Lets discuss about car insurance policies. Vehicle insurance (also known as auto insurance, car insurance, or auto insurance) is insurance for cars, trucks, motorcycles and other road vehicles. Its main use is to provide financial protection against physical damage or personal injury as a result of accidents and responsibility could also arise from incidents in a vehicle.
Vehicle insurance can also offer financial protection against theft of the vehicle and damage to the vehicle sustained by events other than traffic collisions, such as handling, weather or natural disasters and damage to collide with stationary objects. Specific terms of vehicle insurance vary according to the laws of each region. In many jurisdictions, it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance for the car and driver; however, the degree of each varies greatly.
Several jurisdictions have experimented with an insurance plan “pay-as-you-drive” using either a tracking device diagnostics of the vehicle or vehicles. This will address issues of uninsured drivers, providing additional options and also charge based on the kilometers (miles) driven, which could theoretically increase the efficiency of insurance, through streamlined collection.
United states| Australia| Bangladesh | Canada | Hong Kong | Hungary | Norway | Romania | South Africa | Spain | Russian Federation
The regulations for vehicle insurance differ with each of the 50 United States and other territories, each US state has its own requirements for mandatory minimum coverage. Each of the 50 US states and the District of Columbia require drivers to have insurance coverage for both personal injury and damage to physical property, except New Hampshire and Virginia, but the minimum amount of coverage required by law. It varies by state. For example, the minimum liability coverage for bodily injury ranging from $ 30,000 in Arizona to $ 100,000 in Alaska and Maine , while the minimum requirements liability for damages ranging from $ 5,000 to $ 25,000 most states.
In Australia, each state has its own system of compulsory third party insurance (CTP). CTP only covers liability for personal injuries in a vehicle accident. Integral and third parties as property damage, with or without fire and theft insurance, sold separately.
Insurance covers damage to third party property and secured the vehicle and property.
Third party property damage insurance covers damage to third party property and vehicles, but not the insured vehicle.
Damage property of others with fire and theft insurance covers the insured vehicle fire and theft, as well as third party property and vehicles.
For all types of auto insurance policies in Bangladesh, the limit of liability has been fixed by law. Currently, the limits are too low to compensate victims. Regarding the law only liability Motor vehicle insurance, compensation for personal injury and property damage to third parties is BDT 20,000 for death, BDT 10,000 serious injuries, BDT 5,000 per injury, and BDT 50,000 for damages property . The limits are reviewed by government agencies.
Several Canadian provinces (British Columbia, Saskatchewan, Manitoba and Quebec) provide a safe system of public self, while in the rest of the country, private insurance is provided [third party insurance is privatized in Quebec and is mandatory.
The province covers everything but the vehicle. Certain basic car is mandatory across Canada (except when it is not ) with the government of each province to determine what benefits coverage minimum auto insurance required are included and benefits are the options available for those seeking additional coverage.
Accident benefits coverage is compulsory everywhere except Newfoundland and Labrador. All Canadian provinces have some form of no-fault insurance available to accident victims. The difference between provinces is the degree to which it is emphasized tort or no-fault.
International drivers entering Canada are allowed to drive any vehicle of its license allows the period of 3 months for those who are authorized to use your international license. International laws provide visitors to the country with an International Bond Insurance (IIB) until this period of three months has passed in which the international driver must be provided Insurance Canada. IIB is reset every time the driver enters the country international. The damage to the vehicle itself of the driver is optional - a notable exception to this is in Saskatchewan , where SGI provides collision coverage (under $ 1000 deductible, such as collision damage) as part of its policy basic insurance. In Saskatchewan, residents have the option of having your auto insurance through a system of civil liability, but less than 0.5% of the population has taken this option.
According to section 4 of the Motor Vehicle Insurance (Third Party Risks) Ordinance (Cap 272 of the Laws of Hong Kong), all users of a car, including its users allowed, you must have insurance or other warranty regarding third-party risks.
Third party vehicle insurance is compulsory for all vehicles in Hungary. It is not possible exemption deposit money. The premium covers all damages to HUF 500M (about 1.8 M €) no deductible per accident. The coverage extends to 1,250 million forints (about 4.5 M €) in case of personal injury. Vehicle insurance policies of all EU countries and some EU countries are not valid in Hungary on the basis of bilateral or multilateral agreements. Visitors with insurance vehicles not covered by these agreements are required to purchase a monthly renewable policy at the border.
