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Auto Insurance For Owners and Drivers – Take Charge Chicago

Auto Insurance For Owners and Drivers

Most states require Auto Insurance for owners and drivers to help pay for expenses that result from a vehicle-related accident or loss. Car insurance policies typically include liability coverage to cover others’ property damage and bodily injury, as well as collision and comprehensive coverage to repair or replace your own vehicle after an accident or theft. The amount of coverage you buy and the deductible you choose determine your premium.

What is insurance and its important?

In addition to required minimum limits, most policies offer optional coverages including personal injury protection (PIP) and uninsured motorist coverage. PIP pays for medical expenses and other costs related to an accident regardless of who caused it, and is a must in states with no-fault accidents. Uninsured motorist coverage (UM) and underinsured motorist coverage (UIM) reimburse you if you’re injured by an uninsured or underinsured driver. Some lenders also require you to carry comprehensive and collision coverage as part of a loan or lease agreement.

Insurance companies assess your risk and price their policies accordingly based on multiple factors including your driving history, the type of vehicle you drive and how it is used. Some providers, such as Progressive’s Snapshot program, offer a customized rate based on how and when your vehicle is driven by measuring the data via your vehicle’s on-board diagnostics (OBD-II) port using a telematic device that plugs into your dashboard. The system measures speed, time of day and the number of miles driven. This information is combined with other underwriting factors to calculate a rating which is then used to determine your premium.

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