One of the most important things you need to do after purchasing a new import car is to find the right import car insurance. In the United States all states require individuals to have some kind of car insurance with the exception of New Hampshire and Wisconsin, however, you still need to pay for repairs if you are in an incident.
Why Do I Need Import Car Insurance?
Import car insurance provides protection as well as piece of mind. When involved in an accident, your import car insurance provider compensates the driver and passengers on injuries or damages they may have experienced while in an accident. Some import car insurance policies cover the vehicle if you are victim to vandalism, theft, and environmental causes such as hail damage. Without the proper import car insurance, the owner of the vehicle has to pay out the full costs of these repairs and medical expenses.
What Different Types of Import Car Insurance are Available?
There are many different options when choosing your import car insurance policy. While most companies offer the lowest legal limit for your state, it is always a better option to take on additional coverage. Listed below is some information about the different types of import car insurance.
Personal Injury
A personal injury policy is sometimes called “no-fault” coverage where your import car insurance company pays for the driver and the passengers medical expenses that are caused by the crash no matter who was at fault. Some insurance companies will even reimburse lost earnings and funeral expenses.
Bodily Injury & Liability
These are an absolute must when you are operating a vehicle. This type of import car insurance covers property damage as well as bodily injuries if you are found at fault of the accident.
Medical Coverage
Medical coverage pertains to the driver and the passengers. This type of import car insurance policy pays for the medical expenses, such as medical procedures and treatments, that are caused by the incident. This coverage can also include pain and suffering compensation and disability.
Collision
The collision policy covers the cost of damages in an accident based on the book value of the vehicle.
Comprehensive
Comprehensive import car insurance will pay for many things like theft, vandalism, fire, and natural disasters such as hail, flood, and other severe weather.
Uninsured or Under-insured Motorist Insurance
This option is highly overlooked by some but, in today’s times, it is very important. Uninsured or under-insured import car insurance pays for your expenses if someone without insurance coverage causes an accident with you. If you do not have this policy and get involved in a wreck with an uninsured motorist, you will not get anything. This happened to my own sister so I know first hand how important this is. The bad part was that she didn’t have this coverage and had to pay out of pocket.
Your import car insurance policy will vary in cost depending on the optional coverage you choose. Some people buy the minimal amount they legally need but that is a risky situation. I hope that by reading this article you understand some of the basics of import car insurance policies.
