Lots of money is at stake: auto insurance companies took in over $107 billion dollars in premiums in 2013 according to the Insurance Information Institute. It is no wonder there are so many commercials on television. Insurance is a complicated, competitive, and highly regulated industry. Other types of auto insurance coverages are not required, such as coverage for damage to your vehicle, coverage for your medical expenses, and protection against uninsured drivers or drivers with minimum insurance.Īccidents often involve complicated legal issues, such as traffic laws and safety regulations (e.g., for trucks and other commercial vehicles), legal issues relating to negligence and liability, wrongful death claims from fatalities or serious injuries that lead to death, vehicle and other property damage, and medical treatment expenses. In Arizona, all drivers must have at least $15,000 in liability coverage (and at least $30,000 for accidents involving more than one person). For these reasons, car insurance is mandatory. Car accidents in Arizona cause almost $3 billion in damage every year. On average, two people were killed on Arizona roads every day as a result of vehicle accidents. According to the Arizona Department of Transportation, there were over 100,000 car crashes in the state last year. If you're responsible for injuries and damage totaling more than your policy limits, you may have to pay out of pocket.The Ins and Outs of Car Insurance and Insurance Claimsĭriving is probably the riskiest thing you do every day. Some drivers choose to have higher limits and carry additional coverages for more protection. This helps cover the cost of a rental car while your vehicle is in the shop for repairs after a covered loss. Learn about comprehensive coverageĮxtended benefits (EB) is an optional first-party coverage that may be added. This helps pay to repair or replace your vehicle if it's stolen, vandalized or damaged by animal collisions, fire, hail and other events, subject to a deductible. May be required if you're making payments to a lender or leasing company. This helps pay to repair or replace your vehicle if it's damaged in an accident related to driving, subject to a deductible. Required at the same limits as your bodily injury liability coverage but can be waived by written request. Learn about uninsured and underinsured coverage This helps cover your expenses if you're in an accident caused by a driver who is uninsured or doesn't have enough insurance. Minimum coverage requirement: $15,000 limit per accidentīodily injury for uninsured or underinsured motorists This helps pay for damages to other people's property like vehicles, homes and other buildings if you're at fault for an accident. Minimum coverage requirement: $50,000 limit per accident This is the total amount of coverage for costs related to injuries or deaths to other vehicles' drivers and their passengers if you're at fault for an accident. Minimum coverage requirement: $25,000 limit per person Subject to the terms and conditions of the policy. This helps cover expenses for injuries or deaths to other vehicles' drivers and their passengers, if you're found at fault for an accident. Arizona coverage requirements and minimums Coverage
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9/20/2023 04:50:50 am
This auto insurance article is a valuable resource for demystifying the complexities of insurance policies. It offers clear explanations and practical tips to help readers make informed decisions about their coverage. A must-read for anyone looking to protect their vehicle and financial well-being.
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