Vehicle insurance is coverage for automobiles, trucks, motorcycles, and several other road-going vehicles. Its main function is to provide physical protection against bodily injury or damage caused by road accidents and also against liability that can arise in a vehicle from various incidents. Road accidents can be either serious or minor and either can render the vehicle owner unable to drive it. The cost of vehicle insurance can therefore become a big burden for most drivers.
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In order to avoid this financial burden, many drivers purchase auto insurance which takes care of the vehicles they drive. Many types of insurance are available to car owners and the type of motor insurance varies with location, type of vehicle, and driver’s profile. Car insurance can be categorized according to its policy features. There are so many types of these policies that motorists may get confused while looking for an insurance provider.
There are three major types of vehicle insurance policy available in the market. First, the most common is comprehensive vehicle insurance. It covers all damage and repairs for the insured vehicle in the event of theft or collision. This type of vehicle insurance policy may not always be the most affordable choice as it usually involves high deductibles. However, it provides comprehensive coverage and thus is a good choice for drivers who don’t drive very much or those who live in rural areas where there aren’t a lot of car accidents.
Another type of vehicle insurance is third party insurance. It’s suitable for drivers who own cars that are not particularly expensive. Under this type of policy, the insurance company pays for medical expenses, rental vehicle costs, and up to a certain amount for damages to the third party’s car in case the insured car is hit by another vehicle or object.
An even cheaper way to get car insurance is to get third party coverage. This kind of insurance doesn’t cover the car in the event of an accident. It simply provides insurance for the other party. However, it is cheaper than fully comprehensive because it has less coverage than fully comprehensive.
Before choosing any car insurance, it is wise to compare different vehicle insurance quotes from different insurance providers. Comparing car insurance quotes allows you to understand which car insurance provider offers the best and most affordable rates. You can also find out more information about a specific company, including the history, reputation, financial stability, customer service, and insurance track record. You can save time and money by getting free vehicle insurance quotes from various car insurance companies.