What is car insurance? Moreover, how does it work?
Car insurance is a type of financial benefit. This is what they get when they have an accident while driving. In this case the insurance company compensates the driver and the owner of the car. If he has any insurance in the name of the car then he will get insurance compensation from the insurance company. Otherwise you will never get the insurance compensation.
How does it work?
Car insurance basically works in two ways, firstly in case of any physical injury and secondly in case of any property damage.
Physical Injury:
If you have an accident while driving and you are harmed or if you have an accident and someone is the one who caused the damage to you, you do not have to bear any compensation. That compensation will be accepted by the insurance company.
Property Damage:
If the car has an accident while driving and the car hits a building and damages the building, the insurance company will be responsible for repairing the building. And also, if your car is stolen and you can provide complete proof to the insurance company, then that company will compensate your car.
As insurance companies offer these benefits, everyone insures such cars. Car insurance is also called the life of a car. If you want to get such benefits then insure your car now from one of the insurance companies.
Top 5 Types of Car Insurance?
- Liability
- Conflict
- Gap
- Rent Paid
- (PIP} Medical Cost
What is liability insurance?
If you have an accident while driving and the responsibility for the accident falls on you, the insurance company will cover all the costs. However, care must be taken to ensure that the liability is borne legally and that the insurance company will not bear the cost if otherwise.
What is conflict insurance?
If your car collides with another car while driving on the road, the insurance company will be responsible for any damage. Of course you are to blame for that collision otherwise if the owner of that car is to blame then you will not get any compensation from your insurance company. You have to take that compensation from the driver’s insurance.
What is gap insurance?
Suppose you have a car. And the car was stolen. And if you have gap insurance, the insurance company will pay the entire car cost.
What is rent paid insurance?
If your car cannot be driven after the accident, then Gap Insurance Company will bear the cost of your daily vehicle at that time. This is a very interesting policy.
What is medical cost insurance?
After a car accident, of course the driver of that car suffered a lot from his physical side. And then it costs a lot of money to get treatment. At the same time, the insurance company will bear the full cost of your doctor and all cost of medicine.
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