Car insurance is essentially insurance coverage for automobiles, trucks, motorcycles, or any other road vehicle. Its primary purpose is to offer insurance protection to the insured vehicle from damage caused by collision or accident and from liability that may also arise due to accidents in the vehicle. There are several different types of car insurance. Let’s take a look at them:
Other countries usually offer their driver’s motor vehicle insurance through their respective government agencies. For example in India, they offer a wide range of motor vehicle insurance plans to meet the diverse needs of drivers.
The car insurance offered in the UK is actually a combination of all the insurances listed above. The types of plans vary based on age, sex, car type, and location of the insured vehicle.
The car insurance offered in Canada is similar to the insurance provided in the US and UK. However, they are usually focused on the protection of the driver.
In Australia, the law requires drivers to have car insurance. It is mandatory to buy an insurance policy which is referred to as a comprehensive car insurance. This policy covers the cost of repairs, replacement, and medical expenses that are incurred due to automobile accidents.
In Canada, it is compulsory to get auto insurance from the Canadian Automobile Insurance Corporation (CAIC). This is one of the main reasons why a large number of Canadians obtain car insurance policies from this organization.
Car insurance can be expensive but it can also save you a lot of money in the long run. If you drive your car carefully and safely, the chance of accidents is very low. The only time when you should worry about car insurance is if there is a major accident in which you get injured. In this case, you will have to pay a lot of money in order to settle your claims.
There are many companies who offer car insurance. Each has its own benefits, policies and rates. It is important for you to understand the different types of car insurance available so that you can determine what kind of coverage you need.
Comprehensive coverage covers the entire cost of damages to your vehicle that are not covered by your other insurance. This type of insurance covers any damage that occurs to the interior, exterior or both the interior and exterior of your vehicle.
Liability coverage will cover the expenses related to injuries that occur as a result of the negligence of the other party. In addition, liability coverage will also cover the expenses related to any personal injuries incurred by you and other individuals due to the negligence of the other party. If you are at fault in any kind of accident, then you will be liable for all expenses incurred medical and legal costs incurred as a result of the accident.
Collision coverage will pay for the cost of repairing or replacing your vehicle after an accident. You are responsible for paying for the repairs or replacement for any part of the car that was destroyed or damaged as a result of the accident.
Bodily injury insurance is the lowest priced type of car insurance, it covers the costs of repairs or replacement of personal property that may be damaged as a result of an accident. Personal Injury Coverage covers medical costs related to the accident.