Automobile Insurance Tips

Automobile Insurance Tips

Automobile Insurance Tips - How to Choose an Auto Insurance Policy - Auto Liability Insurance | Tips on - Find TipsYour car is one of your expensive possessions. Even the most cautious driver cannot rule out accidents. Automobile insurance will help to cover the losses you encounter when your car hits another vehicle or person. The cost involved in repairing your own car as well as the vehicle or property damaged by your car will be met by your insurance company. According to the law of several countries, buying an automobile insurance is compulsory for every car owner.

You should choose an insurance policy according to your financial capability. Insurance policies with wider coverage charge higher insurance premium. If you have taken a car loan to buy a car, the finance company, which has financed your loan, will insist that you buy a full coverage insurance policy. This ensures the safety of the car, which until you clear your dues you owe the bank, remains a property of the lending agency.

Full coverage automobile insurance

This auto insurance plan provides maximum coverage, protecting your car as well as other cars and property damaged by your vehicle.

Third party automobile insurance

This insurance policy is less expensive than full coverage auto insurance policy. In this insurance policy, the insurance company only pays for third party damages, which means paying the cost of damaging other vehicles or properties or causing physical injury to a person. However, the repair cost that the insurer will incur while repairing his car is not covered by the third party auto insurance.

Auto liability insurance

If you injure a person while driving or damage a property, auto liability insurance will cover the medical expenses and cost of repair. Liability coverage is provided by nearly every automobile insurance policy. There are two categories of auto liability insurance – coverage for physical injury and property damage. The physical injury liability covers medical expenses and compensation required to be paid for lost wages, when your car hits another person.

If the person hit by your car files a lawsuit against you, the cost incurred by the policyholder in defending himself will be met by the insurance policy. In case of property damage, the cost of repair and replacement incurred by the property owner is borne by the insurance company. The legal expenses incurred by the policyholder, when the lawsuit is filed against him, are also met by the insurance company.

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