What are the features of vehicle insurance?

The plan offers cover against damage caused by the car to the third party or his/her property. It covers against listed damage and destruction done to the car due to floods, earthquakes, typhoons etc. It covers damage and destruction caused to the vehicle due to theft, burglary, strikes, riots, etc.

What are the 5 basic parts of auto insurance?

5 Types of Car Insurance Coverage Explained

• Liability Insurance. Liability insurance covers you in the event you are in a covered car accident and it is determined the accident is a result of your actions.
• Collision Coverage.
• Comprehensive Coverage.
• Personal Injury Protection.
• Uninsured /Underinsured Motorist Protection.

What are 5 factors that determine your auto insurance premium?

Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.

What are the features and advantages of motor insurance?

Coverage against accident: A motor insurance can give you a coverage against damage happened to your vehicle due to some accidents. You can claim the expenses and save more money. Coverage against natural disaster: A sudden huge flood can damage your vehicle which will cause you to incur a huge expense.

Why your car insurance is important?

Car insurance can help offset the loss of huge sum in the following manner: Provides benefits to survivors when an accident results in death. It covers lawsuits, including legal fees brought against you as the result of an accident. Covers the bills of vehicle repairs due to damage caused in an accident.

What are the six 6 basic elements available in a typical automobile insurance policy?

Six common car insurance coverage options are: auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury protection. Depending on where you live, some of these coverages are mandatory and some are optional.

What are the 4 major elements of insurance premium?

These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution.

What makes car insurance more expensive?

Insurers assess many factors – including your driving record – when calculating your premium. Your insurance rates are also determined, in part, by the type of car you drive. Generally, the harder your car is to steal and the less expensive it is to repair, the less you pay for insurance.

What are the advantages of auto insurance?

Auto Insurance Helps Protect Your Passengers Medical payments coverage and personal injury protection may help pay for your medical bills if you’re injured in an accident. It also may help cover your passengers’ expenses due to the accident. This coverage may help pay for hospital visits, doctor bills and surgery.

What are the main factors that determine the premiums charged for automobile insurance?

The main rating factors for auto insurance are:

• Geographical location.
• Age.
• Gender.
• Marital status.
• Years of driving experience.
• Driving record.
• Claims history.
• Credit history.

What are 4 main types of automobile coverage insurance?

What features come with a car insurance policy?

There are four important features that come with a car insurance policy that you will want to be aware of. These features are bodily injury coverage, property damage coverage, comprehensive coverage and collision coverage. Bodily injury and property damage coverage, commonly referred to as liability coverage, are required in most states.

What are the different types of insurance for a used car?

Car insurance policies provide a lot of different optional kinds of coverage which can prove to be important too. Extra coverages include Gap Insurance, Rental Insurance, Roadside Assistance, Custom Equipment, OEM Endorsement, Minor Violation Forgiveness and Accident Forgiveness.

What are the extras on a car insurance policy?

Car Insurance Extras. Car insurance policies provide a lot of different optional kinds of coverage which can prove to be important too. Extra coverages include Gap Insurance, Rental Insurance, Roadside Assistance, Custom Equipment, OEM Endorsement, Minor Violation Forgiveness and Accident Forgiveness.

What is auto insurance and why is it important?

Auto Insurance Facts and Myths Why is auto insurance important? Auto insurance is necessary because it provides drivers with compensation for damage to their vehicle caused by an accident, or by other covered perils, like fire, falling objects, theft, vandalism, or other accidents.