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Auto Insurance and Types of Auto Insurance

When a car accident takes place or the car is damaged by some other reason, on that time Auto Insurance saves the owner from the expensive costs involved in fixing the car. In present time auto insurance is compulsory for all drivers and is required by the law in many countries and states.

It is also beneficial to have a full coverage of automobile insurance. There are many drivers who can get by on third party insurance. There are main two types of auto insurance;

Third Party Auto Insurance; this type of insurance only protects another party if there is any accident. So when a car with third party auto insurance car hits another car, the damages of other car or even the expenses incurred from loss of use, would be paid by the third party insurance. However, any damage to the car would have to be borne by the car owner himself. Of course, this is less expensive than full coverage, as it carries far less risk.

 Second type of auto insurance is full coverage auto insurance; in the event of an accident, full coverage auto insurance will protect the car and any other cars which are damaged in the accident. Nowadays there are so many finance companies which specify that any of their clients that have car loans must insure their cars fully. This protects the bank, as the car is theirs until the loan is paid off by the owner.

There are also some types of coverage that can be included in an auto insurance coverage. They are such as;

      
Bodily Injury Liability; this coverage will cover the medical bills for injuries incurred by the drivers, bystanders or the passengers in the case of an accident.

Collision; this is for the cost of collision with another car, shop, lamppost, or any other object.  Normally, this coverage comes with a deductive starting. The higher the deductive, the lower the premium will be, naturally. This coverage is only for the physical objects.  It does not cover legal bills or medicals.

Personal Injury Protection; a lot of drivers focus on insurance of their vehicles, forgetting that serious accidents can sent drivers and passengers to hospital, leading to medical bills and loss income. This policy will cover these costsHealth Fitness Articles, and even can extend to funeral costs.

Property Damage also can be used to offset costs with damage to property.

Source: Free Articles from ArticlesFactory.com

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