Michigan vehicle insurance coverage
Although the required amount of MI coverage is already some of the most extensive in the nation, there are still portions which can be increased in order to add greater levels of protection. The BI/PD minimum requirements could potentially be exceeded in the event of a severe accident, so many vehicle owners choose to increase these amounts to avoid potential lawsuits or costly charges. This can often be done quickly and at the expense of only a few extra premium dollars a year. Some motorists also choose to add Collision Insurance as well in order to safeguard against costs related to repairing one’s own vehicle after an accident. Typically this form of additional coverage comes with a deductible which determines how much the insured agrees to pay out of pocket, and also how high one’s rates will be. Generally speaking, the higher ones deductible is the lower the rates will be.
If the amount of protection which is already offered by the state is not enough, or if a motorist simply wishes to increase the the amount of coverage on a vehicle, then a person may wish to obtain Comprehensive insurance. This policy addition is in place to pay for repair costs pertaining to damages that have not been caused by a vehicle accident. Included in this is fire damage, vandalism, damage from falling objects, or even collisions with an animal. For motorists who frequently commute through areas where such hazards are prominent, including comprehensive coverage may be beneficial. In order to aid residents in understanding the complexities of coverage in Michigan, the state publishes a Buyers Guide to vehicle insurance which details the many requirements and options which are available to the public. Remaining informed about state policies is an excellent way to stay protected and prepared for any possible vehicle related incidents in the future.