In the present day world, it is considered unwise on the part of vehicle owners to avoid car insurance. With the increased number of automobiles, the chances of road accidents, mishaps and thefts have considerably increased. In a large number of states, the vehicle owners are required to possess a minimum amount of insurance in order to legally operate their vehicle. As a result, more and more companies are jumping into the insurance industry and are trying to provide the best possible automobile indemnity services. With a large variety of insurance plans and service providers available these days, it has become even more complex to select a suitable and the most appropriate one.
Every service provider has introduced a wide range of auto insurance policies in the market. In order to select a suitable insurance plan, you should be aware of the basic insurance policies available out there. Further in this article, I have discussed about some of the main automobile covers in detail. You are required to go through the below mentioned points carefully in order to know more about these auto covers.
1. Liability
Liability assurance covers any kind of bodily injuries to the other people and any kind of damages to the third party vehicle, in case you are found guilty in a road accident. Without appropriate amount of the liability cover, you may have to pay all these expenses out of your own pocket. All the other expenses, above the limit of your insurance will have to be dealt from your own pocket.
2. Collision
Collision insurance policy covers all kinds of damages to the vehicle, which are caused due to a collision accident. This type of insurance covers only the repairs and damages occurring out of collision accident. Only the collision accidents between two vehicles are covered under this type of indemnity cover in addition to the rollover accidents, having no involvement of any other vehicle. In case the car is not able to be repaired, the present value of the car is paid to policy holder.
3. Comprehensive
This type of assurance includes the expenses incurred due to the non collision road mishaps or theft. Damages from any kind of natural occurrences such as hail storm, fallen trees and others are normally covered under this type of automobile cover. Break through, theft and fire damages are also covered under this type of insurance.
4. Uninsured and Under-insured Motorist
In case you are met with an accident, entailing a vehicle which is not insured properly, you are required to deal with all the expenses of your vehicle and pay off the medical expenses, even if the accident occurred because of the third party. The uninsured and under-insured motorist insurance will help in protecting you from the dealing these expenses out of your own pocket. This assurance is only applicable in case the other party is not properly insured from all kinds of risks.
So, these are some of the main types of Auto Insurance Policies that are available for the vehicle owners these days.
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Katherine Nelson
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Nelson, K. (2012, February 22). . Retrieved February 22, 2012, from http://ezinearticles.com/?Auto-Insurance-Policies---Different-Types-of-Automobile-Indemnity-Covers&id=6897000Chicago Style Citation:
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