Auto Insurance: If you have a question in your mind like What is Auto Insurance?, Then let me tell you,
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Vehicle insurance is insurance for Motorcycles, Cars, Trucks, and other road vehicles. It is also known as motor insurance, car insurance, and auto insurance.
Its main use is to give financial security on physical harm or physical injury following from traffic accidents and on liability that could also arise from incidents in a vehicle.
Vehicle insurance may additionally give financial security against theft of the vehicle and on damage to the vehicle provided from events other than traffic accidents, such as keying, weather or natural disasters, and damage provided by colliding with stationary objects.
The specific terms of Auto insurance vary with legal laws in every country.
What is Auto Insurance?
Basic private auto insurance is mandated by most states and gives you some financial security in case of an accident.
Auto insurance is a deal between the insurance company and you, that defends you against economic loss in the event of theft or an accident.
In exchange for your giving a premium, the insurance company agrees to pay your damages as described in your policy.
Auto insurance provides coverage for:
- Liability – your legal duty to others for physical injury or property loss.
- Property – Like damage to or theft of your car
- Medical – the cost of operating injuries, recovery and sometimes lost earnings and funeral costs.
Basic personal auto insurance is mandated by most U.S. states, and laws vary.
Auto insurance coverages are priced separately to let you customize coverage amounts to suit your specific requirements and budget.
Policies are commonly allotted for 6 month or 1-year timeframes and are renewable.
The insurance company gives a notice when it’s time to renew the policy and pay your premium.
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