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Auto insurance is a contract between the policyholder and the insurance company. The policyholder agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy.
Auto liability coverage is mandatory in most states. Drivers are legally required to purchase at least the minimum amount of liability coverage set by state law. Liability coverage has two components:
Bodily injury liability can help pay for the costs related to another person’s injuries if you are the cause of an accident.
Property damage liability can help pay for damages you may have caused to another person’s property while driving.
Comprehensive coverage can help cover damage to your vehicle from differnt events such as theft, fire, hail or vandalism. If your car is damaged by a covered peril, comprehensive coverage may help pay to repair or replace your vehicle (up to the vehicle’s actual cash value). This coverage has a deductible, which is the amount you’ll pay out of pocket before your insurer reimburses you for a covered claim.
Comprehensive is usually an optional coverage, but your lender/finance company may require it if you’re leasing or paying off your vehicle.
If you’re involved in an accident with another vehicle, or if you hit an object, collision coverage can help pay to repair or replace your car (up to its actual cash value and minus your deductible).
Collision coverage is usually an optional coverage, but your lender/finance company may require it if you’re leasing or paying off your vehicle.
Personal injury protection, or PIP, can help pay for your medical bills after an accident, additionally PIP may also help cover other expenses as a result of your injuries.
If you are hit by a driver who does not have insurance, uninsured motorist coverage can help mitigate cost related to medical bills or, in some states, repairs to your vehicle. If you’re hit by an underinsured driver, that means they have car insurance but their liability limits aren’t enough to cover your resulting medical bills. That is when underinsured motorist coverage may help.
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Section 1: Loss or Damage The Insured shall be indemnified against loss of or damage to the Motor car and / or its accessories whilst thereon by:
Death or bodily injury to a third party (except for the person employed by the insured)
The insured will be paid medical expenses not exceeding by Rs. 500/- in respect of any accidental bodily injury.
Conditions:
Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Auto insurance provides coverage for:
Basic personal auto insurance is mandated by most U.S. states, and laws vary. Auto insurance coverages are priced individually (a la carte) to let you customize coverage amounts to suit your exact needs and budget.
Policies are generally issued for six-month or one-year timeframes and are renewable. The insurance company sends a notice when it’s time to renew the policy and pay your premium.
Your auto policy will cover you and other family members on your policy, whether driving your car or someone else’s car (with their permission). Your policy also provides coverage if someone who is not on your policy is driving your car with your consent.
Your personal auto policy only covers personal driving, whether you’re commuting to work, running errands or taking a trip. It will not provide coverage if you use your car for commercial purposes—for instance, if you deliver pizzas.
Personal auto insurance will also not provide coverage if you use your car to provide transportation to others through a ride-sharing service such as Uber or Lyft. Some auto insurers, however, are now offering supplemental insurance products (at additional cost) that extend coverage for vehicle owners providing ride-sharing services.
Auto insurance requirements vary from state to state. If you’re financing a car, your lender may also have its own requirements. Nearly every state requires car owners to carry:
In addition, many states require that you carry:
Even if PIP and uninsured motorist coverage are optional in your state, consider adding them to your policy for greater financial protection.
While most basic, legally mandated auto insurance covers the damage your car causes, it does not cover damage to your own car. To cover your own car, you should consider these optional coverages:
Collision and comprehensive only cover the market value of your car, not what you paid for it—and new cars depreciate quickly. If your car is totaled or stolen, there may be a “gap” between what you owe on the vehicle and your insurance coverage. To cover this, you may want to look into purchasing gap insurance to pay the difference. Note that for leased vehicles, gap coverage is usually rolled into your lease payments.
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