Auto Insurance
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Auto Insurance Information
Auto Insurance
Arlington, Grand Prairie, Mansfield, TX
What is Auto Insurance?
For most people, auto insurance is necessary for an adequate insurance portfolio. If you own or operate a motor vehicle, this type of coverage is not only essential, it may even be legally required. Even safe drivers who take good care of their cars need to understand the benefits and protections provided by auto insurance.
The insurance professionals at Low Rate Insurance Agency of Texas have over 30 years of experience helping clients in the Arlington area assess and address their auto coverage needs.
How Does Auto Insurance Work?
As their name may suggest, auto insurance policies exist to protect policyholders and other parties following an incident related to their vehicle. By paying a premium, policyholders can access critical financial aid if their vehicle is damaged or they are responsible for other parties’ losses and damages. In general, once your expenses exceed your deductible, your insurer will begin providing funds to help with the remaining costs.
Most auto insurance includes coverage for policyholders and family members named in the policy.
Standard auto coverage is intended only for drivers who use their vehicles for personal reasons, such as commuting to work, running errands or taking trips. If you plan to use your car for commercial purposes, such as for delivery or rideshare services, you will likely need to acquire additional coverage.
What Does Auto Insurance Cover?
Auto insurance policies can vary regarding what incidents are covered. In general, most people should consider the following components:
- Liability coverage—If you or someone else insured under your policy are responsible for an incident, this coverage can provide restitution for the following:
- Medical expenses—If another party is injured or killed in an accident for which you are liable, your insurance may help pay for medical care, funeral costs and lost wages.
- Property damage—If you are at fault for another party’s property or vehicle damage, this coverage can provide financial assistance for repairs or replacement costs.
- Medical payments (MedPay) coverage—This coverage can help pay for medical expenses incurred by you or your passengers following an accident, regardless of who was at fault.
- Personal injury protection (PIP) coverage—PIP is similar to MedPay coverage, but it provides additional coverages. In addition to providing coverage for medical expenses, it may also be able to help with lost wages, home care expenses and funeral costs.
- Collision coverage—If your vehicle is damaged in a collision with another automobile or an object, such as a tree or sign, this coverage can help pay for your losses.
- Comprehensive coverage—This coverage can provide financial assistance for damage suffered from incidents other than those covered by collision coverage, such as fires, vandalism, theft and severe weather.
- Uninsured/underinsured motorist coverage—If you are not at fault for an accident but the guilty party does not have adequate auto insurance to pay for damages, this coverage can help compensate you for damages.
How Much Auto Insurance Do I Need?
Auto insurance requirements may vary depending on where you live and drive. For example, Texas is one of 49 states where the law mandates liability coverage. Our agents can help you determine other legal requirements and coverage necessities.
In general, providers must consider the following factors when determining the cost of your auto insurance:
- Vehicle usage (e.g., travel distance, frequency of use)
- Vehicle details (e.g., make, model, assessed value)
- Policy details (e.g., deductibles, coverage limits)
Get the Right Coverage
The right auto insurance policy protects not only you and your vehicle, but others with whom you share the road, including passengers, other drivers and pedestrians. Given the many different incidents and risks related to operating a motor vehicle, the importance of adequate auto coverage cannot be overstated.
At Low Rate Insurance Agency, our agents are ready to help. We will consider your circumstances and work with you to build a policy suitable for your needs. Contact us today to get started.
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