The joy of driving your car listening to one of your favorite songs is one of the greatest pleasures in life indeed. The experience becomes even sweeter when you’ve recently bought your first car or a new one.
Life is much easier when you have your own vehicle and you don’t have to depend on anyone to take you around. However, did you know road accidents happen to be one of the major causes of death and severe injuries every year? Even if you consider yourself as a good driver who is careful enough to obey all the traffic rules you could still get involved in an accident because someone else was careless.
Drunken and reckless drivers, cyclists and pedestrians who are careless often cause major accidents involving several innocent victims. Besides, no matter how careful we are mistakes do happen once in a while. Sometimes a mistake of ours could also cause an accident. This is the main reason why it is important to have your car insured.
Insurance can also provide you with the financial coverage in case your car gets damaged or destroyed in a fire or if it gets vandalized or stolen.
There have been cases where the insurance company failed to give the required amount of financial coverage to the client or when the insurance company delays the payment unnecessarily. Attorney Justin Kimball from PreszlerLaw-NS.com says that if a court determines that an insurance agency has acted unreasonably in an attempt to deny benefits, the court may offer the plaintiff a “special award”.
When You Have No Insurance Coverage
On Your VehicleIt is illegal to drive a vehicle without insurance. This could cost you your license, and a huge amount of money as fine in case you are caught. There are also huge penalties for driving an uninsured vehicle that has caused an accident involving injuries and death. Besides, an uninsured vehicle could also get seized by the police.
Different Types Of Insurance Coverages For Cars
Liability Or Third Party Coverage
This insurance coverage is mandatory for cars. It covers the medical expenses and cost of damage to the vehicle and property of others caused by an accident where you are held responsible or liable. Hence it is called liability coverage. The minimum amount of insurance coverage may vary depending on the state or province you live in.
Collision Insurance Coverage
When you opt for a collision insurance coverage you get better benefits in case there is an accident. Besides covering the costs for damages to the vehicle and property and the medical expenses for the injured party when there has been a liability issue, this policy also covers the policy owner’s medical expenses and costs for the vehicle’s repairs. This policy is costlier than the liability coverage but in the case of an accident, the owner gets better benefits out of this one.
A collision coverage becomes necessary in the situation where you owe money to the bank on your car. Taking a collision insurance coverage on a car that is really old wouldn't be a wise idea as the premium amount that you are likely to receive when the car is totaled could be as low as 10% or less.
Comprehensive Insurance CoverageThis insurance coverage is the highest level of financial coverage that you can get on your vehicle. This insurance covers the expenses of the liable as well as that of the other parties involved in the accident. Comprehensive coverage not only covers the medical expenses and costs for vehicle repairs in case of an accident but also covers the expenses in case your car is stolen or damaged by fire, floods or other natural calamities.
Benefits Of Comprehensive Auto Insurance Coverage
Coverage For Stolen CarsWhen you opt for comprehensive insurance coverage for your car you don't have to worry in case it gets stolen. This policy reimburses the value of the car that was stolen and you don't have to trouble yourself to find the money to buy another one. Taking this insurance coverage is necessary in case you've financed it from a lender or a bank. It is important to keep in mind that the insurance companies wouldn't pay you an amount to buy a brand new car.
Insurance Coverage For Weather Or Natural Calamities
Your car could get damaged in case there’s a hail storm or cyclone or tornado. Floods could also damage your vehicle partially or completely that you have no other option but to write it off. Having a comprehensive auto insurance coverage makes sure that you get paid for the expenses for repairing the damages to your car or its full value in case it has to be written off.
Animal Collision Expenses
A comprehensive insurance policy covers the expenses caused to a vehicle in case it gets damaged by a collision with an animal. It is important to note that animal collision damages do not come under the collision insurance coverage. To get paid for a dent on your car or a smashed windshield that was caused by hitting an animal you need to get your vehicle insured under the comprehensive insurance coverage.
Falling Objects, Fire And Vandalism
A comprehensive insurance coverage pays you an amount to replace your car in case it gets destroyed in a fire. Damages caused by falling objects like a branch of a tree or a coconut and damages caused by vandalism are also covered under this policy.It is a legal requirement to get a vehicle insured.
You get the financial protection for your vehicle in the event of an accident where your car gets damaged. Besides, injuries caused to the fellow passengers, other drivers or pedestrians also get covered financially when you have auto insurance. You can never predict an accident.
So, when you have insurance coverage you can be at peace regarding financial matters if you are ever involved in a road accident.
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