When unexpected accidents or circumstances arise, the costs to be made whole can be high. Most people do not have the extra cash to cover catastrophic events, which is why there is insurance. Homeowner’s insurance could help you make needed repairs to your house after an act of nature, and auto insurance will ensure that you are able to heal after being hurt in an accident. And, if you are not the one at fault, making a claim against the negligent party’s insurance policy can get you the medical care you need.
But, just what are the different types of insurance? And, which ones cover what types of losses? When it comes to auto insurance, the following forms exist in Minnesota:
- Liability: this type of auto insurance covers the damage caused by the negligent driver, and pays for the injuries of others. This is mandatory insurance in Minnesota, and will shields the negligent party from personal liability when causing an accident.
- Uninsured or underinsured motorist: this coverage is one you elect on your own auto policy, and will pay for damages if the party causing the accident does not have coverage.
- Comprehensive: this coverage is all encompassing, and covers losses that are not necessarily related to car wrecks.
- No fault coverage: this coverage provides benefits regardless of which party is to blame for an accident. The benefits provided are for medical care, and lost wages as a result of being injured.
Both liability and no fault coverage are mandatory. Uninsured or underinsured motorist is not a requirement, but is a good idea, because even though liability coverage is legally mandated, not all drivers follow the rules. If you are in an accident with an uninsured motorist, or are the victim of a hit and run, your own policy can kick in and pay the costs of your care. Aside from auto insurance, there is also insurance for your home, which is a lender requirement when obtaining a mortgage. There are add on’s to your homeowner’s policy that may come in handy, such as clauses for antiques and other collectibles, or for lost objects. For more information about the different forms of insurance, and which types best meet your needs, call our office.
If you have been hurt in an accident or have questions about insurance, call our office to learn your options. Let an experienced attorney help you figure what is best for you. Call a Bloomington, Minnesota personal injury attorney today.