Car insurance scheme provides financial protection against physical damage to the car because of traffic collision and provide a cover to manage the resultant outflow(liability). By insuring your car, you get registered your vehicle asset to recover losses that may or may not occur.
Car insurance is a branch of Vehicle insurance, which is applicable on road vehicles like cars, trucks, motorcycles. Auto insurance, GAP insurance and motor insurance are similar terms used for Car insurance. An ideal insurance scheme will also provide remedy against theft and any other damage that traffic accidents. Terms and conditions of an insurance contract depend upon specific regulation prevailing in the region.
Car insurance and legal Requirement
Few laws require insurance of both the driver and vehicle.Because of very importance of the car insurance in few jurisdictions, this insurance is imposed on each driver in the form of “pay as you drive” tax. This is also a form of petrol or gasoline tax levied on vehicle holder.
So what is the next thing to know after registering for car insurance.?
At what intervals car insurance is paid and the amount of car insurance premium?
Car insurance companies offer you flexible timing for payment of car insurance premium. Depending upon your convenience, you can go for monthly, quarterly, half yearly and year-end payment of insurance premium.
Different people have different habit of spending, few want monthly payment few prefer to go for quarterly or yearly payment.
The amount of insurance premium depends upon the age of the insurer and provision of evidence that ensure less chances of adverse incident to happen.
In few jurisdictions, if you are below 25 you have to incur some additional premium cost being less mature to handle driving tactics.
Another, element that decide the amount of insurance premium is “model of the car” and “sensitivity” to get huge payment in case of damage.
Following rates will help you to make an idea about the expected insurance premium cost.
|Place||Car Model||Insurance premium|
|Woodbridge||05 Acura TL||$110 per month|
|Canada||2005 model||$313 per month|
|Alexandria||2006 Scion tC||$66 per month|
|Las Vegas||05 Malibu||138 bucks a month|
|America||2001 mitsubishi galant||$490 a year|
What is the process to file insurance claim:
Parties involved in an insurance claim when any event of accident occurs causing the car holder suffer from damages.The first Party is policy holder (insured). And second Party is insurance company. Finally, 3rd Party is other person that’s in an mishap i-e claimant.
What information an insurance agent/company will require to reimburse the insured person:
Make sure that once you have made it back to home safely and you have responded to the accident or incident to the best of your ability, it is time to contact your insurance provider. They might claim to be your ally through this process but remember, you are about to cost them some serious bucks. Prepare yourself for a cordial battle and win it through convincing and proof.