What You Need to Know about Auto Insurance

What if your car loan to a friend, and he or she has an accident? If one of your friends you drive car insurance ….

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Auto Insurance What you need to know
The Minnesota Department of Commerce has prepared this guide to help you better understand auto insurance.
It gives you information on shopping for insurance, the different types of coverage, and a basic understanding of no fault coverage.
Protection. Insurance is a way of transferring risk for a loss…
Required. Under most circumstances, a licensed vehicle in the…
Varied. The State of Minnesota has established minimum policy…
A savings account. The premium you pay is not deposited into…
Complete. Every policy has limitations on what it covers and to…
Guaranteed. An insurance company may elect to cancel your…
Personal Injury Protection (PIP) provides basic economic loss…
Liability covers claims to your policy from another driver. It is…
Underinsured coverage pays, within stated limits, only for…
Uninsured pays for your medical expenses after you have…
The above types of coverage are required; the following are optional:
To summarize the types of coverage
What about coverage of rental cars?
What about coverage when you loan your car to a friend?
What Is No-Fault Coverage?
Type of Coverage Minimum Amount Required
Ways to reduce auto insurance costs
Decide on the coverage you need and want before you shop
Call several agents
Ask about surcharges
If you are involved in an accident:
Obtaining repair estimates
The quality of the repair
Disagreements over claims
Cancellation or reduction of coverage during the term of the…
Nonrenewal of a policy. At the end of the policy period, the…
If You Lose Your Insurance
Ask your agent about the Minnesota Automobile Insurance Plan
coverage.
The car in the rear in an accident is not automatically at fault.
Independent witnesses are the best resource to determine liability.
If you need to rent a car following an accident that is not your fault, check with the liable driver’s insurance to determine the amount of rental car coverage.
Minnesota state law does not require comprehensive or collision coverage, but your lien holder will.
If your vehicle is totaled, your policy will not cover the cost of renting a comparable vehicle unless you purchase a policy with that specific coverage.
Your Minnesota policy provides coverage outside the state anywhere in the United States, US possessions, or Canada but not in Mexico. Some companies…
There is no grace period for continuing your policy beyond the premium due date.
If you cannot mail your premium on time, personally hand deliver it to your agent’s office and get a receipt. The date your agent is paid is…
Your agent is not required to call you to remind you that your premium is due.
An insurance company has 30 business days in which to accept, deny, or give a reason why it cannot accept a claim.
With three exceptions, an insurance company can cancel your

Download What You Need to Know about Auto Insurance pdf from www.state.mn.us, 20 pages, 135.9KB.