• Latest
  • Trending
  • All
  • News

Auto Insurance 101

November 18, 2016
5 Vital Car Cleaning Tools To Make A Car Look Brand New

How Exterior Detailing Services Can Enhance the Look of Your Vehicle

January 21, 2024

The Ultimate Guide to Rebuilding a Transmission – Everything You Need to Know

December 10, 2023
5 Weekend Travel Tips for Lasting Joy With the Family

Preparing Your RV For Storage – Essential Steps to Take

November 21, 2023

5 Reasons Why Regular Auto Repair Services Are Crucial for Your Vehicle

November 21, 2023
Comparing the Services of Open Vs. Enclosed Car Shipping

Comparing the Services of Open Vs. Enclosed Car Shipping

November 20, 2023
Heavy Vs. Light Duty Towing: Knowing The Kind of Truck You’ll Need

Heavy Vs. Light Duty Towing: Knowing The Kind of Truck You’ll Need

November 11, 2023
6 great reasons why vehicle owners won’t be stranded when calling out a local locksmith

6 great reasons why vehicle owners won’t be stranded when calling out a local locksmith

October 27, 2023
Six Reasons to Buy a Classic Corvette

Six Reasons to Buy a Classic Corvette

October 20, 2023
Top 5 Signs of Alternator Problems

Top 5 Signs of Alternator Problems

October 10, 2023
7 Common Engine Rebuilding Mistakes and How to Avoid Them

The Benefits of Reliable Auto Repair Services You Can Trust

October 9, 2023
Practical Car Interior Gadgets to Upgrade Your Ride

Top Reasons Why Used Cars Are a Better Investment

July 2, 2023

Essentials of Handicap Vehicles

June 20, 2023
  • Guest Posts
  • Advertise
  • Contact
  • Privacy Policy
Saturday, July 5, 2025
  • Login
Tech Featured - Automotive
  • Home
  • Gadgets
  • Automotive News
  • Interesting Topics
No Result
View All Result
Tech Featured - Automotive
No Result
View All Result
Home News

Auto Insurance 101

November 18, 2016
in News
0
79
SHARES
226
VIEWS
Share on FacebookShare on Twitter

[ad_1]

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:

o '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.

o '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:

o 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 US states.

o 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.

o 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.

[ad_2]

Source: http://ezinearticles.com/?Auto-Insurance-101&id=109471

Tags: Insurancetesla
Share32Tweet20Share8
  • Trending
  • Comments
  • Latest

John Christie Electric Generator – Generates 24 Kilowatts Of Free Electricity

November 21, 2016

How to Use a Magnetic Generator to Get Rid of Your Electricity Bill

November 21, 2016

Buying a Gazebo – How to Install a Gazebo on Grass

June 8, 2017

The Environmental Benefits of Automobile Recycling

0

Automotive Fasteners – A Number of Items Included on the List

0

Drag Racing – The Perfect Launch

0
5 Vital Car Cleaning Tools To Make A Car Look Brand New

How Exterior Detailing Services Can Enhance the Look of Your Vehicle

January 21, 2024

The Ultimate Guide to Rebuilding a Transmission – Everything You Need to Know

December 10, 2023
5 Weekend Travel Tips for Lasting Joy With the Family

Preparing Your RV For Storage – Essential Steps to Take

November 21, 2023
Tech Featured - Automotive

Navigate Site

  • Guest Posts
  • Advertise
  • Contact
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • Gadgets
  • Automotive News
  • Interesting Topics

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In