Finance

Finance

Understanding how Car insurance works

Car accidents can be expensive, especially if your vehicle is badly damaged or anyone is injured. The role of car insurance is to help cover the bills and protect you from potentially devastating financial liability. Here is how car insurance works. A car insurance policy consists of several types of coverage, some of which will…

Finance

What is a Split Limit? Direct understanding of Split limit

A split limit is an insurance policy provision that states different maximum dollar amounts the insurer will pay for different components of a claim. These policies, also referred to as split liability policies, are commonly part of the automobile insurance industry and generally come with three types of claims: bodily injury per person, bodily injury per accident, and property…

Finance

What is Personal Injury Protection (PIP) – Best way to understand how PIP works

Personal injury protection (PIP), which is also called “no-fault insurance,” covers medical bills and related costs resulting from an accident, no matter who caused it. Personal injury protection (PIP) covers the healthcare costs related to injuries sustained in an automobile accident. PIP covers both the policyholders and their passengers, regardless of whether they have health…