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Auto insurance shields you from financial loss in the event you are in an accident. You pay the auto insurance company a premium - a monthly, semi-annual or yearly payment - and the insurance company will cover your losses if you are in an accident. Exactly what kinds of losses the auto insurance company covers are explained in detail in the policy that the company will write for you.
Each state has its own regulations regarding how much auto insurance each driver needs and what the minimum coverage should be to register your car in that state.
Auto insurance can provide the following types of coverage: property, liability and medical.
Property coverage covers theft of your car or items in it, as well as damage to your car.
Liability coverage covers your legal responsibilities for bodily harm to others.
Medical coverage pays for the cost of medical treatment, and may sometimes cover lost wages and funeral expenses.
Before choosing an auto insurance company, you may want to check on the company's stability. This can be done through a variety of sources. Two of them are Moody's and Standard & Poor's Insurance Ratings Services.
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