Picking The Right Kind Of Auto Insurance
Reader’s Question:
What kind of policies do auto insurance companies offer? I’d like to know more before I jump into getting coverage here in New Hampshire.
Tim
Nashua, NH
These days auto insurance companies offer many kinds of car insurance policies so it would be best to understand first how they work to easily identify the right kind of auto insurance for your vehicle there in New Hampshire.
Full Comprehensive Coverage
This is the kind of policy that you would be required to get if your car is being financed by banks or lenders. As the name indicates, this provides a full range of protection against financial loss in case your car gets totaled or damaged while you are still paying for it. Most of the time this kind of policy has a “No-Fault” provision but cheap auto insurance this sure is not.
Third Party Auto Insurance
This can further be subdivided into to kinds, Third Party Basic and Third Party, Theft &Fire. The first one is basically just coverage for liability you may incur if you cause an accident and subsequent injuries or damages to property. Most state would require you to purchase a minimum required level of liability coverage (25/50/25 for NH, the numbers represent amounts in thousands of dollars for liability on injuries per person, for all people injured and for property damage respectively). Third Party, Theft & Fire includes additional protection in case you lose your car due to fire or car theft.
Specialized Auto Insurance
Offered by auto insurance companies to those who own classic, performance-type or luxury type vehicles. Relatively cheap auto insurance compared to what you would get from a general insurance provider for these kinds of vehicle.
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