#PersonalLines #AutoInsurance #RIAgency #Insurance
Personal auto insurance is mandatory in most states, vehicle owners acquire car insurance as financial protection against accidents. It's a contract between the insured and the company that helps against economic losses due to accidents or theft, in return of the payment of a premium; usually the policies have a duration of six months with the option to renew.
Instead of paying for an accident expenses out of the pocket, the insured pays an annual or semi-annual premium to the insurance company, who will cover the cost incurred due to accidents or vehicle damage. There are different types of coverage, some are mandatory and others are optional, the amount of the annual premium depends on several factors, like age, driving history, credit, address, gender, driving experience, previous insurance, among others.