Auto Insurance
Auto Insurance is also known as vehicle, car or motor vehicle insurance
. It is an insurance policy taken to protect your vehicles from any loss or damage as a result of accident, fire and theft. We can as well say that the primary objective of this type of insurance is to protect you against losses mentioned above.However, for any auto insurance contract to be biding, there must be an agreement between the insured and the insurer whereby the latter will agree to pay a certain amount as compensation to the former, if the event insured against eventually occur. This agreement will only be biding upon payment of consideration by the insured. In other words, an insurance premium is the amount paid by an insured to the insurance company in consideration for an insurance policy.
It should be noted that without premium, there will be no biding insurance contract. Also, the amount to be paid depends on the risk involved. If the risk is high, the premium will be high and vice versa. So, when filling your proposal form, you must fill it in utmost good faith without hiding any fact that can help the insurance company.
There are many types of auto insurance policies you can choose from depending on your budget. Some of the policies available includes: -
- Third party type of policy: - It is the type of policy where the insurance company agrees to pay the third party (the person you had accident with) if you are the one at fault. However, if your car is damaged by hitting a fence or wall, you will not be compensated at all. Again, if you are involved in an accident with another car and you are not the one at fault, no compensation for anybody. It is the cheapest form of auto insurance policy available.
- The Comprehensive type of policy: - it is the type of insurance that protects the insured against all manners of risks and events that may occur. It is the most expensive of all types of policies. In this type of policy, if the event you insured against occurs, you will be given full compensation according to the agreement of the contract provided that your premium is up to date as at the time the event occurs.
- Third Party plus Theft and Fire: - This is the same as the third party policy but with the inclusion of damage to fire and theft. It is usually taken by those who live in areas where vehicles are being stolen often.
However, your choice of the type of policy to take depends on your budget and the ability to pay. Low cost car insurance is that policy that you will get at a reasonable amount which your budget will be able to accommodate.
It is very important to save money particularly in this period of economic recession. This is the reason why you must source for the cheapest type of auto insurance policy. Low cost car insurance type is not only economical but will also enable you save money to meet other domestic obligations which would not have been possible through expensive type of policy.
Auto Insurance
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