Connecticut Car Insurance Policy
The best Connecticut car insurance policy for you is the one that provides the kind and level of coverage you are required to purchase at the lowest rate. As different car insurance companies may offer essentially the same policy at different rates, our FREE CT Car Insurance Quote tool can be of great assistance in finding the right policy for you at the lowest rate. Get started now comparing Connecticut car insurance policies!
What is a Connecticut Car Insurance Policy?
In general, a car insurance policy is a contract between the insurance company and the insured. This contract says that in exchange for a premium paid by the insured, under certain conditions related to the car or to driving, the insurer will pay the insured a sum of money up to certain pre-determined limits. Usually, in such agreements, car insurers will specify an amount called a 'deductible'. This amount can be deducted from the nominal obligation they incur to the insured, and which the insured will be expected to pay.
Types of Connecticut Car Insurance Policy Coverage
A Connecticut car insurance policy may provide three areas of financial protection:
- Liability to third parties for property damage and bodily injury
- The cost of losing, repairing or replacing the insured vehicle
- Bodily injury to the insured due to an auto accident
Within each of these types of coverage, the amount and extent of coverage can vary. That is, the amount the insurer will pay in given cases is given explicit limits and the details of the situations that can trigger an obligation from the insurer are specified.
Connecticut State Law Car Insurance Policy Requirements
While the car insurance policy that is right for you depends in some ways on specifics about you and the risks you are willing to take, state law places requirements on the car insurance policy you carry. In particular, Connecticut state law requires that your policy provide certain levels of liability coverage. The benefit of this requirement is that if you are injured or if a Connecticut motorist damages your property, you will be compensated for your loss, at least to some extent, without a lawsuit and whether or not the motorist had adequate personal assets. While few like to pay car insurance premiums, this is much better than getting stuck with medical or repair shop bills caused by someone else.
Currently, the State of Connecticut has a minimum auto insurance requirement of 20/40/10 plus Uninsured/Underinsured (UM/UIM) coverage. What this means is that $20,000 (the first number of 20) of Bodily Injury Liability per person is required, $40,000 (the second number of 40) of Bodily Injury per accident is required, and $10,000 (the third number of 10) of Property Damage coverage is required. Additionally, $20,000 per person and $40,000 per accident of UM/UIM coverage is required.
Connecticut Auto Lender Car Insurance Policy Requirements
Auto lenders tend to be focused on the insured vehicle component of insurance policies. The basic reason for this is that as the insured vehicle is security for the loan they have made, they want to be sure that they will be paid back in the case that their security is damaged or destroyed.
Auto loans aside for the moment, generally a motorist can choose among three levels of protection for their vehicle:
- The first level is no coverage at all. No protection means that, whatever else your policy provides, if you crash your car, you will have to repair it or replace it at you own cost.
- The second level is collision coverage. Collision coverage, on the other hand, pays for repairs or replacement only in case of auto accidents, and not in the case of things like theft, vandalism, and fire and other natural causes
- The third level is comprehensive coverage. As auto lenders want to be repaid no matter how a car is damaged or destroyed, they usually require their borrowers to carry the top level of coverage, comprehensive coverage, which covers auto accidents as well as the things mentioned that collision coverage does not cover.
Connecticut Employer Car Insurance Policy Requirements
In work situations where employees carry customers or clients in their personal vehicles, employers may require that they be explicitly protected from liability to such parties the employee's policy. The reason for this is someone injured in the course of service by a company employee might sue an employing company. The employer wants to make sure they are protected in a case like this.
Start Comparing Connecticut Car Insurance Policies Now!
The above discussion was intended to provide a general idea of the sort of CT car insurance policy that is right for you. Further information can be can be found on other parts of this website as well as by trying out our FREE Connecticut Car Insurance Quote tool. Start comparing policies from top Connecticut auto insurance companies by comparing quotes from competing companies side by side. Get started finding Connecticut auto insurance now!