Car insurance is insurance on vehicles, trucks, bikes, and any other road-going vehicles. Its primary function is to offer financial protection against physical harm or bodily injury resulting from road accidents and also against possible liability which may arise out of vehicular accidents. The automobile insurance can be categorized into three different categories namely full insurance, third party coverage, and uninsured motorists coverage. This will help you compare the auto insurance from a variety of car insurance companies that can provide you with an opportunity to secure the best deal for your vehicle.
Full car insurance is the one which provides financial protection to the policy holder against all the costs associated with a car accident irrespective of who is at fault. The comprehensive coverage requires the policy holder to shell out money towards repair costs for both the driver and the vehicle involved in the car accident. Third party coverage requires the policyholder to pay towards the costs associated with injuries to others who may be injured in the car accident. This site will enlighten you on the different categories of car insurance policies.
You can use deductibles and co-pays to lower the costs associated with car insurance. The deductible is the amount that you will have to pay as a lump sum before the insurance provider pays the rest of the claim cost. You may want to choose a high deductible if you are financially able to do so. In case the vehicle involved in the car accident has been damaged beyond repair and there is no chance of replacing it, then you may want to consider increasing the co-pay or the deductible. Increasing the deductible will also help protect yourself from the costs associated with repairing the vehicle if the cost exceeds what you have set as a deductible. Find out more about auto insurance polices here: learnandserve.org.
There are also insurance policies that let you pay a portion of the repair expenses before the insurer takes over the rest. These policies are good if you have a pre-existing medical condition which could keep you from making payments towards your insurance policy. You will not have to worry about providing the necessary funds towards repairs and if you have an existing auto loan, you can use this to help secure the deductible. Before you go ahead and buy such a policy, make sure that you read through the terms and conditions attached to it. There are certain things that the insurer will not cover for example if you have an excessive medical condition or if you drive an expensive car.
There are states that require you to pay for your own medical bills and for the repair expenses out of your own pocket if you are found to be at fault in an accident. In such states, the insurance company will only pay for the medical bills of those passengers who were injured in the accident. However, there are still states that allow the driver of the other vehicle to cover his own medical bills if he has not driven for a certain period of time. If you have a pre-existing medical condition, then you may want to check with your insurance agent about whether you can get such a policy. If not, you will have to bear the cost of all the medical bills and the repair expenses on your own.
There are some states that allow the insured party to cover the costs of all the medical costs. However, this will only cover the prescribed medical costs and will not include any other costs that exceed a prescribed limit. Some insurers also have coverage known as catastrophic coverage that pays for all the medical costs, irrespective of the cause of the accident. Make sure that you are adequately covered by your insurance policy to avoid falling into the trap of having to pay huge medical costs in case of a car accident. If you want to know more about this topic, then click here: https://en.wikipedia.org/wiki/Vehicle_insurance.
