Finding the Best Online Insurance Policy
The first step to finding ideal policies is to determine the amount of coverage that is needed; although some motorists may be in need of some pretty extensive amounts of protection, opting not to purchase an adequate amount can end up being a lot more costly in the long run.
For example, if an individual owns a luxury vehicle and decides not to purchase comprehensive and collision, the cost to repair or replace it can be extremely expensive and in some cases the premium to insure it would have been a fraction of what would be needed to cover the loss out of pocket.
On the other hand, some pay for this type of coverage on vehicles with a low value which would not be beneficial and may not end up with any compensation after a loss; therefore it is extremely important to understand the coverage needed.
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Monday, Jun. 14th 2010 6:13 PM at 6:13 pm
The second part, property protection, pays up to $1 million for damage the policyholder causes to another party’s property such as buildings, fences and another person’s properly parked vehicle, but not for vehicles involved in moving collisions. Lastly is bodily injury and property damage liability which pays for injuries and damages caused by the policyholder in which they are found legally responsible; motorists must carry minimum liability limits of $20,000 for bodily injury per person, $40,000 for bodily injury per accident and $10,000 for property damage in another state.
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Although the cost of insuring a vehicle in MI can be expensive, policies come with a wide range of protection and are quite complex. Residents should read the state publication titled, Brief Explanation of Michigan No-Fault Insurance to help better understand their rights and coverage requirements.