Auto Insurance or Automobile Insurance (also known as Vehicle Insurance, Motor Insurance, or Car Insurance) refers to the insurance which can be bought for trucks, cars, and other types of vehicles. The principal objective of an Auto Insurance Policy is to offer safeguards against adverse financial consequences resulting from motor vehicle accidents (MVAs). The Automobile Insurance Company has the discretion to adjudge that a car is wholly destructed (write-off or totaled) if it seems that the replacement cost would be lower compared to repairing costs.
In case of
Auto Insurance, coverage is available for some or all the parties given below:
The party insured
The insured car
Third parties
In a large number of countries, buying Auto Insurance is mandatory to drive on public or state highways.
The basis of charging the premium is dependent on the following factors: the coverage, the age, gender, and driving history of the driver, and the distance covered by the car.
The different types of coverage that are available in Automobile Insurance include the following:
Liability Coverage (Combined Single Limit & Split Limits)
Collision Coverage
Comprehensive Coverage
Loss of Use Coverage
Underinsured/Uninsured Coverage
Loan/Lease Payoff Coverage (GAP Coverage or GAP Insurance)
Car Towing Insurance (Roadside Assistance Coverage)
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