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You May Be Insured But Are You Protected?

Collin June 16, 2021 0
You May Be Insured But Are You Protected?

Auto insurance is a legal contract between you and your insurance company that guard you financially in case of an accident or mishap. In return for your paying a regular premium, the insurer agrees to cover your damages as stated in your insurance policy. There are various types of car insurance available and you have to choose which one is most suitable for you. However, it is vital for you to get only the auto insurance that suits you best.

Auto Insurance is primarily intended for you, the private car owner. It is therefore designed to protect you from the financial loss that will be faced if you meet with any sort of mishap. This insurance provides protection against the unexpected, which may happen at any time. However, in the case of an accident, you have an option of choosing between complete coverage and liability coverage. Full coverage auto insurance is designed to shoulder all expenses related to repairs of your vehicle in case of any mishap, whereas liability coverage is designed to protect you if you meet with an accident and its damage costs exceed the amount of your liability premium.

Your auto policy premium is determined by a lot of factors, such as the age, gender, driving record, location and type of vehicle. You will pay higher premiums for younger drivers, female drivers, those who use automobiles other than cars and trucks, those who drive expensive vehicles and commercial vehicles. You will also be charged higher premiums for those who live in high-crime areas and for those who have made excessive claims on their insurance policies. You can reduce the premium cost by raising the deductibles and by making frequent car-insurance claims. You can lower your premium cost by combining the collision and comprehensive coverages in one comprehensive policy.

Auto Insurance helps you financially by providing you with financial protection in case you meet with an accident. The financial protection is in place mainly to save you from the heavy costs involved in vehicle repair or replacement. If you have an expensive automobile, then you should have Auto Insurance so that the costs involved in replacing the vehicle can be covered by the Insurance Company. An Auto Insurance policy covers you against repair costs and replacement costs of the stolen or damaged vehicle, depending on the type of Auto Insurance you have taken.

Car Insurance is required by law as a prerequisite to drive a car in the U.K. However, there are people who do not pay the necessary attention to car insurance. They do not understand that car insurance protects them from the losses occurred due to the events which are usually unplanned and unpredicted. There are two types of Car Insurance: bodily injury cover and liability cover. Bodily injury cover is designed to provide you with financial protection in case you meet with an accident caused by another person’s fault or a vehicle collision.

Liability coverage, on the other hand, provides financial support in case you meet with damage due to a car accident caused by your negligence or your car engine overheating. In many states, you may be sued if you fail to bring to court all the required documents related to the accident, even if you were not at fault. Auto insurance provides the financial backup to people who are required to carry medical expenses and damages due to car accidents. Without an Auto Insurance policy, you may find yourself financially bankrupt because you will have to bear huge legal fees in case you meet with an accident.

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