What is Auto Insurance?Auto insurance provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom.
Auto insurance may also offers financial protection against theft of the vehicle and damage to the vehicle, sustained from things other than traffic collisions. What No-Fault Insurance MeansWhen a car accident occurs, who pays? If you are in a car accident, your auto insurance provider pays for your insured costs, no matter who is at fault. The general intent of No-Fault insurance is to provide prompt and certain payment for accident victims rather than going to court to determine who caused the accident and who should compensate the victim for their injuries. Mandatory coverage in Michigan Michigan’s No-Fault system remains the broadest form of protection of any auto insurance system in the country, and Michigan law requires that all motor vehicle owners carry No-Fault insurance. This unique mandatory coverage includes:
Optional Physical Damage Coverage Collision and comprehensive coverage protects your vehicle up to its market value in case of an accident or other risks, such as animal strikes, fire, theft, vandalism, flood, hail, and wind. Generally, there are multiple types of coverage and deductibles for this protection. Uninsured/Underinsured Motorists — Provides protection for serious injuries you may suffer as a result of the negligent actions of an uninsured or underinsured motorist. This is not to be confused with No-Fault Medical and Work Loss coverage.
Auto Insurance CoveragesThere are basically six different types of coverages. Some may be required by law. Others are optional. They are:
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