Understanding the various insurance policies in play after an auto accident can be overwhelming. Below are summaries of a few of the most common types of coverage.
Liability covers the damages and injuries sustained to other parties of an accident if you caused the collision. If you are determined to be at fault, then your liability insurance will cover the legal damages incurred by the other party. Tennessee requires minimum liability coverage in the amounts of:
Tennessee auto insurance policies automatically include uninsured motorist coverage in an amount equal to the liability and property insurance limits, unless the policy owners rejects or requests less coverage in writing. Tennessee drivers are automatically enrolled in this provision. UM coverage protects the insured for damages or injuries sustained in an accident caused by a driver without or insufficient liability insurance. This coverage extends to hit-and-run accidents and is a very important aspect of your insurance policy.
Collision coverage is an optional. The need varies based upon your situation and your vehicle. This coverage pays for physical damage caused to your vehicle, such as your car being damaged by driving into a tree, building, or another vehicle.
Comprehensive coverage covers the costs of repairing damages from an event that would not otherwise be covered under the policy. As examples, comprehensive coverage kicks in after:
Some consumers are upside down in their auto loans meaning the payoff is more than the vehicle value. This can occur your new vehicle rapidly depreciates once purchased, from rolling in the payoff of a previous loan or for market conditions beyond your control. If your car is totaled in an automobile accident, available policies generally only pay the vehicle’s current fair market value. Gap insurance (Guaranteed Auto Protection) covers the difference between the value of the car and auto loan payoff.
Have Questions? Call Today!
If you were injured in a car accident and have questions regarding how these insurance policies can benefit you please contact George Angelopoulos today.
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Sources: https://www.tn.gov/safety/article/frlawindex
This is Personal Injury Attorney Advertising and is not legal advice. Many factors could influence your auto accident case. Injury settlements and compensation is not guaranteed.
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This is Attorney Advertising and is not legal advice for your situation. The Attorney-Client relationship is only established by a signed agreement.