what is motor insurance?

what is motor insurance? : A motor insurance policy covers vehicle damage and
some liabilities related to driving your car on public roads. It is an insurance policy
which is bought from a private company, and it is compulsory for individuals who
own or rent cars to insure their car for liability purposes.

The cost of the policy depends on the value of the vehicle and how often you drive it –
this fee can be calculated based on mileage or by fixing a premium amount per month.
There are many different types of motor insurance policies and insurers offer
discounts depending upon factors such as whether you have good driving record and
previous claims, your age, home location, and more.

There are different types of motor insurance policies. Comprehensive insurance policy
covers most losses and liabilities except for liability from personal injury, which is
covered by third party personal injury compensation law. Third party, fire and theft
policies cover owner’s liability as well as damage to the vehicle caused by natural
disasters or thefts.

It is very important to read the newspaper or search on internet to
know how much you should pay for a certain type of policy because prices change
over time depending on situations – such as a raise in petrol prices can raise the price
of your car insurance policy because it is possible that you might be driving more
often due to economic reasons, but this would be compensated by a drop in the price
of petrol.

In addition, it is also important to note that there are different types of motor insurance
policies. A general insurance policy covers the whole vehicle and its parts, while a
comprehensive policy covers only the insured automobile, thus offering less coverage.
It is also possible to insure your car with a third party personal injury insurance
instead of comprehensive insurance – this type of policy covers damages caused by
other drivers or vehicles if you are at fault.

 

The policies which you purchase depend on the amount of money you can afford.
Generally speaking, if you want to insure your vehicle for $500 per year while driving
it 10 000 kms annually, then you would be required to pay about $15 per month for
the full coverage. However, if you could afford to cover the uninsured losses of your
car for $1000 and had an additional $1500 per year on your car insurance policy, then
you would be paying about $25 a month for the additional coverage. The more money
you have in your bank account, the lower will be the price of your motor insurance
policy.

There is a certain type of motor insurance policy which does not include the costs for
repairs of other people’s fault and some other damages – it is called All Risk Premium
(ARP). So if you are looking forward to saving a few pennies and do not mind paying
extra money every month to insure against some other unexpected dangers on public
roads, then this is something that could interest you.

There are also different types of insurance policies in many different countries which
can be useful to know if you live in other countries and sometimes have to insure your
car for different circumstances. Different countries will have different types of
insurance, for example it is possible that in Australia it is compulsory for every adult
to pay a certain annual amount of money towards insurance coverage, while in the UK
there are many plans available to people who would like to purchase car insurance,
depending on the amount that their salary more than covers their total loss of the car
and its damages. It is also possible to opt for a no claims bonus policy, which offers
extra money if you do not make any claims from the period of three years.

It is quite possible that you would like to know about an insurance policy which is
more efficient than other options. As of 2019, the average cost for comprehensive and
third party liability insurance for a single adult in Australia is $1250 per year. The
average cost of third party liability insurance for a single adult in terms of personal
injury compensation law in Australia is $2271 per year, while the average cost for
personal injuries in Australia is $1080 per year.

In many countries, it is possible to opt for cashless insurance policies through which
you can pay for your car insurance payments at petrol stations. In Australia and UK,
you can use BP smart cards to pay for all your car insurance payments through a BP
petrol station where they will be added directly onto your credit card bill. This could
save you time and money in terms of travelling to the bank or online payment
transfers by saving at least 5 minutes per month.

A motor insurance policy covers vehicle damage and some liabilities related to
driving your car on public roads. It is an insurance policy which is bought from a
private company, and it is compulsory for individuals who own or rent cars to insure
their car for liability purposes.

The cost of the policy depends on the value of the vehicle and how often you drive it –
this fee can be calculated based on mileage or by fixing a premium amount per month.
There are many different types of motor insurance policies and insurers offer
discounts depending upon factors such as whether you have good driving record and
previous claims, your age, home location, and more.

Disclimer :
The above information has been taken from other websites. The steps you have
to take according to the information given above are at your own risk
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