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What is a Motor Insurance Policy?
What is a Motor Insurance Policy?
By law, each vehicle on the road needs to have some form of insurance. From your family car to a huge haulage lorry, everything needs to be covered. Unsurprisingly, the most popular (and competitive) of these is motor insurance, also referred to simply as car insurance.
A motor insurance policy will cover a car and driver for a wide variety of possible issues. This will often be dependent on the level of cover purchased; however, a selection the things you might expect to find within the average policy include:
Collision cover - In the event of a collision, your vehicle and that of any third party will be covered. If the blame lies elsewhere, then the perpetrator's insurance company will cover costs; however, if it was your fault, then you can use your policy to cover the costs (minus your excess), although you will lose any no claims bonus.
Fire - If your car catches fire for any reason, whether parked overnight or whilst driving, this will ensure that you can recover any associated costs.
Theft - Should a vehicle be stolen and is either damaged or never recovered, you will be compensated for this loss.
Windscreen protection - This covers repairs made to the windscreen, either as a precaution when it gets chipped, or to repair a crack.
Breakdown - Sometimes your car will inexplicably come to a grinding halt, this is an unfortunate by-product of any mechanical device or vehicle. When it does happen though, you need to make sure you're able to deal with it. If your policy includes breakdown cover, you will often have roadside assistance and a variety of other extras, including relay to a local garage, hotel or home. It may even reimburse any costs incurred.
Foreign travel - If you're planning on driving abroad, make sure your car insurance includes foreign travel. It's surprisingly affordable and is included with most comprehensive policies. So when you go abroad with your car, you can enjoy the same level of cover as you do at home.
These are just a handful of the potential elements that make up a modern motor insurance policy. Invariably a third party, or third party, fire and theft policy isn't going to have any of the extra add-ons and even the comprehensive policies available can vary markedly from one insurer to the next. This is why it is so important to review your quote closely and ensure that everything that you want is included before committing to purchase.
It's important to have an auto insurance policy that matches your requirements and doesn't simply offer the cheapest possible option. Whilst you may not need all of the individual items mentioned above, it's equally important that you don't sell yourself short. It may cost a little extra for this additional coverage, but that can be repaid many times over in the event of a major claim.
So be wary of what exactly it is that you're getting and the price you're going to be paying for it. Car insurance is a complex business and no two policies are alike, which is why it is so important that you keep an eye on your policy and everything that it offers. If there's too much included you'll end up spending too much on something that is never going to provide any meaningful return. Equally though, skimping on some aspects can lead to you being left out of pocket when it comes to making a claim.
A motor insurance policy is a legal requirement though, regardless of what level of cover you choose. So it's important to do your homework and find out what's on offer and what will work best for you. Disability Insurance for Sleep Apnea Commercial Truck Insurance: Special Considerations For Independents Three Things You Need To Know About Condo Insurance Do Not Be Afraid Of Insurance In New York How To Choose A Good Orange County Insurance Company Protect The Future Of Your Loved Ones With Term Insurance Coverage How To Get Your Insurance Company To Pay For A New Roof Or Roof Repair Professional's Need Insurance For The Unexpected Insurance Changes Require Adaption for Savings The problem of the uninsured Alternatives To The Final Cost Of Insurance Bloomberg Television To Present Live Coverage Of The 2011 Annual Distressed Investing Summit and Turnaround Awards on March 6-7 Choose An Experienced Insurance Agent