A New Article Explains What Is The Purpose Of Car Insurance
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- For some drivers, paying car insurance may seem an unnecessary financial burden. A driver who was never involved in an accident and never filed a claim may consider this service useless. Paying month after month and getting nothing in return may leave these drivers wondering what's really the purpose of car insurance.
- Nobody should deny the importance of being covered. If nothing happened to a driver, this does not mean that he does not need this service. Nobody can predict the next accident. Causing an accident while driving uninsured will have multiple negative consequences. Even if that person was the victim, not carrying insurance will limit his claims.
- Car insurance is used primarily for financial protection. Even when carrying liability-only coverage, the policyholder is protected. If he causes an accident, the liability coverage will reimburse for medical bills and car repairs. This also protects the policyholder from lawsuits, paying everything from his own pockets and even jail time.
- Purchasing high levels of liability coverage is a wise decision, considering the medical and car repair expenses. In the case of serious accidents, the minimum liability coverage will not be enough. The policyholder will have to pay the difference from his own finances.
- Full coverage will reimburse the policyholder for the damage his car has sustained. Full coverage includes comprehensive and collision coverage, plus additional services (rental and roadside assistance). They reimburse the policyholder if he is involved in a collision or the car is damaged by factors not related to an accident (extreme weather, objects/debris falling from the sky, rampaging animals). Comprehensive coverage also reimburses the policyholder if his car is stolen. Full coverage becomes optional after the policyholder owns the car. The holder of the car loan will require full coverage to the extent the policyholder owes on the car.
- Commercial car insurance is used to protect the assets and financial interests of a company. Companies that use vehicles in their financial activities should buy adequate commercial coverage. Unlike personal car insurance, commercial coverage has higher coverage limits, provides protection to the cargo and drivers and can insure a fleet of vehicles.
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