Common Personal Insurance Policies
By: Matt Larsen
Owner of Capstone Insurance Group & Auto Insurance Advisor
763-242-1668
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Navigating the world of auto insurance can be a daunting task, especially when you're trying to find the best coverage in Lakeville, MN. This guide aims to provide you with comprehensive information about auto insurance in Lakeville, MN, from understanding the basics to finding the best
insurance providers in the area.
Understanding Auto Insurance Basics
Before diving into the specifics of auto insurance in Lakeville, MN, it's essential to understand the basics of auto insurance. Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Auto insurance policies are typically comprised of various types of coverage. The most common types include liability coverage, collision coverage, comprehensive coverage, personal injury protection, and uninsured/underinsured motorist protection. Each type of coverage protects you in different scenarios and it's crucial to understand what each one covers to ensure you're adequately protected.
Liability Coverage
Liability coverage is the foundation of any auto insurance policy, and is required in most states. If you're at fault in an accident, your liability insurance will cover the costs of repairing any property damaged in the crash (such as cars or buildings), and medical bills from resulting injuries.
Most states require drivers to have both bodily injury liability and property damage liability coverage. The insurance might also cover the cost of a legal defense if you are sued as a result of your involvement in an accident.
Collision Coverage
Collision coverage helps to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. If you're leasing or financing your car, collision coverage is typically required by the lender.
If your car is older, it may not be worth carrying collision coverage on it, depending on the value. On the other hand, if your car is new and/or expensive, you'll likely want to have sufficient collision coverage.
Auto Insurance in Lakeville, MN
Now that you understand the basics of auto insurance, let's delve into the specifics of auto insurance in Lakeville, MN. Minnesota is a no-fault state, which means that your insurance will pay your injury claims up to a specified limit, regardless of who caused the accident.
Minnesota law requires drivers to carry the following minimum amounts of auto insurance: $30,000 for bodily injury per person, $60,000 for total bodily injury when multiple people are hurt in the accident, and $10,000 for property damage. In addition, Minnesota requires drivers to carry personal injury protection (PIP), uninsured motorist, and underinsured motorist coverages.
Finding the Best Auto Insurance in Lakeville, MN
When it comes to finding the best auto insurance in Lakeville, MN, it's important to shop around. Rates can vary significantly from one company to another, so it's crucial to get quotes from several insurance providers before making a decision.
When comparing quotes, make sure you're comparing apples to apples. In other words, make sure the quotes are for the same levels of coverage. Also, consider the company's reputation for customer service and their financial stability. You want to choose a company that will be there for you when you need them most.
Discounts and Savings
Many insurance companies offer discounts that can help lower your auto insurance premium. Common discounts include multi-policy discounts, good driver discounts, and discounts for safety features on your vehicle. Be sure to ask about any discounts you may be eligible for when getting quotes.
Another way to save on auto insurance is to maintain a clean driving record. The fewer accidents and traffic violations you have, the lower your premium will be. Additionally, choosing a higher deductible can also lower your premium. However, keep in mind that a higher deductible means you'll pay more out of pocket if you have a claim.
Conclusion
Auto insurance is a critical part of protecting yourself and your vehicle. While it can seem complex, understanding the basics and knowing what to look for can help you find the best auto insurance in Lakeville, MN. Remember to shop around, compare quotes, and ask about discounts to ensure you're getting the best deal.
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Capstone Insurance Group
277 Coon Rapids Blvd Suite 214
Coon Rapids, Minnesota 55433
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