How to get advantage of Auto Insurance Covers for Financial ProtectionAuto insurance
This is mainly the vehicle insurance also known as car insurance or motor insurance. It?s the covering cars, trucks and motorcycles. Its main use is to provide the financial protection against any physical damage which is as a result of traffic collisions, and against any liability that could occur in vehicle incidences.
It could also offer financial protection when your vehicle is stolen and also against any damage to the vehicle. If the vehicle sustains damage as a result of weather any natural disaster
It is a must to have a vehicle insurance cover before having any vehicle on the road .this is both to the vehicle and to the user although sometimes the degree of each may vary. Several jurisdictions have experimented with as pay as you earn insurance plan which will need to install a tracking device to your vehicle
Third party insurance
This is linked when you are having your car registered. And should be transferred when a car is sold. This covers the vehicle or any person who drives it against claims for liability in respect to death or has injured the people due to the damaged car. This covers the third party in repairing cost of the vehicle. Or any damage that may be caused as a result of the accident.it includes any type of physical damage or damage to property.
Coverage levelThe vehicle insurance may cover some of the following items
- Medical payments for the insured party
- The property that has been damaged by the insured person
- The physical damage of the insured vehicle
- If the third party car has been stolen
- If the third party vehicle has been damaged or bodily injured
- Coverage for those people riding in an insured vehicle
- The cost to rent another vehicle if yours has been damaged
- The cost to tow your vehicle as it is taken to a repair facility
- Accidents that are involving uninsured motorists
A vehicle could be insured against fire damage, theft, or accident independently When a vehicle has been declared a total loss and its market value is less than the amount owed to the bank financing the vehicle, Gap insurance may cover that difference. Gap insurance is often offered by the finance company once the car is being purchased
There is an excess payment which is known as the deductible and is afield contribution that has to be paid every time car is being repaired. This payment is made directly to the accident repair garage. A garage is where the vehicle is taken for repair once it?s damaged. If your car is declared a write off meaning it can no longer get on the road then the insurance company deducts the settlement payments it makes to the owner.