There are basically two types of car insurance that most people buy. They either buy the very minimum amount of insurance that the state of Louisiana requires in order to legally drive - or they buy full coverage car insurance.
If you are financing your car then your lender will require that you purchase full coverage car insurance. But even if you own your car outright buying full coverage car insurance may still be a good idea, especially if you have a home, a savings account, or other assets that you could lose in the event of a serious accident that wasn't fully covered by the minimum insurance that the state requires you to purchase.
Here's what I mean. In the state of Louisiana you are only required to purchase liability insurance in the amounts of $10,000 medical coverage per person per accident with a $20,000 cap on medical coverage per accident, plus you must carry $10,000 in property damage coverage, which primarily pays for damages to another person's vehicle.
The minimum liability requirements in Louisiana are rather low-ball in the real world. If you are in a serious accident there could easily be medical bills well in excess of $20,000 and $10,000 will not cover very severe damage to many modern cars.
And, of course, liability insurance does not cover the repair of your vehicle and may not cover medical expenses for yourself or others in your vehicle, particularly if you are deemed at fault in the accident.
If you want to fully protect yourself, your passengers and your vehicle then in addition to liability insurance you will also need to purchase collision insurance, comprehensive insurance, and personal injury protection insurance. You may also wish to purchase uninsured motorist coverage.
Collision insurance will repair your vehicle if it is damaged in a collision with another vehicle or if it is damaged as a result of a collision with a stationary object, like a tree or a lamppost. Generally your insurance company will pay for repairs up to the Kelly Blue Book value of your vehicle. If you feel this amount is not sufficient then you will need to discuss this with your agent prior to any claims.
Comprehensive insurance is designed to repair or replace your car if it is stolen or damaged by vandals, if it is damaged by natural causes such as hail, wind or fire, or if it is damaged by a collision with an animal, such as a deer. Again, most insurance companies limit your comprehensive payout to the Kelly Blue Book value of your vehicle.
Personal Injury Protection insurance pays for medical treatment for yourself and for anyone riding in your vehicle at the time of an accident. You will be allowed to determine the amount of coverage that you wish to pay for. If you have health insurance that is separate from your automobile policy it may be that you will not need to purchase personal liability insurance at all, or that you will be able to purchase only a limited amount and still feel that you are fully covered. Your agent can help you determine this.
Uninsured motorist insurance covers medical payments for you and for others in your vehicle as well as for the repair of your vehicle if you are in an accident with an uninsured motorist.
With each form of insurance you have choices as to the maximum amount of coverage you wish to buy. The more coverage you wish, the higher the cost.
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