In many places you are simply not allowed to drive until you have car insurance. It is a must have, just like a trip to the dentist; you have to do it but it isn’t pleasant. Lots of people don’t even understand their insurance policy, they just sign it. However the only way you will ever know what is covered and what is not is to read the policy very carefully before you put your signature at the bottom.
Of the many types of coverage out there, the more you have the more it costs you. There is Comprehensive insurance that covers your car against accidents. This also covers who are involved in the accident as well. For less money you can get Third-party insurance, which covers the damage to the cars and the people you are in the accident with you only.
Be aware that auto insurance policies typically don’t cover anything not specifically set out in the policy, and won’t cover damage under certain situations at all. For example, after-market audio equipment added to the vehicle after the policy was purchased won’t automatically be covered if stolen; this holds true for other types of belongings left in the vehicle, as well. Damage from hail and other weather conditions typically are not automatically included in most auto insurance policies. If you drive while drunk or high, and have an accident, the policy won’t cover the damage. If you use your personal car for employment purposes, usually a policy add-on is required. Also, make sure you list all the potential drivers, because, in general, auto insurance covers only specifically named persons. To avoid being caught in a situation where you need coverage, but don’t have it, talk to your agent if you have special concerns such as the above-described issues.
The term ‘excess’ in relation to insurance is defined as the amount to be paid at the time of making a claim. This excess helps in covering a higher amount of risk with a lower amount of premium providing a leverage effect to the insurance policy. The quantum of excess amount depends on the type of claim and is flexible i.e. it can be increased or decreased depending upon your needs.
You insurance details include terms and conditions of fire, theft or accidental benefits. Examine the information carefully and store copies, one in your glove compartment and one at home. You phone up the numbers given there and complete the required paperwork; a strict compliance of the formalities laid down by the insurance company enables you make a candid claim.
Motor vehicle insurance agents will take you through your insurance policy to ensure that you comprehend it. This is because this is their field of expertise plus it is very important for the comfort of all parties for you to be well in the know as the client.
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