Understanding Different Types Of Auto InsuranceBy Marcus Dubois
Auto Insurance policies can be divided into different categories according to the coverage they provide. Broadly speaking there are four kinds of policies known as Collision Insurance, Comprehensive Coverage Insurance, Uninsured and underinsured Motorist Coverage policies and No Fault Automobile Insurance policy. Besides these, there are policies that take care of other needs like covering an auto loan, paying for towing expenses or paying for the cost of a rented car while your vehicle is being repaired.
The most common insurance policies are:
Collision: Any property damage caused to your vehicle due to an accident caused by any other vehicle or object is covered under this policy. The claim amount cannot exceed the actual cash value of the vehicle and is subject to any deductible.
Comprehensive: Any property damage to your vehicle that is caused by non-collision factors like fire, theft, vandalism, and even natural disasters like flood, hurricane or earthquake is covered under this policy.
Uninsured Motorist Coverage (UM) and underinsured motorist (UIM) coverage: takes cares of any injury that may result to you or to persons insured in your policy from an accident that takes place with another uninsured or underinsured driver or vehicle owner. Generally only body injuries are covered under this policy.
No Fault Auto Insurance Policy: Irrespective of who caused the accident, the insurance company pays for the medical expenses and for the loss of wages that the insured suffers on account of a collision under this policy.
Some other additional coverage that an auto insurance policy holder can buy are:
Property Damage Liability and Bodily Injury Liability: These two policies protect the insured from any claims made against him for causing damage to property including vehicle belonging to another person or for causing any bodily injury or loss of life to other individuals up to the amount mentioned in the policy.
Auto Lease Protection: is an additional protection that you may add to your collision or comprehensive auto insurance policy to take care of any gap that exists between your auto loan amount and the cash value of your vehicle.
Full Tort and Limited Tort: available only in the state of Pennsylvania allows the insured to retain unrestricted rights to bring a lawsuit against a negligent party or recover expenses incurred for certain damages.
Rental Expense: Known as Extended Transportation Expense Coverage, the policy pays for a rental car while your vehicle is being repaired or replaced.
Medical Payments Insurance covers medical expenses for injuries sustained in an accident involving any vehicle for the insured, his passengers and other parties irrespective of whose fault it is.
Towing and Labor: An additional coverage option that can pay for all necessary towing and labor costs to tow your damaged vehicle to a work shop or another location.
|
Trial to be set for embattled car dealer (The Durango Herald)
A Durango auto dealer who is charged with multiple counts of felony theft is expected to receive a date for a jury trial today in District Court. Roger W. Francisco, the former proprietor of Francisco's Car & Truck Sales, is suspected of selling cars on consignment and failing to pay their owners.
Man accused of stealing car, faking mental slowness (Johnson City Press)
On Friday, March 5, Gallatin police arrested a local man for allegedly driving a car away from an auto dealer without permission. When confronted, the man allegedly pretended to be mentally slow and have a speech impediment, according to affidavits filed in Sumner County General Sessions Court.
Price shouldn?t drive car buying (Everett Herald)
Car buyers often focus on haggling down a dealer?s offer toward invoice price. That?s OK, but often that?s not where the real money is, says a former car dealer in his new book.
Greg Sellnow: The RAV has revved and now it will rest (Post-Bulletin)
A couple of years ago, a car dealer friend who had been trying to put me in a new vehicle made a prediction about my 1997 Toyota RAV4, which at the time had more than 150,000 miles on it.
Car dealer: Poor economy trickles down to affect everyone (The Williamsport Sun-Gazette)
For McElhattan native and car salesman Barney Penton, the state of the economy is very much on his mind these days. "I think the economy is on top of everyone's mind. When the economy is bad, it seems to trickle down to everybody's line of work, unless you're a pipeliner. The gas wells of course are doing very well," Penton said.
Salary sacrifice likely to boost dealer sales (AM Online)
Dealers could benefit from a massive spurt of interest in salary sacrifice for cars schemes, which make new cars available to employees who do not qualify for company cars in exchange for a monthly payment from their salary.
Zhongsheng resumes IPO, but halves the size (Finance Asia)
The Chinese car dealer decides to sell a smaller portion of its enlarged share capital at this time, believing that the stock will command a higher valuation in the long term, sources say.
Volkswagen signs new insurance deal (AM Online)
Volkswagen Insurance, the insurance arm of Volkswagen Financial Services, is partnering with Allianz Insurance for the provision of motor insurance to customers of cars and vans across the Volkswagen family.
Mardell's America (BBC News)
'Open carry' activists do weekly shop with a gun
Gunning for Trouble (Cleveland Scene)
When ATF agents raided Monaco's Kirtland home in 1996, they found enough firearms and ammunition to outfit a band of guerrillas.John Marinucci: number of guns siezed: 13Louis Monaco: number of guns siezed: 21Tony Marinelli: number of guns siezed: 6Marinelli, Marinucci, and Monaco hold a prop from their trial.Defense attorney Jay Milano.
|
