Vehicle insurance covers all the cars motorcycles and the trucks on the road. It provides with a financial protection against anybody damage and bodily injury. Vehicle Insurance may also offer protection against theft or against the damage the car may have sustained in traffic, weather or natural disasters.
In many jurisdictions it is a must to have vehicle insurance before a vehicle hits the road after it has been purchased. Most state that both the user and the car must bear the insurance although it may vary greatly.
A vehicle insurance company may cover some of the following items
The medical payments for the insured party
If the property damaged has been caused by the insured
Any physical damage to the insured vehicle. If the third party car has been damaged
If the third party car has been stolen or caught fire
The cost to rent a vehicle which does not belong to you
The cost to tow the car that has been damaged to the repair facility
Also accidents that involve uninsured motorists
When a vehicle has been declared a total loss and the market value on which it was purchased is less than the amount still owed to the bank that deals with financing the car then gap insurance may be need to cover the difference. This gap insurance is usually offered by the finance company when you are purchasing the car.
This is a fixed contribution which is a must to be paid each time a car is repaired, mostly the charges are made to the repair ‘garage’this is where the vehicles are taken for repair or servicing accidental death and dismemberment Then the insurance company deducts the excess payment from the other person’s insurance company.
The insurance charges may either be authorized by the government or by the go to Insurance company. Note that the address of the car owner can affect the premiums for example areas with high crime rates will lead to higher costs of insurance. Age may also affect the premiums as teenage drivers who have no driving record have higher car insurance premiums. However the young drivers may be offered discounts if they go for further driving lessons. Survey has shown that married drivers cause few accidents than the rest, so the policy owners who are married will get lower premiums than the single people
This is kind of an extension of a car insurance which covers the natural wear and tear of a car; many drivers will opt to buy this insurance as a means of protection against costly breakdowns.
How to get advantage of Auto Insurance Covers for Financial Protection
This is mainly the vehicle insurance also known as car insurance or motor insurance. It’s the AXA Insurance 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 ITIC 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.
The 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 AXA SG travel 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.