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What is Car Insurance: Definition and Types of Coverage

Saturday, October 22nd, 2016 - Car Insurance

What is Car Insurance: Definition and Types of Coverage

What is car insurance – I believe that nobody in this world wanting something bad happen to their life. However, it is essential to prepare even the most unexpected situation that will happen in the future. One of them is to prepare an insurance to protect your most precious things like car. Some people may not be familiar with car insurance. So that we’re going to discuss the definition of what is car insurance.

What is Car Insurance Definition?

If there is a question about what is car insurance the answer is quite simple. Car insurance is a safety net for those drivers who regularly drive their car on the road. In most advance definition, car insurance refers to a contract that is done by an insurance company with the customers in which they agree to pay premium coverage in the event if there is a car accident in the future. It means that the insurance company will likely agree to pay some money for any damage happen.

When you have understood about the car insurance definition, be sure that you are familiar with certain terms like “premium” and “deductible” since they are essential before you shop for car insurance. What is meant by premium is certain amount of money that you need to pay in order to get certain policy. While deductible is refers to the amount of money you are responsible to pay when there is damage during your accident.

If you are the one who is causing the accident, the insurance company will cover the cost of repair and also medical coverage for that people who suffered injuries. Not only responsible to deal with accident, car insurance company will also cover cost if your precious car is stolen.

Types of Car Insurance Coverage

After you get to know about what is car insurance, you should have a better understanding about types of car insurance coverage that usually offered by the insurance company. The first type is bodily injury liability insurance. This kind of insurance will pay medical bills and also include funeral expenses for the person you are legally responsible for. Moreover, this coverage will also responsible to pay for court costs in order to defend you in a lawsuit.

The other insurance coverage you need to know is property damage liability. If you are causing an accident and causing another person’s vehicle damage, your insurance coverage will be responsible to cost the repair of that person’s vehicle. Not only causing other person’s vehicle damage, but the insurance will cost the repair if you hit fence, building or street lamp. Property damage liability is obligatory insurance in most state in USA.

Next is collision insurance which is also essential for your car. This kind of car insurance coverage will be responsible to pay for the damage as a result of collision you have done with another vehicle. Another insurance that is highly recommended for you is comprehensive coverage. The insurance company will pay for any damages that are caused by hazards such as vandalism or falling object.

The last one is underinsure motorist coverage. This type of insurance coverage is very helpful to protect other passengers in your car when you are involved in a car accident with another motorist who is uninsured. The insurance will pay the medical expenses up to your coverage limit. Finally, you have known what is car insurance that will give you the most advantageous thing.

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