Business Insurance

Welcome to another edition of our series aimed at helping you, our Foolish readers, better understand the varying types of insurance you may want to purchase. This week, we move from the high-stepping world of life insurance to the hard-driving market for auto insurance.

How much you get paid depends entirely on your policy. Some, for example, will include medical reimbursement costs. More often, though, you’ll either be subject to the collision or comprehensive clauses in your policy. Collision coverage is for those awful days when you hit a vehicle while driving, or vice versa.

Comprehensive coverage is for just about everything else. For me, comprehensive coverage came in handy years ago when my car was parked outside during a massive hailstorm at Denver International Airport. A shop authorized by the insurer made the repairs.

Of course, the law typically requires auto insurance if you drive. And it’s absolutely worth the price. The National Highway Traffic Safety Administration says that traffic crashes tend to cost Americans an average of $820 a year, thanks to more and more vehicles being on the road — 243 million in 2005, the NHTSA reports.

Technorati : Auto Insurance, Insurer Made, Life Insurance

Tags: Auto Insurance, Collision Coverage, comprehensive, insurance, insurer, life insurance, Medical, vehicle

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