In Norway, the owner of the vehicle must provide the minimum liability insurance for his / her vehicle (s) - of any kind. Otherwise, the vehicle is illegal to use. If a person drives a vehicle belonging to another person, and have an accident, the insurance cover for damage. Note that the policy holder can choose to limit coverage used only for family members or people over a certain age.
Romanian law mandates Raspundere Auto civila, liability insurance of motor vehicles for all vehicle owners to cover damage to third parties.
Automobile liability insurance is mandatory for all vehicle owners in accordance with Russian law. Insurance the vehicle itself is technically voluntary, but may be mandatory in some circumstances, for example, leased car.
South Africa allocates a percentage of the money of fuel in the accident fund, which will compensate third parties in accidents.
Every motor vehicle on public roads to have a liability insurance (called “Liability”).
The police have the power to seize vehicles that do not have the necessary insurance in place until the vehicle owner pays the fine and sign a new insurance policy. You drive without the necessary insurance for that vehicle is an offense to be prosecuted by the police and receive punishment. Same provision applies when the vehicle is stopped in the street.
Insurance policies cover only a minimum of third parties (including the insured and third carried out with the vehicle but not the driver, if the two do not match). Also the third party, fire and theft are common insurance policies. Victims of accidents caused by uninsured vehicles could be offset by a guarantee fund, which is covered by a fixed amount of each insurance premium.
Since 2013 it is possible to take out insurance for the day as is possible in countries like Germany and the U.K.
There are three types of car insurance
to choose from:
- third party fire and theft
- fully comprehensive
Each type of policy offers a different type of housing. The legal minimum level of insurance is third, which provides more limited protection. If you want the most extensive type of insurance, you need to look at all risk policy
If you have a car and want to drive on public roads in the UK, the third party car insurance is the minimum level of coverage required by law. Even if you do not drive the car every day, it must be ensured throughout the year as the legislation continues Insurance Compliance was approved in 2011.
However, the coverage provided by this type of policy is very basic. third party cover only agree to pay for damages caused to the property of others, or compensation or expenses related to damage suffered in an incident awarded to be the fault of the covered conductor.
So cover third party would pay if you cause an accident or injury of another driver, the vehicle and its passengers.
Cover third party certainly has its limitations because it does not cover the cost of repairs to your vehicle. It will not cover if your car is stolen or damaged by fire or, meaning they would have to pay for any repairs or replacement of oneself.
If you are looking for an additional layer of protection than that offered by third party only cover, you might consider third party fire and theft car insurance.
This type of policy provides the same level of coverage as offered by third parties only political, but also protects against loss or damage if your own car is damaged by fire or theft.
If you have a cheaper car, you may want to consider opting for third party insurance against fire and theft - rather than full coverage - but it is unlikely to be the cheapest type of insurance.
If you are looking for the highest level of coverage of your auto insurance policy, you should consider car insurance all risk. This includes coverage for damage to your own vehicle and any damage suffered by others from a variety of causes, including accident, fire and theft.
This offers a wider higher level of protection to the third and only third party fire and theft car insurance.
As mentioned, the full and detailed policies have historically been the most expensive, but the recent trend for younger drivers to buy third party only cover and then claim has pushed up the price. So far, most of the time, all risk premium is usually cheaper
A taking car insurance, you need to go into details about you and your car. Here are some details will be asked to provide:
- registration number of the car
- driver’s license number
- Address and work address if you use the car for work
- Claims years undiscounted
- Estimated value of your car
- The details of claims and / convictions traffic offenses (if applicable)
- Estimated annual mileage
- Bank details (surcharge)
Some comprehensive policies allow key drivers to drive someone else’s car on a third party basis. However, this varies between providers and may be subject to certain conditions - that is, it may have to be over a certain age. In any case, it is always important to check with your insurance company.
In addition, it is important to note is that will only third party cover in the car, despite having a comprehensive policy on your own car. This means that if you were involved in an accident in the other car, you would have to pay for repairs.
If you change your policy mid car, you need to inform your insurance company before you start driving. They need to adjust their data and may charge an administration fee. Chances are that will alter the price you pay for your coverage - you could end up paying more or less.
You have to secure and legally encumber the car if you want to drive them away. The easiest way to do this is to get a budget before you pick it up, then all you have to do is call the insurance company or visit their website to activate the policy.