Looking or upgrading insurance policy requires a thorough search and consultation to ensure you get the best policy that perfectly meets your needs. Although there exist several agents who can assist you, insurance brokers are better placed to give you the assistance required to make sound decision. First, unlike insurance agents, brokers are independent entities not working for a particular company. The work of insurance brokers is to advice people looking for a policy cover that best suit their needs. Secondly, insurance brokers are expertise in a certain fields. For example, life insurance brokers in St. Catharines specialize in offering life insurance advice. Apart from life insurance brokers in St. Catharines, you will also find those providing auto insurance.
Understanding Auto Insurance Coverage
Auto insurance coverage is one of the most common policies in the world. Unfortunately, the coverage remains the most misunderstood. This write-up will review what is covered and not covered by auto insurance.
To start, a basic auto policy has four main coverages, which include:
Bodily Injury Liability
The policy covers injuries arising from your faults. Thus, the coverage will include injuries that you may cause to another person, directly attributed to your fault. Depending on the insurance provider, the policy may cover family members using your car or driving another car. Basically, it is important to buy body liability coverage that exceeds the minimum threshold set by the government because you may otherwise get sued for a large sum of money.
Personal Injury Protection (PIP) or Medical Payment
This covers the injuries to the drive and passengers. The policy covers lost wages and medical payment, but is also subject to insurance provider. For instance, some PIP covers funeral expenses, as well as the costs of replacing services performed by the injured person.
Property Damage Liability
The policy covers the damage you or any other person driving your car may cause to someone’s property. The policy covers damages to someone else’s car, buildings, fences, telephone poles, lamp posts, and any other structure.
This coverage pays for damage to your vehicle resulting from a collision, flipping over or damage by any other object. The policy will cover damages resulting from potholes. It is also good to know that collision coverage is sold with deductibles that range from $250 to $1000. Essentially, after a collision, the policy will reimburse for the cost of repairing the vehicle, less the deductibles.
This policy reimburses for loss arising from damage or theft resulting from many things, including falling objects, fire, explosion, missiles, windstorms, earthquakes, flood, hail, vandalism, riots, or collisions with animals.
Obtaining the right life or car insurance can be a daunting task for people. Thus, it is important to hire the right personnel. Hiring brokers will save you from the hassles involved in obtaining the right insurance. Insurance brokers understand insurance coverage and the company with the best policies. The broker will work on your behalf to ensure you have the best insurance policy with the right company.