WHAT IS AUTO INSURANCE POLICY:
Auto
insurance is a safety net. It is a contract that you have with an insurance
company in which you agree to pay a premium, and in the event of an accident,
the company agrees to pay for your covered damages, as outlined in your
specific insurance auto policy.
The insured vehicle (physical damage) Third
parties (arc and people, property damage and bodily
injury) Third party, fire and theft. In some jurisdictions coverage for
injuries to persons riding in the insured
vehicle is
available without regard to fault in the auto accident (No Fault Auto Insurance)
auto insurance is a safety net. It is a
contract that you have with an insurance company in which you agree to pay a
premium, and in the event of an accident, the company agrees to pay for your
covered damages, as outlined in your specific insurance auto policy.
It is important to familiarize yourself with the
terms 'premium' and 'deductible' when shopping for autoinsurance.
An insurance premium is the amount of money your insurance company
charges you for a certain policy.
Your deductible is the amount of money that you are
responsible for paying when damages occur as the result of an accident. For
example, if you have $500 in damages as the result of an accident and a $100
deductible on your auto policy, you are responsible for paying $100 of the
total damages.
If you are responsible for causing an accident or
damage to other vehicles, your insurance generally covers the costs of repairs,
legal fees and medical coverage for those who suffered injuries in the
accident. Insurance policies also cover costs incurred when your car is stolen
or vandalized.
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