It’s a comprehensible fact that auto insurance is compulsory, but what is important for the vehicle owners is to know the basic traits as this will make it easy for them to make a great purchase. In most of the situations, auto insurance policies are governed by regulatory authorities and this is defined by few set rules that cover coverage, claim and liability. Auto insurance characteristics if not known by the vehicle owners could cause bigger damage as they it would be a tough thing to determine who is at fault. If you have any questions, don’t hesitate to contact George Rice at your most convenient time!
To stay away from that pain, loss or even damage, make sure that you learn about these important traits closely:
Comprehensive Coverage: This covers all the risks caused by non-automobile accidents and incidents, the ones that fall in this category include tree falling on the car, any road side maintenance causing damage to the vehicle and much more. One more thing do not equate collision with comprehensive as you need both of these and please do not mid paying those extra deductibles as they hold importance
Collision: Coming to collision, this covers all automobile accidents and in this case the insurance company is going to pay for the damages. All the repairs are covered under collision and the amount of cover would depend on the current value of the vehicle
Auto Insurance Against Liability: This is the case in which damage to someone has been done and the auto insurance company would pay for the same. In includes all the bodily injuries and even any damaged done to the property. The auto insurance company is going to bear all the costs that goes into compensating for an injury, permanent liability or even death
Personal Injury Coverage: This coverage covers both personal injury and medical coverage and in some cases might cover up for lost income too. The medical insurance cover would come into the scene when treatment needs to be obtained for the injuries caused by the accident. On the other hand the personal injury coverage would cover for the lost income on all those non working days and the expense that would go into child care in case a parent gets injured
Third Party Damage Coverage: This coverage covers all the third party property damage done and would also cover occurrences of fire and theft in some cases. The market value of the vehicle would be considered for all the coverage and insurance company’s valuation team would decide on the same
Uninsured Or Under-insured Motorist’s Liability: This is active in all those cases where the driver is either uninsured or paltry insured and the amount would go into the treatment of the one who is injured in the accident
Usually these are the prime characteristics of auto insurance policies, but with companies adding more features it’s the duty of the vehicle owner to know these in detail before making that final pick. One last thing, do not act in rush, learn these traits and then move ahead for some quick comparison and shopping.