Auto insurance can be defined as a contractual agreement between an individual and an insurance company; that aims at protecting the individual from financial loss in case of an accident or theft. The insuring company commits to pay your losses as outlined in the smart travel options insurance policy, in exchange for your payment of a premium. Individuals applying for an insurance policy need to obtain a quote: a quote is an estimate of the premium for the insurance coverage selected and the details entered.
Types of covers
This type of insurance covers for:
- Property – damage to or theft of the car
- Liability – individual’s legal responsibility to other parties for bodily harm or damaged property
- Medical – treating injuries, rehabilitation and in some cases loss of wages and funeral budget
To allow for customization of coverage amounts to suit individual’s exact needs and budget, auto insurance cover policies are priced individually. As a general rule these policies are issued at periods of six-month or one-year and are also renewable. The AXA SG insurance provider will send a notification to renew your policy or pay your premium from https://www.leonardfinancialsolutions.com.
Who does it cover?
An auto policy covers an individual and their family members on the policy, whether driving your car or someone’s car. It also covers someone driving your car with your permission. A personal auto policy only covers personal driving, but does not provide coverage if the car is used for commercial purposes.
After covering for damages caused by your car, it’s essential to cover your own car for damages. The following covers can be considered:
- Collision – this reimburses you for damages to the car that occurs as a result of collision with another vehicle or object when you are at fault. It also covers for damage from potholes or in case of your car rolling.
- Comprehensive – covers against theft and damages resulting from an incident such as fire, vandalism, flooding, falling rocks or trees and hail.
- Glass coverage – covers the wind shield from any damage. This policy may include no-deductible glass coverage like side windows, glass sun roofs and rear windows. Under this policy you can also purchase the supplemental glass coverage.
- Towing – this cover pays for a tow if the vehicle cannot be driven after being involved in an incident.
- Uninsured motorist coverage – this provides cover for medical and property damage if you get involved in an accident with a motorist who is not insured or underinsured.
It is advisable that before purchasing an insurance policy, you need to research about the insurance provider you intend to contact. This will enable you to make sure that the Insurance cost policy you pick covers your vehicle at all the times. You should also investigate on their financial strength as this will directly impact on their ability to pay your claims and the time the take to pay.