When you get your new or used car you will have to obtain auto insurance. Your minimum insurance coverage levels are dictated by the state where you reside.
There are 4 basic parts of an auto insurance policy:
1. Bodily injury and Personal Property Liability – Required in all states
2. Personal Injury Protection – Covers items such as medical expenses
3. Collision and Comprehensive - Covers your vehicle in case of accidents
4. Uninsured Motorist – Protects you if you are in an incident with an uninsured motorists
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Did you know?
Lenders consider more than just your credit score when deciding whether or not to extend credit. They consider the amount of debt you can handle given your income, your employment history, your credit history, as well as staying within their institutional underwriting policies.