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Auto Insurance – Which Type Is Right For You
Auto insurance is a form of insurance available to consumers who own cars, trucks and other vehicles.
It covers the insured party against the risks involved in owning or driving a vehicle. This may be a car accident,
damage caused to other cars or property, loss to passengers in your car, and damage to your car itself.
Optional Covers
There are different levels of insurance available depending on what risks you wants to cover. You can cover
against the costs of repairing your vehicle after an accident. You can cover the cost of purchasing a new
car should yours be stolen or damaged beyond repair. These are optional covers.
Liability insurance on the other hand is compulsory for all drivers. This will cover the risk of claims being
made against you as the driver or owner of the vehicle that caused damage to the property of another,
the vehicle of another, for medical expenses of others injured as a result of an accident, including passengers
in your car. If you have liability insurance, it will only cover these risks. If you have comprehensive insurance
it will cover also the risks to yourself and your own vehicle.
GAP Insurance
However, even comprehensive insurance will not fully cover your risks. First of all there is the issue that,
as soon as you buy a new car, its price suddenly drops significantly because it is no longer new. It is used.
So if you were to destroy your car the day after buying it, the insurance company would likely assess the
value as something less than what you paid for it, even though you may still owe a good deal more than
that in payments and financing.
To cover the chances of this happening, so called GAP insurance was developed. This covers the
difference in the actual value of your car, and the amount you still owe in payments. The growth of
vehicle leasing has also led to GAP insurance becoming more important.
Extra Cover
In the US, the insurance policy will generally cover the owner of the vehicle and any others who drive
the vehicle so long as they do not live at the same address. For those living at the same address,
you should have them specifically added to your insurance policy for an extra fee.
This means that if you crash someone else’s car, while driving it with their permission, you will be
covered by their policy, not your own. Non-owner policies are available to cover you on other people’s
cars but these will only be available if you do not own your own car.
About the author:
Joseph Kenny is the webmaster of the insurance site http://www.insure121.com/ where you will find
information, news and links to the leading providers of car insurance in the UK
Insurance Articles:
Understanding Different Types of Auto Insurance
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The 411 on different types of auto insurance
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Life Insurance: Term or Universal
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The benefits and drawbacks of buying your auto insurance online
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Auto Insurance – Which Type Is Right For You
Auto insurance is a form of insurance available to consumers who own cars, trucks and other vehicles. It covers the insured party against the risks involved in owning or driving a vehicle
Life Insurance and Life Assurance are not the same!
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Life Insurance and the Law. A layman's introduction
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Car Insurance. How can you lower your premiums
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Senior HealthCare on the Net
In 1984, William Pritchett, Jr. developed the first Home Health Care plan of its kind, which revolutionized the insurance industry in this market.
The program was developed to allow seniors to recuperate in the comfort of their own ho.me as an alternative to assisted living facilities. This idea has grown into an entire industry. William Pritchett quickly became the leader in this cutting edge senior care product
Using The “Autograph” To Get Cheap Motor Insurance
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Insurance Rate Methods
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Life Insurance – Medical history increases the cost for 66% of applicants
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Offset Mortgages. A dream for well off homeowners
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Life Insurance - Helpful Tips For Getting A Cost Effective Policy
Many things factor in with getting a cost effective life insurance quote and policy. It is wise to take some time out and do some important research first. With online access, it is much easier today than it used to be. There are many affordable life insurance offers on the Internet that would greatly benefit the beneficiaries we love. Taking the time out to educate yourself can be well worth your while.
Buying Life Insurance online – is it a really good idea
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Buying Life Insurance, One tip to save you thousands
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Life Insurance - Money Saving Top Tips
Buying life insurance online is easy but this article provides 5 money saving tips that the man in the street would otherwise be unaware of. Essential reading.
Term Life Insurance: The differences between Term and Whole Life policies
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Wake Up And Smell The Smoke
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Landlord Insurance for beginners
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Critical illness insurance – critical or ridicule?
Two thirds of the population suffer a critical illness at some point in their life, so is it worth taking out financial protection for this?
Which Car Should You Own To Keep Your Insurance
Do you consider the cost of insurance before you buy your dream car? You should. The Highway Loss Data Institute analyzes the cost to insurance companies from theft, collision, and injury claims as they relate to cars. They look at the color of the cars, how many doors they have, and even break them down type.
Factors That Affect Your Car Insurance Premium
Many factors affect the premium you will pay for auto insurance.Each is a statistically based risk for a specific population. The higher the risk associated with a person, the more he or she is likely to pay for coverage. We have elaborated on some of the risk factors below, but there are numerous others, including driver's gender, miles driven per year, purpose for using the vehicle (commuting to work, using for work, leisure only), etc.
Seven Steps to Filing Your Car Insurance Claim
Having even a teeny-tiny car accident can be one of life's least enjoyable moments. However, accidents happen, and sooner or later, we all have the experience of meeting one of our fellow road travelers up close and personal. Using the following seven steps to filing your claim will help you get over this speed bump as smoothly as possible.
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