Every U.S. state with the exception of New Hampshire requires its drivers to purchase liability insurance to drive legally. However, collision and comprehensive are optional, even though nearly four out of five drivers choose to purchase these coverages.

Collision coverage

Collision pays for damage to your car resulting from a collision with an object (e.g., a telephone pole, a guard rail, a mailbox), or as a result of flipping over. The average cost is about $290 per year. Collision coverage reimburses you for the costs of repairing your car, minus the deductible.

Self-storage units can be a good way keep clutter out of your home. And having the right insurance coverage is the best way to financially protect your off-premise belongings.

Property damage caused by riot, civil commotion or vandalism is generally covered under standard auto, business, and homeowners insurance policies. Several types of insurance products, depending on the property's nature and function, can provide coverage to help with rebuilding or replacement.

Q: What is ride-sharing and why is it getting so much attention from insurance companies?

A: Ride-sharing companies provide taxi-like services by connecting passengers to drivers via a smart phone app. Rides can be arranged in advance or on short notice.

The good news is, yes, pothole damage is usually covered—provided you have collision coverage. Collision coverage, an optional portion of a standard auto insurance policy, covers damage to a car resulting from a collision with an object (e.g., a pothole, lamp post or guard rail), another car or as the result of flipping over. However, it does not cover wear and tear to a car or its tires due to bad road conditions.

Railroads are becoming an important method of shipping oil long distances, and a recent series of accidents has drawn attention to rail liability insurance issues.

Until the recent shale oil boom, virtually all oil was shipped from production to refinery via pipeline. But shale oil—particularly in North Dakota’s Bakken Shale region—lacks enough pipeline to handle all the oil produced.