What is car insurance and what is the need for it?
Car insurance is the coverage that an individual or a business has to provide protection for possible harm and financial loss that could be caused by accidental damage or theft of a vehicle.
Unlike liability insurance, car insurance does not protect against slander, libel, invasion of privacy, or certain types of injury-related claims. Car insurance is also not effective in cost recovery for pain and suffering caused by a car accident which is one of the reasons why it is advisable to purchase standalone personal injury protection.
Unlike car insurance, personal injury protection is included in all major auto insurance plans. It is a cost-recovery policy and pays for the treatment of injuries caused by an accident.
Although a car insurance policy may not be required by law, many people choose to have one because it provides peace of mind that they are covering the cost of the inevitable damage or theft of their vehicle.
From where to purchase car insurance
Car insurance can be purchased through third-party agencies, such as GEICO, Progressive, or General. These agencies are also able to provide auto insurance quotes. There are times when an individual may want a quote directly from the car insurance company and they will give it to them, but it is not always easy to receive this information through these methods. The price of auto insurance usually depends on the type of coverage level or type of policy or accident that the consumer selects on their car insurance policy. For any queries related to car insurance, you can log on to moneyexpert.com.
What are the 10 benefits of car insurance?
#1: In a world of crashes, accidents, and road deaths, car insurance is a must-have. Most cities have rates that are based on your driving history including traffic fines and speeding tickets.
#2: Car insurance can cover the repair costs for stolen cars, as well as any damages to your vehicle from thieves or vandals.
#3: If you get into an accident where someone else’s property is damaged or destroyed, your vehicle will be completely covered regardless of who was at fault for the accident.
#4: If you and your family are hurt in an accident where another driver is at fault, your car insurance will pay for the medical bills.
#5: Car insurance also offers coverage for personal items like laptop computers if they are stolen from your vehicle.
#6: Car insurance also protects you from having to pay storage fees if you are in a car accident and need to have repairs made, but cannot drive the car while it is being repaired.
#7: If you are in a crash and do not have car insurance, you can be held personally responsible for damage to other people’s cars, injuries, and even death.
#8: In some states, it is illegal to drive without car insurance. And if you are caught driving without insurance you could be charged with a misdemeanor. The minimum fine is usually around $1,000. Some states will also suspend your driver’s license if you are caught driving without car insurance.
#9: Yes, it is true – cars are often stolen just for the insurance value. So, you will want to make sure that your car is well-protected if you choose to drive an expensive vehicle like your BMW or Mercedes-Benz.
#10: Whenever you buy a new car, you will want to check with your insurance company and see if they offer a specific type of coverage for new vehicles. This can include collision damage waiver (CDW), theft protection, or anti-theft protection.
These benefits would ensure that you enjoy car insurance coverage to protect your vehicle from untoward incidents while adhering to the requisites of the law.