Car Insurance
What You Should Know About Car Insuranace………
Then You Will Know Why Car Insurance Is So Important
It is compulsory to purchase car insurance before driving on public roads.Most countries require you to carry a minimum amount of liability coverage.
Many countries have “no-fault” car insurance systems.
Your Car Insurance should have coverage for medical costs for you and your passengers is optional in some countries.
Car insurance coverage for damage to your car is optional.Penalties for not purchasing car insurance vary by country, often involve a substantial fine, license and/or registration suspension or revocation, as well as possible jail terms. Usually the minimum required by law is third party car insurance to protect third parties against the financial consequences of losses, damages or injuries. Typically, car insurance coverage against loss of or damage to the driver’s own car is optional.Car insurance coverage levels can cover some or all of the following items:The insured partyThe insured vehicleThird parties
Different car insurance policies specify the circumstances under which each item is covered. A vehicle can also be insured to includes against theft, fire damage, or accident damage seperately.
Depending on your country’s law, the car insurance premium can be either mandated by the county or determined by the car insurance company in accordance to a framework of regulations setted. In most countries, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages.
When the car insurance premium is not mandated by law, it is usually derived from the calculations of an actuary based on statistical data. The car insurance premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims.
Those factors can include the car characteristics, the coverage selected (deductible, limit, covered perils), the profile of the driver (age, gender, driving history) and the usage of the car (commute for work, predicted annual distance driven etc).
Types of car insurance,
Namely:
1. Third Party Fire & Theft (TPF&T)
This covers you if other people claim against you for injury or damage to their car or property, and if your car is stolen or damaged by fire.
2. Comprehensive
As Third Party Fire and Theft plus accidental damage cover to your car plus cover for personal belongings, medical expenses and personal accident cover. Subject to selected levels of cover.
3. Third Party Only
Covers liability to third parties i.e. claims made by third parties, against you, for bodily injury or damage to their property.
Know your country’s car insurance requirements:
Most country require you to carry a minimum amount of liability coverage.
Many states have “no-fault” car insurancee systems.
Coverage for medical costs for you and your passengers is optional in some countries.
Coverage for damage to your car is optional.Write up your personal car insurance profile:List pertinent information concerning what type of vehicle you drive,
where you drive, who else drives, what your driving record is,
where you live, what optional safety features your car has.
This profile will make the next step easier.
Comparison Shop:
Prices for the same coverage can vary by hundreds of dollars,
so it pays to shop around. Ask your friends, check the Yellow Pages,
and call your county’s insurance department for guidance.
Contact car insurance agents or companies for general pricing information.
Select a few insurers for personalized quotes.
Meet with potential car insurance agents:
Make a few appointments, bring your personal car insurance profile with you,
and ask questions. You want a fair price AND quality service. Ask about available discounts,
higher deductibles, service options and claims procedures after accidents.
Take notes.
Compare Again:
Consider cost, coverage offered, and quality of service available. Select your insurer.
Read your policy:
Especially the fine print!
Ask questions.
Keep your car insurancee policy at hand. Call your insurer to keep your policy up-to-date,
inform your agent of any changes (new car, new job, new driver, etc.), and ask periodically about any possible discounts. Review your policy yearly with your insurer.
Keep your car insurance information with you:
Many country require drivers to carry a proof-of-insurance card with them when driving.
Ask your insurer for a card, and keep it in your wallet or in your car.
Whether you’re looking for a car insurance policy for a new car, or possibly looking to change car insurance companies for your existing car, you may be able to save hundreds of dollars by applying online.
One advantage provided by online companies is the speed at which you can receive a quote. You can fill in a quote request online and often receive your quote within minutes. Upon approval, you can often setup your account immediately.
A Very Bad Car Accident
You don’t want to be in this situation.
More Car Accidents and Careless Drivers
Just be careful out there on the road!
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Comments»
cool info…. keep it up, i will advice my policy holder to read all these too
Hi,
Nice and Informative blog for all related with insurance industry.
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