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Car Insurance in Beverly Hills, CA

Auto insurance acts as a barrier against financial losses. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

 

Auto insurance provides you with a wide range of coverages, but the most standard policies include property damage liability and bodily injury liability. While some coverages are required by law, there are additional coverages available to you that can enhance your security. 

While bodily injury liability and property damage liability are required by law, there are additional coverage options available to you that you can pick and choose from to compile the most optimal auto insurance package based on your exclusive needs.

 

1. Bodily Injury Liability

This required insurance coverage provides you with protection when you cause injury to someone else. Policyholders and their family members that are listed on the policy also receive coverage when driving another person’s car.

Each state has its own limits for how much bodily injury liability coverage you must obtain, but this may not be enough if you are involved in an unfortunate situation. Therefore, it is highly recommended that you purchase a limit beyond your state’s required liability limits that mirrors your unique needs.

2. Medical Payments or Personal Injury Protection (PIP)

As the driver, you are responsible for the well-being of your passengers. Medical payments coverage, commonly known as personal injury protection (PIP) coverage, provides your passengers with coverage in the event that they are injured in your vehicle. This insurance policy can cover the medical payments and lost wages of someone that is injured in your car. Funeral cost coverage may also be included.

3. Property Damage Liability

Property damage liability provides you with financial protection should you cause damage to someone else’s property, including but not limited to lamp posts, fences, telephone poles, buildings, or even someone else’s car.

4. Collision

Collision coverage is not required by law, but if you care about your car’s well-being it is highly recommended that you opt for this enhanced coverage. This vital form of security will provide you with coverage whenever your car is damaged, even if you are to blame for the collision. However, since you must pay your deductible before receiving coverage, if you are not at fault for the accident, your insurer will likely try to receive reimbursement from the other party’s insurance and compensate you for your paid deductible.
5. Comprehensive

Your car is also susceptible to accidents other than collisions, including falling objects, earthquakes, hail, flood, vandalism, and other non-collision related accidents. Comprehensive coverage provides you with protection against these perils. While not required by law, some lenders will require motorists who finance their cars to obtain this coverage before granting the loan.

6. Uninsured and Underinsured Motorist Coverage

Since you cannot guarantee that other motorists will lawfully obtain at least the minimum amount of liability insurance, it is highly recommended that you secure uninsured and underinsured motorist coverage. For only a little amount extra each month, you can guarantee that you will be protected if you are hit by a hit-and-run driver or someone that has failed to increase their liability limits.

The simple answer is absolutely not! Almost every single state requires auto liability insurance in order to operate a motor vehicle to account for financial losses. 
If you lease a car, you still need to buy your own auto insurance policy. The auto dealer or bank that is financing the car will require you to buy collision and comprehensive coverage. You’ll need to buy these coverages in addition to the others that may be mandatory in your state, such as auto liability insurance.

 

If you’ve financed your car, your lender may require comprehensive and collision insurance as part of the loan agreement.

 

  • Collision covers the damage to the car from an accident with another automobile or object.
  • Comprehensive covers a loss that is caused by something other than a collision with another car or object, such as a fire or theft or collision with a deer.

 

When leasing a car, you will be required to obtain a certain amount of coverage as stated by the lender. You will likely be required to obtain coverage beyond the state’s limits since your lender has an invested interest in your car’s well-being. You may also be required to obtain gap insurance to account for the possibility that your leased car is totaled in an accident. Since this unique insurance policy will cover the gap that is left over after calculating the depreciation of your vehicle, most lenders require that you secure this coverage in your loan agreement.

 When renting a car, you need insurance. If you have adequate insurance on your own car, including collision and comprehensive, this may be enough. However, it is best to go through the following steps to ensure that you are holding the proper amount of insurance while renting a car.

 

Before you rent a car:

 

1. Contact your insurance company to see if your existing coverage will extend to your rented vehicle.
2. Call your credit card company, as they may be able to provide you with a minimal amount of    coverage if you charge the rental on that particular credit card.
3. You call also seek additional coverage through the rental company, such as a Collision Damage Waiver (CDW). However, if your existing auto insurance policy comes with comprehensive and collision coverage this is likely unnecessary.

 

The cost of insurance at the rental car counter will vary depending on the rental car company, state, and location of the dealer and the type of car you rent.

Some rental car companies may check your credit and driving history and may deny coverage. Check with the rental car company to find out its policy.

There is a major difference between when an insurance company does not want to renew a policy and when they cancel a policy. An insurance company can only cancel a policy if you fail to pay your premium, have had your driver’s license revoked or suspended, or if you have committed fraud.

 

Since each policy comes with an expiration date, both you and your insurer can choose to not renew the policy. Depending on your state’s particular laws and guidelines, your insurer is required to give you a certain number of days’ notice and provide you with a detailed explanation of why they will not be renewing your policy. If you do not receive this explanation, you can call your state insurance department to contest.

In order to enjoy your collector car in the manner it was intended to be enjoyed, you must hold the necessary insurance protection. Your investment in the beauty and timelessness of your classic car must be safeguarded with a custom tailored classic car insurance policy. Give us a call today to start protecting one of your most prized possessions to the fullest.
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