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If You Own Or Drive A Car, It Is Very Important For You To Have Auto Insurance. In Fact, In Most Cases The Law Requires You To Have Insurance. Unfortunately, Getting Auto Insurance Can Be Hard Because There Are So Many Factors That Need To Be Addressed. That's Where We Come In. Welcome To SafeAutoOnline.com. This Site Is A Free Information Resource That Will Answer All Your Questions About Automobile Insurance. As
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Auto Insurance 101
Author: Chris Tolamalu
Auto insurance, as the term suggests, is insurance that you can
purchase for your vehicle (cars, trucks, SUVs, motorcycles,
etc.). It provides protection against losses incurred as a
result of vehicle accidents. While the product seems simple,
there are many different types of auto insurance policies
available for purchase. Depending on the policy that you choose,
your coverage levels and types will vary. Broadly speaking,
these are the types of auto insurance programs on the market
today:
Coverage:
* 'Comprehensive coverage' (Comp) - This kind of insurance
insures your vehicle against the cost of purchasing a new
vehicle if it is stolen or destroyed in a fire.
* 'Collision coverage' (Coll) - This kind of insurance insures
your vehicle against the cost of repairing the vehicle following
an accident or the cost of purchasing a new vehicle if it is
damaged in an accident beyond economic repair.
Protection:
* Personal Injury Protection (PIP) - This insures against the
cost of medical expenses and lost wages related to the use,
ownership or maintenance of a motor vehicle. This insurance is
mandatory in some U.S. states.
* Medical Payments (MP) - insures against the cost of medical
expenses for bodily injury sustained in an accident beyond any
expenses that may be covered by PIP.
* Legal liability claims against the driver or owner of the
vehicle following the vehicle causing damage or injury to a
third party.
While 'Liability insurance' covers only legal liability,
'comprehensive insurance' covers PIP, MP, as well as legal
liability. In the United States, liability insurance covers
claims against the policyholder and any other operator of the
insured's vehicle. If, however, any other operators live at the
same address, they must specifically be covered on the policy.
For rented vehicles, most rental car companies offer insurance
to cover damage to the rental vehicle.
While comprehensive insurance covers most aspects of damage
which can affect the car itself or the driver, there is one risk
associated with buying a new car is not covered even by
comprehensive insurance - once the car is bought, there is a
sharp decline in its value. During this period (immediately
after a car is bought), in which the remaining car payments
exceed the value of the vehicle and thus the compensation the
insurer will pay for a 'totaled' (destroyed, or written-off)
vehicle, customers may consider purchasing 'GAP insurance'. GAP
insurance was established in the early 1980's to provide
protection to consumers based on buying and market trends.
About the author:
Chris Tolamalu is interested in auto insurance.
Article Keywords:
Auto Insurance |
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Auto Insurance...
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The Importance of Auto Insurance to Teens |
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Teenagers these days are very expensive, from jewelry to their trendy clothes, the latest gadgets to allowances and to paying for weekend hangouts. But as any parent would tell you, the most expensive part of having a teenager is giving them an auto insurance policy.
Making your teens safe while they are driving is one of the most importance issues in your auto insurance policy. The money you spend insuring your teens is of less value than keeping your teens safe against possible damages from driving. One place I go regularly for suggestions on securing my teenager is the car insurance website http://www.1carinsurance.org. The effective way of keeping your teens on the right track is by setting a good example for them. Don't cut people off and don’t teach them to speed. Never race over closing railroad tracks or chasing someone you don't know. In short, practice what you preach.
Having a teen also means you won't be able to follow him/her every single day. You can't drive... |
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