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What is Motor Insurance?
What does Motor Insurance cover?
There are 3 standard things that are covered in a motor insurance policy. You can find the details below:
Property: When your car is damaged or stolen.
Liability: Your legal responsibility to others for property damage, bodily injury or death
Medical: The cost of injury treatment and rehabilitation.
Ultimately, subject to underwriting, you can pick your own types of coverage. Below is a brief breakdown and comparison of the elements of each types of cover:
Furthermore, extension coverages that can be found in all types of policies can be found below:
- Bail Bonds
- Loss of life, dismemberment and total permanent disability for driver and members in the vehicle from personal accidents
- Medical expenses
Please note that while there is coverage, the limit may not exceed what is stated in the policy.
Moreover, a Compulsory Motor Insurance is also enforced in addition to the motor insurance, provides coverage for injuries of loss of life from persons in the vehicle as well as third parties.
How important is Motor Insurance?
Who needs Motor Insurance?
How much does a Motor Insurance policy cost?
- Coverage Limit: The cost will reflect the coverage you select; the more extensive products, the higher the risk for insurers and therefore the more expensive the premium.
- The Vehicle: Insuring a more expensive car will be more expensive than a cheaper car. The model and year of car can also influence the price.
- Claims History: A car that has had many claims can see their premiums spike up.