Understanding Different Types Of Auto InsuranceBy Marcus Dubois
Auto Insurance policies can be divided into different categories according to the coverage they provide. Broadly speaking there are four kinds of policies known as Collision Insurance, Comprehensive Coverage Insurance, Uninsured and underinsured Motorist Coverage policies and No Fault Automobile Insurance policy. Besides these, there are policies that take care of other needs like covering an auto loan, paying for towing expenses or paying for the cost of a rented car while your vehicle is being repaired.
The most common insurance policies are:
Collision: Any property damage caused to your vehicle due to an accident caused by any other vehicle or object is covered under this policy. The claim amount cannot exceed the actual cash value of the vehicle and is subject to any deductible.
Comprehensive: Any property damage to your vehicle that is caused by non-collision factors like fire, theft, vandalism, and even natural disasters like flood, hurricane or earthquake is covered under this policy.
Uninsured Motorist Coverage (UM) and underinsured motorist (UIM) coverage: takes cares of any injury that may result to you or to persons insured in your policy from an accident that takes place with another uninsured or underinsured driver or vehicle owner. Generally only body injuries are covered under this policy.
No Fault Auto Insurance Policy: Irrespective of who caused the accident, the insurance company pays for the medical expenses and for the loss of wages that the insured suffers on account of a collision under this policy.
Some other additional coverage that an auto insurance policy holder can buy are:
Property Damage Liability and Bodily Injury Liability: These two policies protect the insured from any claims made against him for causing damage to property including vehicle belonging to another person or for causing any bodily injury or loss of life to other individuals up to the amount mentioned in the policy.
Auto Lease Protection: is an additional protection that you may add to your collision or comprehensive auto insurance policy to take care of any gap that exists between your auto loan amount and the cash value of your vehicle.
Full Tort and Limited Tort: available only in the state of Pennsylvania allows the insured to retain unrestricted rights to bring a lawsuit against a negligent party or recover expenses incurred for certain damages.
Rental Expense: Known as Extended Transportation Expense Coverage, the policy pays for a rental car while your vehicle is being repaired or replaced.
Medical Payments Insurance covers medical expenses for injuries sustained in an accident involving any vehicle for the insured, his passengers and other parties irrespective of whose fault it is.
Towing and Labor: An additional coverage option that can pay for all necessary towing and labor costs to tow your damaged vehicle to a work shop or another location.
|
Driverless cars: 15 things you need to know
When are they coming? How much will they cost? Will they be safe? And will traffic jams be a thing of the past?
38 indicted in alleged car insurance fraud scheme
NORTHAMPTON, Mass. ? Prosecutors say grand juries in Hampshire and Franklin counties have indicted 38 people allegedly involved in an automobile insurance fraud ring. The Northwestern District Attorney's office said in a statement on Wednesday the scheme largely involved individuals from the New York City area who over a six-year period insured and registered their cars in western Massachusetts ...
New Program from Liberty Mutual Insurance Play Positive? Renews Spirit of Sportsmanship in Youth Sports
BOSTON, Sept. 8, 2014 /PRNewswire/ -- With schools back in session and fall sports practices across the country underway, Liberty Mutual Insurance looks to shine a new light on the importance of sportsmanship in youth sports. Liberty Mutual today introduces the Play Positive? Pledge, an opportunity for youth sports teams and organizations to earn $2,500 for pledging their commitment to ...
Mazda reveals newest MX-5 Miata, 25 years after original model
Twenty-five years after resurrecting the roadster, Mazda has unveiled the latest version of its MX-5 Miata, the bestselling two-seat convertible in history.
Nevada Gives $1.3 Billion Tax Break to Electric Car Maker Tesla
Nevada Governor Brian Sandoval signed a package of bills on Thursday to provide $1.3 billion in tax breaks and other incentives for Tesla Motors, putting a bow on the deal for the electric car... -- Read more on ScientificAmerican.com
Renesas Electronics New R-Car V2H Device Offers High-Resolution Image Recognition for Safer Driver Assistance Systems ...
Renesas Electronics Corporation , today announced the availability of its R-Car V2H, the company?s newest system-on-a-chip implementing state-of-the-art image recognition technology to support high-resolution surround viewing in advanced driver assistance systems .
Tesla Q&A: Tesla's Nevada 'gigafactory' FAQs
SPARKS, Nev. (AP) ? Now that Gov. Brian Sandoval has signed into law a package of incentives for Tesla Motors worth up to $1.3 billion, the electric-car maker is moving ahead with plans to build a $5 billion lithium battery factory expected to open in 2017 and employ 6,500 workers to make cheaper batteries so it can afford to mass market a new line of more affordable vehicles.
Zipcar Expands Car Sharing in Las Vegas With Launch on the University of Nevada, Las Vegas Campus
LAS VEGAS -- Today, the University of Nevada, Las Vegas (UNLV) launched a partnership with Zipcar, the world's leading car sharing network, to offer Zipcar's car sharing service to students, faculty and ...
Insurers will now be able to track driver behavior via smartphones
A new usage-based insurance (UBI) software platform will allow companies to track drivers' behavior through smartphone sensors and geolocation services.
New Temkin Group Study Finds Improved Customer Experience Has Potential to Generate $100s of Millions in Additional ...
WABAN, Mass., Sept. 9, 2014 /PR Newswire/ -- A new research report published by Temkin Group, ROI of Customer Experience, 2014, finds a strong connection between improved customer experience and increased consumer loyalty-- leading to increased company revenue. The research shows that a modest increase in customer experience at a typical $1 billion company can earn an additional $272 million to ...
|