurance policy that has an uninsured motorist provision is meant to pay damage for injuries inflicted on you as well as your passengers in the event of an accident caused by a hit-and-run or an accident caused by an uninsured motorist. However, you should note that in the case of uninsured policy, you cannot purchase an uninsured motorist that exceeds your own coverage. For instance, if your policy has a limit of $50,000 per accident and $25,000 per person, your uninsured motorist coverage cannot exceed these amounts.
For the case of inadequate insurance, the policy is meant to provide cover for injuries and property damages that the underinsured driver’s policy does not.
Collision & Comprehensive Coverage
A collision insurance cover reimburses you for any repair costs done on your car following a collision. This coverage tends to be pricier than any other auto-insurance coverage. In the case of comprehensive insurance coverage, you are covered against fire damages, storm damages, theft, and vandalism. If you received financing for your vehicle, most lenders will require you to have a collision and comprehensive insurance covers.
To lower the cost of this coverage, you might choose a higher deductible. While a higher deductible will increase your bill in case of an accident, it lowers the premium costs.
Personal Injury Protection
“No-fault” state residents are required to purchase a “no-fault” insurance policy. This policy is essentially a personal injury policy that pays for your medical expenses regardless of who is at fault in case of an automobile accident. You should note that when you purchase this policy you agree not to sue for any injury you sustain or suffering you may endure.
While your state may require you to purchase certain auto insurance, it is a good idea to purchase different types of insurance policies to cover any possible situations. Doing so will negate the possibility of being left with a bill you cannot pay in the event of an accident. To get all of your insurance questions answered about coverage in Minnesota, give us a call. We service a large portion of Minnesota including Burnsville, Brooklyn Park, and Maple Grove.