What is Car Insurance?

What is Car Insurance?

You people have heard about the Life Insurances.Many of you people have done your life insurances in which the life insurances company pays you when you met with an accident or you have lost your body parts or in different ways.Do you know what is Car insurance? Car Insurance  is the insurance of your cars which will help you in the case when your car met with an accident and obviously it will leads to a huge financial loss.Car insurance is just the type of  contract between your car  and the insurance company. Since with the car insurance you would be agree with the car insurance policy that you have to pay the premium in one time or in installments to the insurance company and  the insurance company will be agreed in the case of damage to your car they will recover your financial loss by paying them as it is defined in your policy.

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Car Insurance provides the following benefits:

  • Property Coverage:Property coverage is the coverage which will be fulfilled by the car insurance company in case your car get damaged or your car get stolen by thief.In that cases car insurance company pays you the whole amount for buying a new car.So Property coverage in this way pays you for the damage and  theft of your car.
  • Liability Coverage :Liability coverage is the coverage which will be fulfilled by the car insurance company in case your car get bodily damaged or injured.In that case car insurance company pays you for the legal responsibility for your car’s body part damage.
  • Medical Coverage  :Medical Coverage is the coverage in which the insurance company pays you for the repairing cost or rehabilitation of your car.

If you’re financing a car, your lender may also have requirements. The car policies time duration depends on the different company that what they offers you normally policy car insurance duration vary from  six months to a year. In case you forget then Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.

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