So many people buy insurance both online and offline for the vehicles. They may know only some of the points about insurance. This is not easy to understand how insurance terms and conditions work. To begin with, there are different types of vehicle insurance and vehicle finance. The coverage areas also differ. People should know all the basic terms and conditions before they buy insurance for cars and motorbikes.
Different Types of Vehicle Insurance
1. Classic Car Insurance – It is specialized insurance for the people possessing classic cars such as Vintage cars.
2. Collision Insurance – It consists of a repair or replaces the covered vehicle after the accident.
3. Comprehensive Insurance – It covers an extra level of coverage for an accident involving another vehicle. It helps in the condition like vandalism, collisions, certain weather events and accidents with animals, etc.
4. Gap Insurance – This is an insurance that covers the amount owed on a car loan after a total loss or theft. As the value of a vehicle depreciates with the passage of time.
5. Liability Coverage Insurance – This coverage requires a legal requirement to drive a car. It mainly helps you from damages for injuries and others from you for property damage.
6. Medical Coverage Insurance – The medical costs are very high after an accident. Furthermore, the insurance covers medical payments regardless of who is at fault.
7. Personal Injury Protection Insurance – This covers normally some certain medical expenses and loss of income in an accident. All this depends on the terms and conditions of the policy.
8. Rental Reimbursement Insurance – It helps the people to pay for a rental vehicle in case it is unable to drive after the accident.
9. Towing and Labor Insurance – It is available if you bought comprehensive policy insurance. It helps to pay for the cost of towing and repair.
10. Under-insured Insurance – Everyone wants to save money. They select a minimum in liability coverage policy. As a result, it helps you in an accident if the other driver’s insurance is not enough to bear the cost.
11. Uninsured Insurance – This one helps you and vehicle from hit-and-run accidents and uninsured drivers.
Thus, these are various types of vehicle insurances and coverage for two and four-wheeler. Always buy insurance from a trusted agency. Besides this, be careful from fraud companies providing online insurances. Therefore, ask the insurance agency its complete address and authenticity. Furthermore, search on the internet all the doubts and clear them.