Property insurance includes coverages such as car, homeowners, renters, flood, and aviation insurance.
Casualty insurance has a less precise definition and has been used to describe liability 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 repairs or replacements.
Comprehensive insurance takes up the slack left by collision insurance and 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.
You should carefully examine your entire financial picture when choosing your liability coverage.
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Choosing the Best Insurance For Your Car
Price is a key consideration when buying insurance, but remember to look at all the factors before making a decision.
If you go with the cheapest policy, you may find that you end up paying dearly if you get in an accident.
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 have lower yearly premiums.
Finding the Best Car Insurance Rates for Property and Casualty
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.
Using a free, online quote comparison tool will provide you with a wide range of car insurance quotes.
Just type in your ZIP code and you will receive several detailed quotes to choose from.