Auto insurance is required in every state, but most states require only liability insurance. Evaluate whether the amount of liability coverage you have is enough to protect your income and assets if you were sued.
Liability coverage alone doesn’t help if you need to repair your vehicle if it’s involved in an accident. You may need collision coverage for damage when your car collides with another car or a tree, for example. Comprehensive coverage is for damage for almost anything other than a collision – fires, floods, extreme weather, theft and vandalism.
You may need loan gap protection from E. R. Munro and Company if your car is new or nearly new and you have a loan. Loan gap protection covers the difference between what your insurance company will pay out and the amount of money you owe on your car loan if there is a total loss.
States have minimum requirements for liability coverage, so make sure you check your policy to see how much coverage you have. Bodily injury liability coverage protects you against claims from other people when you cause an accident that results in medical expenses and lost wages. Property damage liability coverage pays for damage that your wreck causes to such things as other vehicles or mailboxes.
For more information on auto insurance and loan gap protection, call E. R. Munro and Company at 877-376-8676.
