While car insurance is mandatory in most states, there are many types of car insurance to choose from. The most common types can cover everything from bodily injury to personal property.

There are a lot of car insurance myths out there about what type of coverage you need. In order to determine which coverage policy is right for you, drivers should take the time to learn about their options. Each policy has pros and cons with varying costs.

Typically, you will have to pay a higher premium for increased coverage and protection. Depending on your needs, read about the common types of car insurance policies that you can choose from.

Liability Coverage Policies

One of the most basic car insurance packages, lability coverage protects drivers from bodily injury claims and property damage claims. If you are the one that caused the accident, the liability insurance can cover the other party’s medical expenses or vehicle damage. However, there is no coverage for any damage that happens to you or your vehicle when you’re at fault for the accident. This is one of the most basic types of car insurance coverage that can meet state mandates to have car insurance while lowering your liability if you cause an accident.

Collision Coverage Policies

Next, you can buy car insurance collision coverage that includes damages to your car. Even if you are at-fault, the insurance carrier can pay for damages to your car. These accidents can include hitting another vehicle, scratching against a road barrier or hitting a pole when backing up. From time to time, drivers make mistakes. Rather than having to front the costs of repairing your own vehicle damage, a collision coverage policy can limit the risk of sudden expenses and pay for the damages to your car. Of course, this policy offers a bit more protection than a basic liability coverage policy and reflects the difference in covers with additional costs. For newer cars that are expensive to fix, this insurance policy could be worth the upgrade.

Comprehensive Coverage Policies

In addition to collision coverage, you can buy a comprehensive coverage policy. This type of car insurance coverage goes beyond accident protection. It can cover your car from theft, vandalism and fires. Moreover, it includes auto insurance coverage for natural disasters like floods and hurricanes. For example, if your car is completely ruined or gone from one of these events, the insurance policy could cover the cost of the car. However, you may be required to pay a deductible before the insurance carrier picks up the rest of the costs. Of course, this type of policy requires a higher premium for the added protection.

Personal Injury Protection (PIP)

Thus far, most car insurance policies have not covered the medical expenses of you and your passengers. In the event of an accident, a PIP car insurance coverage could cover medical bills of you or your passengers. Regardless of who is at fault for driving, these personal injury liability protections would be covered. This is important if you decide to drive like a Nascar event driver and something goes wrong. You and your passengers can have their medical bills covered. While this type of insurance is not available in all states, you may want to consider giving yourself and your passengers this coverage.

Uninsured And Underinsured Motorist Coverage Policy

Sometimes, drivers get into accidents with uninsured drivers. In these cases, it can be difficult to collect the proper amount of losses. With an uninsured and under insured motorist coverage policy, your provider would pay the difference for the losses that have not been covered. If you are a victim of a hit-and-run or similar accident, this additional policy coverage could ensure that you are paid for the total damages even if the other party is not sufficiently covered.

As we have seen, you have many types of auto policy coverages for drivers. If you can afford a larger amount of coverage, these are the most common policies that other drivers buy. Of course, you can customize the selection of car insurance to meet your specific needs. At the minimum, you may need a liability coverage insurance policy. Then, you can add on collision or comprehensive coverage. For a more complete package, you can also buy personal injury insurance or uninsured and under insured motorist coverage. Buying these types of coverage can protect you from cost associated with medical bills and damaged property whether you are at fault or not.

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