subject: Auto Insurance for the Poor: Its Different Kinds [print this page] Auto Insurance for the Poor: Its Different Kinds
There are cases when some drivers decide to drop or allow their auto car insurance to lapse. The reason is usually because they lack funds for them to continue the policy. Drivers who make such decisions belong to the group who earn income on a daily basis and when you analyze their group, you will realize that the small amount they saved during the day is not too large in comparison to what is earned by professionals. The inability of poor drivers to pay for their monthly premiums is the reason why they decide to just drop or allow the lapse of the policy.
But at present, several insurance companies tend to understand the economic condition that these poor drivers are put into. To help them, insurance companies introduce different kinds of policy for drivers who have a low economic status. These policies include the following:
1. Fully Comprehensive Car Insurance. Although this is considered the most costly among the policies offered to the poor, it provides maximum benefit like being able to claim for any damage done on the car even including theft. Some companies provide for a maximum of 80% of the expenses.
2. Fire and Theft Auto Insurance. This is for those who desire to make nominal premium payments. This does not actually offer monetary help at all circumstances. It only provides financial assistance during a fire accident or once your car has been stolen.
3. Third Party Auto Insurance. This is considered the cheapest among all the available types of insurance policies. However, this is unpopular for most of the people who want to take on an insurance policy because it only pays the car owner the least amount possible.
4. Specialized Auto Insurance. This is suitable for cars that are above 25 years of age and are actually considered as classic models. This type of insurance also offers all the available benefits provided by that of the fully comprehensive type. However, it is subject to limitation basing on the number of miles that the car can drive.
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