By Paul Townsen
If you have ever owned a car and had some type of car insurance, then you probably understand at least a little about the basic kinds of insurance that are required. For instance, liability coverage for damage to vehicles and liability coverage for bodily injury are generally required by law. If you got a loan from a bank or other financial institution in order to purchase the car, then you also were required to have a certain amount of collision and comprehensive insurance as well. Uninsured and underinsured motorist coverage is required by some states in case of inadequate amounts of insurance to help cover those who are injured. However, you may not have known about some of the other options that are available through your auto insurance company.
One important type of coverage that many people include with their regular auto policy is Work Loss, because it helps to cover the cost of lost wages in the case that your injury from the accident are directly related to your inability to work. Without this type of insurance, you may be out of the wages from the job while you are incurring large medical bills, which is not a very good situation to be in.
Loan/Lease Gap insurance is a type of coverage you can add to your car insurance policy if you have a loan on the vehicle and also have both comprehensive and collision insurance with a deductible. This will cover the difference between what you still owe on the car and the value of the car at the time of the accident.
You might also consider Medical Payments coverage, which takes care of medical expenses not only for yourself but for all of the passengers in your vehicle who may be injured in an accident. This is sometimes called no-fault insurance because it doesn't matter who is at fault; you are all still covered. This type of coverage may even extend to you if you and your family are in someone else's car or happen to be a pedestrian who is injured by an automobile. This type of coverage can be flexible and can be particularly helpful if you do not have a medical insurance plan that covers expenses of this nature. PIP or Personal Injury Protection is also designed to work this same way.
If you have a souped-up stereo system, mag wheels, or other specialty equipment for your car, you may want to think about having those items separately insured. If you have a classic car that you want to add to the policy, it will also need special classic car insurance.
You can even get car insurance coverage that covers the cost of a rental car while your automobile is in the shop getting repaired. In addition to this you could get a package that includes roadside assistance such as towing and labor to haul your wrecked vehicle to the repair shop of your choice from that accident scene.
There are many extra options that can help you insure the things that are important to you, and it can be very helpful to have some of these options added to your policy in addition to the required insurance coverages.
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