Have you ever taken the time to really look into your auto insurance policy? You might be surprised if you recently were in an accident and found out just what your policy does and does not cover. If you only bought the bare minimum coverage for the state of Mississippi, you only have liability coverage. This means your auto insurance policy only covers damage for others and their property after an accident. You and your property are not covered under a liability-only car insurance policy.
Full-Coverage Car Insurance Over Just Liability Coverage
Why should you spend more money on a full coverage auto insurance policy if the state doesn’t require it? There are many reasons, the biggest reason being that t may end up saving you money in the future by paying pennies more each month on your policy. A liability-only policy only covers others who were involved in an accident. A full-coverage policy can cover you and your property. If you sign up for collision coverage or comprehensive coverage, you now have what is called full-coverage auto insurance.
Collision coverage in your auto insurance policy means you can get help covering repair costs of your own vehicle after an accident. This is extra coverage – it is not required by the state of Mississippi – but can absolutely help you out if your vehicle is damaged in an accident. Also, if you get into an accident with an uninsured motorist, your collision coverage may help cover the costs of the damage to your vehicle as well. If you are renting or leasing your car, lenders often require you to have some sort of collision coverage. This will differ from lender to lender, just be sure you’re aware and properly covered.
If you are renting or leasing your vehicle, many lenders also require some sort of comprehensive coverage. Even if you own your vehicle outright — this may be a good option for you to add to your auto insurance policy as well. Comprehensive coverage covers other incidents outside of a collision or accident that may happen to your vehicle. This includes weather damage, vandalism, falling objects, or fire. Lastly, if your car is stolen, you may be covered for some of the cost of your vehicle under your comprehensive coverage policy.
Personal Injury Protection On Top of Just Liability Coverage
Lastly, you may wish to sign up for PIP coverage, also known as personal injury protection. This type of coverage helps cover medical costs after an accident. It also covers potential lost wages. This insurance will help cover you regardless of who is at fault for the accident. PIP coverage is not a required policy add-on in Mississippi, but as our state is a ‘fault’ car accident state, meaning the person at fault for an accident is required to have their insurance cover the costs of damages, it would be useful to consider adding PIP to your policy. Especially if you are in an accident with someone who has no auto insurance whatsoever, having this coverage can help save you money after an accident.
If you have questions or have been injured or hurt in a car accident, we’re here to help. We offer free consultations and you may be entitled to financial compensation. Call Chatham Gilder Howell Pittman today for a free consultation.