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[ Understanding Insurance Terms ]
Personal Automobile Insurance
Why should you buy auto insurance? Well, for most of us, our cars are one of the biggest investments we make, and to experience a loss could be financially devastating. Auto insurance can cover more than just the repairs on your vehicle. Depending on the coverage you choose, your insurance can:
- Cover medical expenses associated with an accident.
- Pay for losses caused by underinsured or uninsured drivers.
- Reimburse you for damages suffered because of vandalism, natural disasters or theft.
- Pay for legal representation in case of a lawsuit.
MSA also offers several discount programs which can substantially lower your insurance premium.
Understanding Auto Insurance Terms
Every auto policy offers certain coverages. Often times the terms are unclear and confusing to all but insurance professionals. Here is a quick reference guide for the terms that are most commonly used. However, you should read your own policy carefully. If you do not understand any aspect of your policy, take the time to review it with your agent.
Common Auto Insurance Terms
Bodily Injury Liability: If you injure someone in a car accident, this coverage pays that person's medical and rehabilitation expenses and any damages for which they may sue you.
Property Damage Liability: If you are at fault in an accident and you damage someone else's property, this coverage pays to fix it.
Medical Benefits: This coverage pays medical bills for you and others covered on your policy, no matter who was at fault in the accident.
Uninsured/Underinsured motorist: If you are injured in an accident and the person who hits you doesn't have enough insurance, this coverage will pay for your losses and damages, including your medical bills, lost wages and pain and suffering. It usually makes sense to purchase the same level of this coverage that you have for bodily injury liability.
We also offer these voluntary additional coverages:
Collision: If you have an accident, this coverage will pay to fix your car in the event of a collision.
Comprehensive: This coverage pays for theft as well as damage to your car from "hazards," including fire, flood, vandalism or striking an animal.
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