Property and casualty insurance is the large umbrella that covers many forms of insurance. Property insurance protects owners in the event of damage to their own property that can result from unfortunate instances triggered by weather, fire, theft, and many other forces.
Examples of property insurance include some of the most well known coverages in the industry, such as car insurance, homeowners insurance, renters insurance, flood insurance, and aviation insurance.
Casualty insurance has a less precise definition and has been used to describe liability insurance. Casualty insurance will pay for the legal costs that result from property damage or bodily injury to another that was caused by negligence or omission on your part.
Most commonly property and casualty insurance companies are companies that offer auto insurance and homeowners insurance.
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Property Insurance on Your Car
Car insurance as it relates to property takes several forms, the most common of which are collision insurance and comprehensive insurance.
Collision coverage insures your vehicle against damages sustained in a collision with another car or object. This form of insurance is often required if you do not own the vehicle outright. The bank will need proof of this protection when they give you a car loan. Without collision coverage, you must pay out of pocket for repair or replacement.
Comprehensive insurance takes up the slack left by collision insurance. It will protect you against damages caused by weather, fire or theft.
Casualty Insurance on Your Car
Casualty insurance as it relates to your car is typically called liability insurance. This type of insurance covers damages and legal costs to the other party or parties in a crash. All states, except for New Hampshire, require a minimum level of liability insurance.
These minimum levels, however, are unlikely to provide sufficient protection to the average motorist.If injuries, damages and legal costs exceed the liability limit of a policy, the driver could find himself in a lawsuit for the remainder. With a minimum liability level of $15,000 in many states, drivers who insure themselves in that amount only may find themselves in dire financial straits if they are in a big accident.
You should carefully examine your entire financial picture when choosing your liability coverage.
Finding the Best Car Insurance
Using a free, on-line quote comparison tool will provide you with a wide range of car insurance quotes. Just type in your personal information, safely and securely, one time and you will receive several detailed quotes to choose from. The instant results can be accessed all day, every day.
The quote comparison tool will ask you for information relating to your gender, age, location, and type of car(s). It will also give you the chance to add any safety features that may qualify you for a discount, such as anti-lock brakes, anti-theft devices, window etching, etc. Other factors, such as insuring multiple cars or multiple forms of insurance (like homeowners) with the same company, can also give you a price break.
Make sure you have all relevant information at your disposal when using the quote comparison tool. You will need to know your Vehicle Identification Number (VIN) and your financing company details.
Choosing the Best Insurance For Your Car
Price is a key consideration when buying insurance, but it is important to look at all the factors before making a decision. If you go with the cheapest, bare bones policy, you may find that you end up paying dearly if you get in an accident. You should make sure that your policy covers all the scenarios that can occur as you drive your car every day.
Keeping premiums low can be achieved by choosing a higher deductible. The deductible is the amount you pay out of pocket before insurance kicks in. By getting a policy with the highest deductible you can afford to pay if the need arises, you will ensure lower yearly premiums.
You can also lower your premiums on an older car if you own it outright by eliminating collision and comprehensive insurance. Some experts say that it is financially prudent to drop these coverages if your yearly payment is less than 10% of the insurance pay out you could expect to receive if your car is stolen or totaled.
Finding the Best Car Insurance Rates in the Property & Casualty Market
You can use new, Internet based innovations to compare quotes car insurance quotes quickly and easily. By looking at the options from many different car insurance companies at once, you will find the policy that gives you the coverage you need at a cost you can afford. Compare quotes now!