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auto owners insurance company

If you own a auto, no doubt you’ll understand when people sit around complaining about the price of their automobile insurance. But, the fact is that the cost of you vehicle insurance is going to depend as much on what type of auto insurance you buy as it is on what insurance company you use to insure your auto.

 

So, what are the dissimilar types of auto insurance options available?

Fully comprehensive insurance

Fully comprehensive car insurance is without doubt the most expensive. However, with so many autos financed by finance firm, it is also probably the most common type of car insurance – as the finance organization make it a requirement that the owner insure their car fully comprehensive.

In short, as its name suggests, fully comprehensive auto insurance insures the owner of the vehicle against all manner of events – from an car crash to theft of the motorcar. The upside of this type of vehicle insurance is there is no need to show ‘fault’ in order to claim. So, if you have an fender bender, which is not your fault, and the owner of the other auto, who is at fault, doesn’t give you his car insurance details, or, worse, is uninsured, you can still claim against your automobile insurance group. Similarly, if your automobile is stolen, then fully comprehensive vehicle insurance allows you to claim against the car insurance company.

However, do read your automobile insurance plan carefully, as most automobile insurance groups refuse to insure 100% of the value of a automobile, choosing instead to only insure 80%, or so, of the value. The insurance organizations claim that doing this prevents fraudulent losses of auto where the owner of the vehicle either no longer wants the automobile, or is encountering financial difficulty.

Third Party, Fire & Theft

Third party, fire & theft insurance is a middle of the road automobile insurance package popular with those who have already paid off their vehicle loans, but who still have a certain level of intrinsic value in their vehicle.

Under this type of auto insurance, most of the pay-out events covered under fully comprehensive v are covered – such as fire & theft. However, in the event of an collision, the automobile insurance firm is only required to pay-out if you are at fault, and you hit another car. So, in the event that you hit a wall, or only damage your auto, the insurance group will not be required to pay. Likewise, if you are involved in an auto fortuity with another vehicle, and are not at fault, your car insurance group will not be required to pay-out, regardless of whether or not the other person has sufficient car insurance to pay for the damage done to your automobile.

Third Party vehicle insurance

Third party automobile insurance is the ‘basic’ type of auto insurance, and only covers circumstances where you are involved in a vehicle chance event, are at fault, and hit a third party. In all other events, the auto insurance group is not required to make a payment. As such, it is also the cheapest type of insurance you can purchase. That said, this type of vehicle insurance is usually only purchased by those automobile owners who have an old motorcar with little or no value.

Specialized vehicle insurance

Finally, strictly speaking any vehicle over 25 years old is considered a ‘classic’. As such, this type of car should be insured as a classic automobile – with all of the benefits and requirements of such. Although ‘classic’ car insurance usually has all of the benefits of fully comprehensive automobile insurance, one significant disadvantage that classic car insurance has is that you are usually limited to the number of road miles you can drive in any given year – so check your plan carefully.

 

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