Copyright 2005-2012, car insurance quotes
Different Types of diamond car insurance quotes
If you own a auto, no doubt you’ll understand
when people sit around complaining about the price of their auto insurance.
But, the fact is that the price of you car insurance is going to depend as
much on what type of auto insurance you buy as it is on what vehicle
insurance group you use to insure your vehicle.
So, what are the dissimilar types of car insurance options available?
Fully comprehensive insurance
Fully comprehensive auto insurance is without doubt the most expensive. However, with so many cars financed by finance group, it is also probably the most common type of automobile insurance – as the finance group make it a requirement that the owner insure their car fully comprehensive.
In short, as its name suggests, fully comprehensive automobile insurance insures the owner of the automobile against all manner of events – from an collision to theft of the vehicle. The upside of this type of automobile 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 automobile, who is at fault, doesn’t give you his vehicle insurance details, or, worse, is uninsured, you can still claim against your auto insurance company. Similarly, if your automobile is stolen, then fully comprehensive car insurance allows you to claim against the car insurance organization.
However, do read your auto insurance plan carefully, as most insurance companys refuse to insure 100% of the value of a motorcar, choosing instead to only insure 80%, or so, of the value. The auto insurance groups claim that doing this prevents fraudulent losses of vehicle where the owner of the automobile either no longer wants the car, or is encountering financial difficulty.
Third Party, Fire & Theft
Third party, fire & theft vehicle insurance is a middle of the road vehicle insurance package popular with those who have already paid off their auto loans, but who still have a certain level of intrinsic value in their auto.
Under this type of automobile insurance, most of the pay-out events covered under fully comprehensive v are covered – such as fire & theft. However, in the event of an car crash, the vehicle insurance firm is only required to pay-out if you are at fault, and you hit another motorcar. So, in the event that you hit a wall, or only damage your automobile, the auto insurance firm will not be required to pay. Likewise, if you are involved in an car collision with another auto, and are not at fault, your vehicle insurance company 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 motorcar.
Third Party insurance
Third party auto insurance is the ‘basic’ type of auto insurance, and only covers circumstances where you are involved in a auto accident, are at fault, and hit a third party. In all other events, the vehicle insurance organization is not required to make a payment. As such, it is also the cheapest type of automobile insurance you can purchase. That said, this type of automobile insurance is usually only purchased by those car owners who have an old motorcar with little or no value.
Specialized auto insurance
Finally, strictly speaking any automobile over 25 years old is considered a ‘classic’. As such, this type of car should be insured as a classic car – with all of the benefits and requirements of such. Although ‘classic’ auto insurance usually has all of the benefits of fully comprehensive auto insurance, one significant disadvantage that classic auto 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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