If you’re interested in pursuing your degree course in the United States, you likely want to own a car as well to make your student life much easier. That’s always a great option. If you don’t have enough money, you can take a student loan and go ahead with your plan.
However, as you may know, you must have a valid a driver’s license or an international driver’s permit, depending on your status, before you can secure a car loan or buy your car in the US. Moreover, you won’t get any of these documents if you haven’t insured your car. As such, you need to know the most important kinds of insurance to be able to choose the right coverage.
Here’re the 5 top types of car insurance that you should consider.
The personal injury cover is often a great policy as it takes care of your medical bills if you’re involved in an accident. The beauty of this protection is that it doesn’t put into consideration whether you are the one at fault for an accident or not. As a student, you may not have a better way to mitigate the risk of you getting into too much debt than buying this cover before you buy your car.
Collision Insurance Policy
Let’s say you took a student car loan and used it to buy your brand new car and you get involved in a serious accident. Don’t you think you’ll need a lot of money to repair your car? It’s actually quite expensive to repair a car in the US. So, you need to collision coverage to ensure you don’t lose a car that you’re still servicing its loan. In fact, you simply don’t want to lose any of your cars to an accident. However, remember it may not be worth it to buy this kind of insurance for your worn out car. Before you buy this coverage, it’s best you do a cost-benefit analysis first
When your actions have been determined to be the cause of the accident, you’ll need to pay the cost of the cars involved as well as medical damages. The liability insurance cover comes in handy at such times. This cover will settle all those costs and also save you from arrest and financial trouble.
Comprehensive Insurance Coverage
Comprehensive coverage can be of great benefit to you and your family if you get involved in an uncovered accident such as damage from animals and weather damage. Besides, it covers you if your car is stolen. It’s always recommended to buy this coverage as uncovered accidents are on the increase in certain locations.
Uninsured Motorist Coverage
The US traffic laws make insurance coverage mandatory. So, you may say this coverage isn’t that necessary. Unfortunately, that’s not the case. A few drivers still drive without the required insurance. For example, you may find a driver having the personal injury protection only, which leaves you exposed to untold risks. So, you need to buy this protection to mitigate the risk that a motorist responsible for your damages may lack the necessary insurance and, therefore, fail to compensate you.
The US remains an attractive destination for students like you who want nothing but the best. Other than their desire to go for quality education, they want to own the most helpful cars. Unfortunately, a few of them forget to buy the right insurance coverage and eventually have themselves to blame when they get involved in accidents and have no resources to pay their own medical bills, car repairs, and others.
Remember, before you buy an insurance policy, you must consider your state’s minimum insurance requirements and your own personal priorities to be able to make the best decision. As you can see, you can save a lot of money by buying the right coverage, which in effect can help you to control your expenditure during your entire duration of your study.