The Guided Solutions Glossary of Insurance Terms
Insurance can be complex and overwhelming for those unfamiliar with the industry. It’s important to have a clear understanding of
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With all the options out there, shopping for car insurance can be quite the task. But rest assured we’re here to help. Check out 4 of our frequently asked questions.
What is car insurance?
Car insurance covers damage to your vehicle and protects you financially if you’re liable for someone else’s injuries or damage in the event of an accident. Learn more.
Is car insurance required?
To drive legally, all but two states (Virginia and New Hampshire) require car insurance. All other states have a minimum requirement — the lowest amount of coverage permissible to be within the law. Learn more.
How much car insurance do I need?
Each state has a minimum insurance coverage threshold that drivers must purchase. However, because the overall cost of an accident can often exceed coverage limits, it might be a good idea to purchase higher coverage limits than what a state requires. In the event that you cause an accident and damages exceed the amount covered by the policy, you'll be required to pay these costs out of pocket. Learn more.
How are car insurance rates determined?
Many factors affect your car insurance rate, such as your age, gender, marital status, credit score, state requirements, driving history, annual mileage, claims history, coverage level, and the type of vehicle you drive, to name a few. Not all insurance companies use the same parameters, so ask your agent how your rate is determined and what can be done to lower your cost of car insurance. Learn more.
We’re committed to being your trusted partner in finding the perfect car insurance policy. We understand that making an informed decision is key, which is why we believe in empowering you with the knowledge you need. Let’s explore the six most common types of car insurance and the unique benefits they offer.
Liability Coverage
Provides coverage for injuries and property damage to others if you're liable for an accident. Liability is required in most states to drive a vehicle legally.
Collision Coverage
Covers damages to your car caused by accidents with other vehicles or objects, like light posts or fences, regardless of who is at fault. Collision is typically required for leased or financed cars.
Comprehensive Coverage
This coverage serves as an extra level of protection if your car is damaged by something other than a collision, like weather events, fire, vandalism, or an accident involving an animal.
Personal Injury Protection
PIP helps cover certain medical expenses and loss of income resulting from a covered accident regardless of who's at fault. Personal Injury Protection is required in no-fault states.
Uninsured/Underinsured Motorist
This covers certain medical expenses and damages to your car after an accident with an uninsured/underinsured driver. Required in some states, but not all.
Medical Payments Coverage
This coverage helps pay medical costs for you and any passengers, regardless of who's at fault in the car accident. It is required in New Hampshire, Pennsylvania, and Maine.
Tip: If you’re not driving as often, let your insurance provider know.
On average, car owners drive 12,000 per year. But if you're driving less due to retirement, change of commute, or a work-from-home situation, let your provider know. Reporting reduced car mileage could shave 5-10% off your car insurance.
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Guided Solutions is an affiliate of Baldwin Risk Partners. Guided Solutions is the brand name of Guided Insurance Solutions LLC (NPN 18756536). Guided Insurance Solutions LLC does business as Guided Insurance Solutions and as Guided Personal Insurance Solutions in CA (Lic.6003057).
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