Different types of auto insurance

Different types of auto insurance typically fall into two main categories: personal and commercial. Many people are not aware of the different types, or how to tell them apart. When you have a question about your coverage options, this article will help you distinguish between the two. 

To begin with, there is regular liability insurance issued by an insurance company for the owner/driver of an insured vehicle only. This includes bodily injury and property damage retention limits that apply when someone else is responsible for an accident or incident involving your insured vehicle. Depending on the insurer, these limits can vary from $50,000 to $1 million.

Personal auto insurance is designed for people who drive a vehicle for personal use. This type of coverage applies to both liability and physical damage coverage, but excludes uninsured/underinsured motorist (UM/UIM) coverage benefits. Personal auto insurance will usually come with collision coverage that protects you from physical damage if you are involved in a collision with another vehicle or object. Most personal auto policies also include comprehensive and medical payments as coverage options to help cover expenses related to the accident. These expenses may include:

As mentioned above, commercial auto insurance is designed for business owners in particular. This is because their vehicles are used for business purposes, and therefore must be protected to uphold the financial security of the business. Commercial auto insurance policies differ from personal policies in that they include coverage that provides protection for your employees, either through an employer Self Insurance Program or liability insurance coverage.

There are two different types of commercial auto insurance; the first type includes bodily injury and property damage liability coverage both on and off the job. This covers medical expenses sustained by others hurt in a motor vehicle accident, as well as property damage sustained by those injured in a motor vehicle accident. 

The second type of commercial auto insurance is known as a fleet policy. This type of coverage is designed for businesses that own several vehicles, and whose drivers use their vehicles for business purposes. The goal of fleet coverage is to provide a more economical way to protect a fleet of vehicles than it would be to provide each vehicle with its own policy. 

In addition to this, many companies purchase commercial auto insurance that includes uninsured/underinsured motorist (UM/UIM) coverage benefits. This type of coverage can be valuable when you are involved in an accident with an uninsured driver or another negligent driver who does not have enough insurance to pay for all damages incurred in the accident; it covers you against those losses.

As you can see, there are many types of auto insurance available for various vehicles and purposes. It is important to understand what type of coverage you need before you shop for an insurance policy. With the information provided in this article, you should feel informed enough to make a more informed decision; your goal is to choose the best possible policy for your needs and preferences.

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