Auto insurance is a policy obtained by the owner of a vehicle to relieve costs associated with an accident. Auto insurance is a contract between you and the insurance company that protects you against financial loss due to an accident and theft. In barter, the insurance company agrees to pay your loss as described in your policy.
Whichever car or bike you drive, every car and bike needs auto insurance. Instead of paying the expensive bill for car accidents, people pay regular premiums to an auto insurance company annually, and the company pays for the costs associated with vehicle damage.
Auto insurance premiums range based on age, gender, years of driving experience, accident, violation history, and many other factors.
A poor driving record will lead to higher premiums. However, you can reduce your premiums by increasing your deductible.
There are a few risks that drivers may face and few aspects that provides complete coverage in case of accidents such as:
- Liability Coverage: A minor collision from your car to another car, due to sunlight that blinds you in traffic can cause minimal damage. The other driver complains about neck pain. The Liability insurance covers for car damage and bodily injuries.
- Collision Coverage: You accidentally damaged your car while having a weekend long-drive or any to a hill station. But your vehicle lost control and gets bumped to the guardrail. Then the collision coverage helps your damaged vehicle to repair or compensates its value if it’s a total loss.
- Comprehensive Coverage: When your car has been theft or a hailstorm hits your city and dents your car like a cracking windshield, leaving many dents while parked near your place, then the comprehensive coverage can help to pay the losses when your car is damaged other than the collision.
- Medical Coverage: You undergo Physical therapy for the injuries you sustained in a car accident and, you are unable to attend the work sitting in a wheelchair. Personal Injury Protection or Medical coverage helps you with rehabilitation and medical expenses and also with lost wages.
- Uninsured motorist coverage: It compensates you when an uninsured driver causes an accident or if it is a hit-and-run case. You can buy under-insured motorist coverage that covers costs when an uninsured driver does not hold coverage to pay the costs of an accident.
Collision and comprehensive coverage only cover the market value of your car, not how much you paid for it. New cars devalue quickly if the insurance has claimed.
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