The Commonwealth Of Pennsylvania Thru Its Laws Requires All Motor Vehicle Owners To Purchase And Maintain An Automobile Insurance. This Requirement Is Designed To Provide Protection To Automobile Owners As Well As Pedestrians In The Event Of An Accident.
There Are Different Kinds And Levels Of Coverage That Are Available Depending On The Automobile Owner’s Needs. One Would Be The Liability Coverage Which Is Mandatory. This Type Of Coverage Is Designed To Provide You Protection In The Event Of The Accident With You As The Defendant. Your Liability Coverage Will Be The One To Compensate The Injured Party.
The Minimum Amount Of Coverage That Is Required By Law Is $15,000.00 Per Individual And $30,000.00 Per Incident. It Is Typically Written As "15/30". If You Have Assets That Might Be Threatened In The Event Of You Being Held Liable For An Accident, You Need To Purchase A Higher Amount Of Coverage To Protect Those Assets.
Another Mandatory Coverage Is The First Party Coverage, Previously Known As Personal Injury Protection (PIP), Which Is A No-fault Type Of Medical Insurance Designed To Cover Your Medical Bills. The Minimum Coverage Required For This Is $5,000.00. This Insurance Will Shoulder Your Medical Bills Regardless Of Who Is At Fault In An Accident.
An Optional Coverage Is The Collision Coverage That Is Responsible For Shouldering Any Damage Sustained By Your Vehicle In The Event Of An Accident.
A Comprehensive Coverage On The Other Hand Provides You Protection If Your Vehicle Gets Stolen Or Damaged In Situations Other Than A Collision With Another Vehicle.
You May Also Purchase Uninsured Motorist Coverage (UM) To Protect You Against Accidents With A Motorist At Fault Who Does Not Have Any Insurance Coverage. The High Number Of Uninsured Motorists Makes It Important To Have This Type Of Coverage.
Another Important Yet Optional Coverage Would Be The Under-insured Motorist Coverage (UIM) Aimed At Giving You Protection From Motorists At Fault Who Has Inadequate Insurance Coverage. This Is A Good Investment Together With The Uninsured Motorist Coverage.
To Better Understand The Importance Of Every Type Of Insurance And How It Can Protect You, Consult An Insurance Agent Or An Experienced Lawyer Who Can Provide You Valuable Guidance On How To Choose The Best Insurance Coverage For You. There Are Many Issues That Are Attaché To Insurance Coverage And It Would To Your Best Advantage To Gain A Deep Understanding Of How It Works And How It Protects You.
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