In the state of Maryland, you are legally required to carry continuous auto insurance to operate a motor vehicle on public roadways. With several people living off limited incomes, drivers choose to carry a limited auto insurance Baltimore policy. If you want to protect your better interests, it is important to invest in a comprehensive policy providing you with coverage to repair your vehicle or pay medical bills. Review your auto insurance policy and discover the gaps in coverage that may exist.
Maryland requires driver to carry liability coverage to pay for injuries and property damage. Liability coverage will pay for the damages you have caused to a third party in the event you are deemed at-fault for an accident. Legally, you can drive on public roadways if you carry no less than $20,000 per person and $40,000 per accident in Bodily Injury, and an additional $10,000 in Property Damage. While these figures may seem high, the average injuries caused in a minor accident can add up to much more. The first thing to consider when you are reviewing your policy is whether these state minimums are enough to protect your assets in the event of a catastrophic loss. Carrying low limits can leave you vulnerable if you cause serious injuries, damage, or death.
Now that you understand how low liability limits can affect you, you should understand the importance of carrying Medical Payments on your policy. If you have a basic auto insurance Baltimore policy, chances are you are not carrying the optional coverage. Medical payments will pay for medical bills that are accrued by you and your passengers no matter who is at fault for the accident. If you do not have medical insurance, or you have a high out-of-pocket co-payment, you should carry medical payments coverage. It could be the difference between being seen for your injuries and not being seen.
Physical damage coverage is also optional in Baltimore. Physical damage coverage consists of both comprehensive and collision. These coverage options will pay to repair or replace your vehicle if it is damaged, totaled, or stolen. If you cannot afford to pay for repairs out-of-pocket, strongly consider investing in this coverage. You could go weeks or months without a car if you choose to reject these coverage options and you experience a loss.
Auto insurance Baltimore can be complicated if you do not understand insurance. While it is not your job to understand the ins and outs of insurance, you should do your research and build a comprehensive insurance policy. Sit down with your agent and discuss the available coverage options. By discussing your budget and the coverages you are lacking you can tailor a policy that meets your needs.