Most people are surprised to discover that the insurance you buy for your beater car in college is miles away from the kinds of insurance you buy for a luxury car or a sports car later. In fact, it may surprise you to know that there are many different kinds of vehicle insurance, each kind intended for a different sort of vehicle and what use the vehicle is intended for. If you just bought a new vehicle of any sort, here are the different kinds of insurance for you to pick from and have adequate coverage for whatever you are driving.
Passenger Vehicle Coverage
For all vehicles under $25,000 (or thereabouts), you want standard car insurance. There are multiple levels of coverage and addenda you can add to a basic liability policy, and it all comes highly recommended. If you live in a state that requires more than liability on your main passenger vehicle, then you have no choice but to look at the extra types of coverage under this particular kind of insurance.
Any open, two-wheeled vehicle that is street-legal and has a 120cc or higher gas tank requires motorcycle/motorbike insurance. Considering the increased risks and dangers associated with driving something that does not enclose your body at all, it is understandable that insurance is required in most states to operate these vehicles. Get the maximum coverage possible, because you never know what is going to come around a bend in the road and hit you while you are on your motorcycle/motorbike.
Luxury Car Insurance
Buying your first luxury vehicle is a treat. It means that you have really come up in the world, and you have the means to show off what your money can do. However, you are going to need luxury car insurance to protect this vehicle. Standard insurance coverage is not even going to come close to replacing and repairing a single side panel or door on a vehicle that costs more than $50,000, no matter how much standard insurance you buy.
Luxury Sports Car Insurance
Driving a vehicle that costs between $100,000 and a half million (or more!) means that you need luxury sports car insurance. Until you have made enough wealth in this world to afford such a vehicle, you probably would have never heard of such a thing, but this kind of insurance definitely exists. It is meant to cover everything the insurance of other motorists on the road cannot possibly hope to cover with their policies in a million years.
Commercial Vehicle Insurance
This kind of insurance covers limousines and other types of commercial vehicles used for transportation and to make money. It is in the best interests of owners of these vehicles to insure them because the loss of these vehicles equals loss of income. If you bought anything like this, insure it.
To learn more, contact a company like Reinhardt's Insurance Agency.