Charles Goodman Group: Trusted Bedford Insurance Agent
One reason why people hesitate to purchase automobile insurance is because they feel they will be able to beat the odds. They feel that an automobile accident will not happen to them. However, if they speak to a Bedford insurance agent, they will learn that in the United States, an automobile accident occurs approximately every 18 seconds. No matter how carefully an individual drives, they can still find themselves in an accident because of the negligence of someone else.
In most states, the government stipulates minimums for auto insurance coverage. However, many drivers choose to purchase policies that surpass the government’s minimum requirements in order to provide themselves with a greater degree of protection.
Auto insurance serves as a safety net. A contract is created between the policy owner and the insurance company, whereby the policy owner agrees to pay a monthly or annual premium amount and the insurance company agrees to cover damages caused during an accident that meet the criteria and that are within the limits laid out in the policy.
When looking at auto insurance, there are two terms that drivers should familiarize themselves with. The first term is premium, and the second one is deductible.
An insurance premium is the amount of money the insurance company is going to charge for a particular policy. A deductible is the amount of money the policyholder agrees to pay out of their pocket if an accident occurs before the insurance company will jump in and cover the rest.
A trusted Bedford insurance agent from the Charles Goodman Group can assist you with any questions regarding life insurance or property insurance.
For example, if a driver has an accident and the cost to repair their vehicle is $500, but they have a $100 deductible, they will first have to pay $100 out of their own pocket, and then the insurance company will pay the remaining $400 to have the vehicle repaired.
General liability insurance is designed to cover damages to other vehicles and other people if the policyholder is responsible for the accident. It will cover legal fees, medical costs, and other expenses connected to the accident. More comprehensive policies are designed to protect a policyholder when their vehicle is stolen or vandalized.
In addition to the liability insurance required by the state, a driver may wish to look into bodily injury liability, property damage liability, collision insurance, which is designed to repair any damages done to the policyholder’s vehicle, and comprehensive coverage, which protects against damages done to the policyholder’s vehicle that are not connected to an automobile accident. They may also want to consider insurance designed to protect drivers who have a collision caused by an uninsured driver.
Automobile insurance is designed to provide protection for the driver and their property. By ensuring that their vehicle is properly insured, a driver is protecting themselves from liability when an accident occurs.