Originating in Babylonian culture, casualty insurance — as the name implies began as a form of risk management used by individuals to assure the safe transfer of property to another upon one’s untimely, or unplanned, demise. When the items were given to the benefactors, an extra toll would be paid for the goods to be protected against casualties such as loss, theft or damage. Should the merchant have financed the shipment, the loan would have been cancelled had any adverse situation caused the goods to become lost or destroyed.
This type of property insurance was written into the infamous Code of Hammurabi circa 1750 BC; fast forwarding to present-era risk management, we are far more advanced than worrying only about being hanged or losing gold over a lost shipment. We now share what is called diversification. With diversification, wider spectrums of automobile insurance options now come into play.
Our current economy gives us the ability to choose from a plethora of automobile insurance options with variances in additional coverage riders. To allow you, the consumer, to see just how vast your options can be, we’ll segregate the United States to give you a brief summation of what to expect should your insurance shopping lead you to car insurance faction.
Information contained in this segment is accurate to United States standards and, although we’ve limited our insurance conversation to the United States, many of the legalities remain similar throughout the remaining North American territories.
United States Auto Coverage
Car insurance across the United States, offered for all moving conveyances but more commonly for vehicles, offers many company choices both in-state and abroad, with many options for drivers of all ages and situations.
In the United States, “diversification” is an understatement in regards to the overall ability to choose a car insurance agent and receive options that are suited to your needs both personally, and on a family level. To give you some resourceful examples, below you’ll find some brief expectations when seeking affordable car insurance. The United States has many options, and state coverage laws, so bear with us.
- Any moving vehicle with four wheels must have car insurance. Department of Transportation (FDOT) workers are sticklers about not issuing plates or registration to non-insured vehicles.
- Parents are required to carry student car insurance. United States teenagers still living at home or who lack financial stability obviously can’t drive without car insurance; therefore, parents must have a sufficient amount of affordable insurance coverage beginning the day their teens receive their driver’s license and in certain cases, continuing when they enter college.
- Whereas many states have simply PLPD as their state minimum coverage, the United States mandates PIP insurance (personal injury protection) at or above $10,000 and PDL (property damage liability) amounts equaling the same. It must remain in effect as long as you have a plated vehicle on the highway.
Now that we’ve explained some of the automobile insurance requirements for United States residents, let’s look at some of the companies to make diversifying your needs easier. Student car insurance, automobile insurance, or simply car insurance — United States residents would benefit from having is easy to find if assisted by literature of this magnitude.
Diversification of Automobile Insurance Today
In order to expand your insurance options, you need to place your finances under a microscope and figure out which car insurance plans will suit your needs best. Understand where each company has come from, their current financial stability, and make sure you’ve asked for and applied all applicable discounts before signing the final documentation. The car insurance offered by each company varies in price, coverage options, additional features and claims handling. Your preferences can be easily matched with any car insurance firm, but your price may be out of their range, or vice-versa.
To determine your needs, you should pick 5-10 companies that offer car insurance with benefits like comprehensive student perks and discounted rates, and sit down to perform due diligence on each company. Narrow the ones who meet your expectations of price and service down to 3-5, and schedule time to make an office visit to each. As we’ve previously discussed, 15 minutes is worthless for insurance shoppers – choose on your terms, not based off someone else’s clock.
Insurance is All Grown Up…
We’re no longer in the Babylonian era where your car was your insurance policy – you now have a wealth of car insurance options to choose from. Don’t live without accident insurance; casualties happen to even the best of us. United States residents shop for car insurance that has diverse qualities depending on the company. However, in our current era, finding car insurance is so easy, even ancient Babylonians could do it.