Auto insurance is coined by different terms which are vehicle insurance, motor insurance or car insurance. in today's date, everyone has a vehicle and for that vehicle insurance comes in light. The objective of the auto insurance is providing financial assistance in case any physical damage is caused due to traffic collisions.
Vehicle insurance may additionally offer financial protection against as theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
Types of auto insurance-
- Liability Coverage-Auto liability coverage is mandatory in most states
- Uninsured and Underinsured Motorist Coverage
- Comprehensive Coverage
- Collision Coverage
- Medical Payments Coverage
- Personal Injury Protection
Auto insurance is a wide topic and it may vary from state to state, country to country and thus it becomes vital to have an auto coverage. There are so many benefits of auto insurance like-
- Provides benefits to survivors when an accident results in death.
- It covers lawsuits, including legal fees brought against you as the result of an accident.
- Covers the bills of vehicle repairs due to damage caused in an accident.
- Covers damage caused by other than an accident for example, theft, fire, etc.
- Additional discounts: Car insurance policies allow premium discounts for theft or for owning more than one policy with the same insurer.
- It also provides added advantage to extend coverage to others driving your car with your permission.
- No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus is offered on renewals provided you fulfill certain terms and conditions
