Auto insurance coverage has two parts. The first is the liability section of the policy. It covers your financial responsibility for injuring others. Liability coverage is required by most states.
The second part of auto insurance covers the car itself: comprehensive coverage reimburses losses from fire, theft or other perils; collision coverage pays to repair losses caused by an accident. Often this coverage is required by leasing companies or banks. There are also medical, car rental and other coverages.
Utilizing high deductibles on the physical damage coverages can help reduce premiums. If you carry umbrella insurance, you must be sure that you carry the required amount of basic liability insurance to avoid a gap in coverage for a serious accident.
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