Auto Insurance: Helps To get Coverage Against Accidental Expenses
Auto Insurance: Helps To get Coverage Against Accidental Expenses
As an owner of a car, it is mandatory to buy auto insurance. The car insurance protects the person and the vehicle from any financial loss, incurred due to any auto accident. Many people avoid buying the policy, to save money. Very soon Ontario's Ministry of Transportation is going to implement an electronic verification system, which will provide on-spot confirmation of insurance when drivers will apply for renewing their license plates. However, if a person meets with an accident and has no coverage, the financial cost incurred will be so huge that his financial life will become unstable.
What is auto insurance?
Auto insurance is a policy that will compensate for the financial losses if a person meets with an accident. It is a contract between the insured and the auto insurance company. A person needs to pay a premium to the insurance company on a regular basis and they will compensate for the financial losses in the event of an accident.
What are the types of coverage?
The car insurance companies offer different types of coverage plans as follows:
* Property Damage Liability: This will provide coverage against any loss incurred if the driver of the car causes injury to another car. The minimum liability limits for this type of coverage varies from one state to another.
* Collision Coverage: A person can get coverage against any loss if- his car gets damaged due to collision with another car, flips or collides with a tree or any such object. The insurance company will provide the expenses for repair, after reducing the deductible. The insurance policy will meet expenses for repairs upto the car's fair market value.
* Bodily Injury Liability: This coverage gives protection against any bodily damage done by the insured person to another driver.
* PIP (Personal Injury Protection) or Medical Payments: This will provide coverage against any expenses incurred for treatment, if the insured or the people traveling in his car suffer from any injuries due to an accident.
* Comprehensive Coverage: This type will give coverage if the vehicle suffers damage due to-Windstorm, Earthquake, Windstorm, Flood, Hail, Explosions, Rioting, Fire, Vandalism, and so on.
* Uninsured / Underinsured Motorist Coverage: This will cover the expenses for medical bills if the person is struck down by an individual who is not insured. It will also pay for the medical bills if the insured is victim of a hit and run case.
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