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Insurance Definition: AUTO INSURANCE POLICY

By Compuquotes Team on March 27th, 2008

AUTO INSURANCE POLICY:

Definition:

  • There are basically six different types of coverages. Some may be required by law. Others are optional. They are:

Bodily injury liability, for injuries the policyholder causes to someone else.

Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder's car.

Property damage liability, for damage the policyholder causes to someone else's property.

Collision, for damage to the policyholder's car from a collision.

Comprehensive, for damage to the policyholder's car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.

Uninsured motorists coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.

Information provided by Insurance Information Institute

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