What is the definition of Auto Insurance Policy?

Auto Insurance policy protects the policy owner against losses and liability caused by vehicular accidents. An auto insurance policy may cover a list of hazards:

1. Bodily injury liability: when a policy owner has to pay for injuries he caused to someone else as a result of a vehicular accident.
2. Property damage liability: when a policy owner has to pay for damage to someone else's property (i.e. the cost to repair another vehicle, the cost to repair the glass front in a store hit by the policy owner's vehicle, etc.)
3. Personal Injury Protection (PIP) or Medical Payments Protection: when a policy owner needs to pay for the hospitalization and recovery of the driver and passengers riding in the policy owner's car.
4. Collision: Pays for any damage to the policy owner's car because of a collision.
5. Uninsured motorists coverage: Pays for any costs incurred involving a hit-and-run accident and the driver of the other car is uninsured.
6. Comprehensive insurance: protects the policy owner against losses other than a collision (this includes riots, earthquakes, floods, explosions and fire).

• Competitive State Fund
• Excess and Surplus Lines
• Commission
• Businessowners Policy / BOP
• Employer’s Liability