Auto Insurance 101By 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.
|
Detroit Has Most Expensive Car Insurance, Charlotte Has Cheapest
SAN FRANCISCO, Sept. 11, 2014 /PRNewswire/ -- Detroit has the most expensive car insurance and Charlotte has the cheapest, according to a new insuranceQuotes.com examination of average premiums in the ...
Car Insurance Yorba Linda CA: Target Up Insurance is Expanding
YORBA LINDA, Calif., Sept. 10, 2014 /PRNewswire-iReach/ -- Car Insurance Yorba Linda CA - Car insurance is not something many consider on a regular basis, and when it is time to start thinking, many just go with the first major company they find on the television or online. This is a shame, particularly because Target Up Insurance, a company with over 30 years of service in the Southern ...
General Car Insurance for New Drivers Now Quoted Online at Insurance Website
General car insurance is now being quoted for new drivers who use the independent system built at the Quotes Pros website at http://quotespros.com/auto-insurance.html . (PRWeb August 27, 2014) Read the full story at http://www.prweb.com/releases/general-car-insurance/car-insurance-quote-tool/prweb12127427.htm
Full Coverage Car Insurance by State Agencies Now Quoted for American Motorists Online
Full coverage car insurance is now included from state agencies in the database at the Quotes Pros website. Instant quotes are available at http://quotespros.com/auto-insurance.html . (PRWeb August 23, 2014) Read the full story at http://www.prweb.com/releases/full-coverage-car/insurance-quotes-rates-us/prweb12117060.htm
Cheap Insurance for Used Car Owners Now Supplied at Insurer Website Online
Cheap insurance is now quoted for owners of used cars using the insurer finder at the Quotes Pros website. This finder is available at http://quotespros.com/auto-insurance.html . (PRWeb August 28, 2014) Read the full story at http://www.prweb.com/releases/cheap-insurance/car-insurance-quotes/prweb12130609.htm
Cheapest Car Insurance for 2014 Added to National Quotation System Online
The cheapest car insurance for 2014 is now searchable using the system built for drivers at the Quotes Pros website at http://quotespros.com/auto-insurance.html . (PRWeb August 18, 2014) Read the full story at http://www.prweb.com/releases/cheapest-car-insurance/auto-insurance-prices/prweb12102645.htm
Screentrade Car Insurance Makes a Comeback
Devitt Insurance Services has gone live with its Screentrade car insurance offering, as the latest development in its relaunch of the brand. The product is now live and quoting on the Confused panel, with other aggregators to follow. (PRWeb August 18, 2014) Read the full story at http://www.prweb.com/releases/2014/08/prweb12098590.htm
How to Compare Auto Insurance: New Website Provides Virtual Tool for Car Owners Online
Adults can learn how to compare auto insurance using the new tool built for use at the Quotes Pros website. This tool offers a virtual platform for price data at http://quotespros.com/auto-insurance.html . (PRWeb August 20, 2014) Read the full story at http://www.prweb.com/releases/compare-auto-insurance/car-insurance-quotes/prweb12109426.htm
Car Repair Warranty Finder Now Open for Use at Insurer Portal Online
A car repair warranty finder tool is now open for owners of motor vehicles to use at the Quotes Pros website at http://quotespros.com/warranty . (PRWeb September 03, 2014) Read the full story at http://www.prweb.com/releases/car-repair-warranty/auto-warranty-insurance/prweb12142622.htm
Car Insurance Quote Finder Modified to Include National Pricing at Insurance Website
The car insurance quote finder at the Quotes Pros website is now featuring national prices from agencies at http://quotespros.com/auto-insurance.html . (PRWeb August 28, 2014) Read the full story at http://www.prweb.com/releases/car-insurance-quote/auto-insurance-quotes/prweb12130847.htm
|
