In 2016, you were travelling by bus. Imagine you purchased a car on Christmas Eve, using all your hard earned money. You have spent lakhs on your car and would love to protect your vehicle. This inflates your ego and deflates the neighbours.
Process of protecting vehicle/automobile against any damages, like the accidents/calamities are known as Auto Insurance.
Comprehensive advices on the auto insurance packages are offered by Moneymindz.
Types Of Auto Insurance:
There are various kinds of auto insurance available and types of auto insurance are as follows:
Liability Insurance: Insurance dealing with cost of repairing the car, damaged in the crash with buildings/other vehicles is known as Liability Insurance.
Collision Insurance: A unique kind of insurance where in, once you have an accident, the insurance company pays for your repairs. The payout of the insurance company do not consider the new vehicle.
Comprehensive Insurance: Good insurance cover offering protection to the owner of a car/automobile against the damages not related to collision is Comprehensive Insurance.
- Scratch on the vehicle
- Damage done by animals
- Riots leading to damage of car
Will be covered by the comprehensive insurance.
Uninsured Motorist Insurance: A valuable insurance offering assistance to driver, not insured in overcoming expense regarding accidents is uninsured motorist insurance.
Medical Injury Protection: Unique auto insurance offering protection to driver/co-passengers from any accident is Medical Injury Protection. It helps in covering your medical/bills and other medical claims.
No-Fault Insurance: An insurance cover covering injuries/damage to property, no matter who is responsible for accident is known as No-fault insurance.
Gap Insurance: A kind of insurance, in which owner has not cleared the complete payment of their automobile/car is known as the Gap Insurance.
Pros of the Auto Insurance
Some of the advantages of the auto insurance are:
- It offers various benefits to driver and co-passengers.
- Covers repairs, relating to damage caused by the accidents.
- Helps in replacing your car, if it is stolen.
- Covers all damages manmade and natural.
- Covers the legal suits and issues.
- Gives benefits to the survivors after death of the insured person.
Cons of the Auto Insurance:
Some of the disadvantages of the auto insurance are:
- It is very expensive and impossible to bear.
- Most of the policies are over hyped.
- Will include extra features, where buyers need to make payment.
- Paying premium on monthly basis is very disgusting.
Auto insurance is the major non human insurance mechanism and you must enquire properly before going for it.
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