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AUTO INSURANCE

AUTO INSURANCE-CAR INSURANCE
INTRODUCTION
Auto Insurance is an essential part of owning a vehicle. But if you’re like most people, the only time you think about your auto insurance policy is when something goes wrong. That’s why we’ve put together this handy guide to help you understand everything that goes into auto insurance coverage so that when the time comes to get a policy or renew one, you can make an informed decision.

 

WHAT IS AUTO INSURANCE?
Auto insurance is a typical type of insurance where there is a contract or agreement between you and the insurance company. We pay premiums for the sake of better protection against the financial losses occurring from accident, theft, natural calamities, man-made calamities or damages to the vehicle in some other ways. Auto insurance issues coverage for Property, Liability and Medical.

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Auto Insurance
can help pay for the following:

  • Damage to your vehicle caused by an accident or theft
  • Medical costs related to injuries sustained in an accident
  • Loss of use while your vehicle is being repaired
  • Property damage liability costs if you’re at fault in an accident that damages another vehicle or property.

 

COVERAGE
There are three different types of auto insurance: liability coverage, comprehensive coverage, and collision coverage. Liability insurance covers the cost of damages you may cause to other people or their property in a crash, while comprehensive insurance covers damage to your own vehicle resulting from incidents like fire, theft, and vandalism. Collision coverage pays for damage caused by a collision between two vehicles.
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The type of auto insurance you need depends on your financial situation. If you can’t afford full coverage, consider getting liability only or liability plus collision-which covers damage to your own vehicle caused by an accident-to avoid paying high deductibles on top of repair costs.

 

The coverage of your Car Insurance policy depends on the type of policy you have preferred or fixed, like ‘Third-Party Car Insurance Plans’, ‘Comprehensive Car Insurance Plans’, ‘Own Damage Car Insurance’, ‘Private Car Bundle policy’ etc. Some insurers offer other types of coverage for extra protection against specific situations such as comprehensive car theft protection, medical payments coverage for passengers injured in an accident with your car, roadside assistance services like towing for flat tires or jump starts, and rental reimbursement if your car needs repairs after an accident that prevents you from driving it back home. It also protects you from financial loss due to lawsuits if you are found at fault for an accident or hit-and-run.

 

auto insurance coverages

BENEFITS OF AUTO INSURANCE
  • Coverage against theft/burglary
  • Protection against own damages
  • Personal accident cover
  • Provides benefits to survivors
  • Third party liabilities
  • Covers the bills of vehicle repairs
  • No claim bonus
  • Helps you stay legally compliant
  • Roadside assistance

 

Auto insurance is not just about price. It is also about saving yourself from financial loss and liability in case of a road accident. However, it can be incredibly complex, going well beyond just understanding the different parts of your policy. So before signing on the dotted line, take some time to research your options and figure out what works best for you. And keep in mind that your state may have different requirements from others, so be certain to check with them as well.

 

Largest Auto Insurance Companies in USA
Rank
Company
Premiums in billions
Market share
1 State Farm $40.4 16%
2 Geico $33.9 14%
3 Progressive $33.2 13%
4 Allstate $25.9 10%
5 USAA $15.8 6%
6 Farmers $12.2 5%
7 Liberty Mutual $11.8 5%
8 Nationwide $5.8 2%
9 American Family $5.2 2%
10 Travelers $4.9 2%

 

Largest Auto Insurance Companies in UK
Rank  Company Gross Premiums (£million) Market Share
1 Admiral Group (Admiral, Bell, Diamond, elephant.co.uk, Veygo, Gladiator) £2,193 15.7%
2 AXA £1,760 12.6%
3 Direct Line Group (Direct Line, Churchill and Darwin) £1,617 11.6%
4 Aviva (Aviva, Quotemehappy, One Call) £1,508 10.8%
5 Liverpool Victoria (LV) £1,210 8.7%
6 Hastings £952 7.5%
7 esure (Sheila’s Wheels, esure) £737 5.3%
8 Ageas £669 4.8%
9 NFU Mutual £595 4.3%
10 RSA £447 3.2%

also read

TYPES OF INSURANCE HISTORY OF INSURANCE
INSURANCE TERMINOLOGY HOUSTON MARITIME ATTORNEY

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