Motor Vehicle Insurance
An Assignment on
Motor Vehicle Insurance
Course Tattle: Principles of Insurance
Course Code: FIN 123
Motor Vehicle Insurance
Introduction:
Motor Vehicle Insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions. …show more content…
At the least the law states that motorists should hold at least a liability coverage before they can even legally drive on public roads and highways.
The main function of an auto liability insurance coverage is that of compensation to the injured party and repayment of damages incurred due to the accident. Obviously, the primary beneficiary of this coverage is the injured third party, but policy holders should realize that it delivers benefits to them too. Instead of spending your savings on hospitalization costs and damage expenses, motorists with liability coverage can simply rely on their insurance provider to cover for such damages instead.
• It is recommended by experts that motorists buy more coverage than what is normally mandated by law. The extensive protection by other coverage types is aimed for protection of assets as well as personal property. Bear in mind that minimum insurance coverage will not cover for expenses that will be incurred by the patient in case he suffers from serious conditions such as dismemberment, disfigurement, and permanent injury. Therefore an extensive insurance coverage such as that of comprehensive and collision should be a serious consideration for motorists
Motor Vehicle Insurance
Course Tattle: Principles of Insurance
Course Code: FIN 123
Motor Vehicle Insurance
Introduction:
Motor Vehicle Insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions. …show more content…
At the least the law states that motorists should hold at least a liability coverage before they can even legally drive on public roads and highways.
The main function of an auto liability insurance coverage is that of compensation to the injured party and repayment of damages incurred due to the accident. Obviously, the primary beneficiary of this coverage is the injured third party, but policy holders should realize that it delivers benefits to them too. Instead of spending your savings on hospitalization costs and damage expenses, motorists with liability coverage can simply rely on their insurance provider to cover for such damages instead.
• It is recommended by experts that motorists buy more coverage than what is normally mandated by law. The extensive protection by other coverage types is aimed for protection of assets as well as personal property. Bear in mind that minimum insurance coverage will not cover for expenses that will be incurred by the patient in case he suffers from serious conditions such as dismemberment, disfigurement, and permanent injury. Therefore an extensive insurance coverage such as that of comprehensive and collision should be a serious consideration for motorists