If you own a vehicle, the law requires you to have insurance on it. Without auto insurance, drivers are at risk of losing much more than a license. The amount of coverage you carry is crucial for protecting your assets.
In the state of Oregon, you must have a minimum Liability amount of $25,000 per person and $50,000 per incident. In many cases, this is not enough coverage. Here at Schmidt Insurance Group, we help our clients find the right amount of coverage to fit their needs as well as their budget. Our knowledgeable agents will make sure you walk away feeling 100% protected.
What do all these coverages listed on my policy actually mean?
- Liability: Arguably the most important coverage to have. Although liability will not fix your car, it will protect you from lawsuits that can happen after an accident. Liability pays out for damages done to the other person (medical as well as auto repair).
- Uninsured and Underinsured Motorist: The number of drivers on the road that do not carry insurance, or do not have enough insurance, is unsettling to say the least! Uninsured and Underinsured Motorist protects you from those drivers who are unable to cover your medical expenses resulting from a hit-and-run accident OR in the event someone has insurance but not enough.
- Property damage: If you accidentally run off the road and take out someone’s fence, property damage would cover you.
- Comprehensive: Comprehensive is an affordable coverage to cover anything out of your control – a tree falls on it, theft, weather related damage, etc.
- Collision: Covers damage done to your vehicle in an at-fault accident.
- Rental: Rental coverage does not mean that your insurance company will pay for your rental while vacationing in Hawaii. What it will cover is the cost of a rental car while repairs are being done to your car after an accident.
- Personal Injury protection (PIP): This coverage is exactly what it says it is (which isn’t always the case with insurance) – coverage for yourself if you are injured. This includes things like medical expenses, funeral costs, lost wages, and even child care if you are unable to take care of family.