Auto insurance pays for damages, injuries, and other losses specifically covered by your policy. Coverage can vary by policy and company. Read your policy carefully to know exactly what it covers. Pay special attention to the exclusions section, which lists the things your policy doesn't cover. The front page of your policy is called the declarations page. It contains useful information such as the exact name of your insurance company, your policy number, and the amount of each of your coverages and deductibles.
All states have different requirements relating to auto insurance coverage, but the requirements can vary from state to state on the minimum amount of vehicle insurance coverage that is needed. This usually leads most drivers to wonder just how much coverage they need. And what type of auto insurance they should have.
It is important to know the basics when buying an auto insurance policy. An important part of car insurance is having a reasonable deductible. Another is the overall cost of coverage. This may not be a separate component of a policy, but in the long run it is usually one of the most important details.
Just remember, the minimum amount of required coverage generally does not protect you completely. However, if you live in a no fault state, there are limits and restrictions on when, why, and how much you can be sued for by the other driver after an accident. If you do not live in a no fault state then typically the only limits are the ones the state law sets for all lawsuits.
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Proof of Financial Responsibility
When you buy an auto policy, your insurance company will send you a proof-of-insurance card. You will have to show proof of insurance in the following situations:
- When you are asked for it by a law enforcement officer
- When you have an accident
- When you register your car or renew its registration
- When you obtain or renew your driver's license
- When you get your car inspected
- There are severe legal penalties for violating your state's financial responsibility laws. Subsequent convictions could result in fines of $175 to $1,000, suspension of your driver's license, and impoundment of your automobile.