Car insurance or vehicle insurance is a class of insurance of cars, trucks, buses, motorcycles, boats, motor boats and other means of transport as well as drivers and passengers which includes:
- Insurance of the driver and passengers in case of injuries in road accidents;
- Insurance of medical expenses resulting from accidents;
- Insurance in case of death resulting from accident;
- Insurance of the vehicle in case of damage or total loss as a result of an accident;
- Insurance of vehicle owner liability for damage caused to third parties resulting from car exploitation.
Objects of car insurance: all kinds of vehicles (trucks and cars, buses, motorcycles, trailers and semitrailers) of both domestic and foreign production could be insured.
Insurance risks, which could be covered by car insurance:
- Full insurance (insurance against damage and theft);
- Damage insurance (insurance only against damage);
- Additional equipment insurance (insurance of car radios, antennas, discs etc. which are not included into base factory completion);
- Driver’s civil liability (insurance of liability for injury to third party’s property, life or health);
- Accident (insurance of driver and passengers against death or personal injury resulting from a traffic accident).
Insurance performs the following functions:
risk-taking function - the redistribution of risk between the parties to the insurance;
cautionary function - the use of part of the funds to reduce the possibility of insurance case realization;
function of saving – the insurance is used for the accumulation of funds;
function of control – the control over the formation and use of insurance funds.
What influences on the cost of insurance:
- Brand and model of the car;
- Price of the car and price of additional equipment;
- The year of car release;
- Driving experience;
- The number of insured cars and drivers;
- The period of the contract;
- Depreciation of details;
- The form of payment;
- The amount of covered risks.
The companies providing car insurance should cover all the expenses connected with restoration of the vehicle which received mechanical damage as the result of traffic accident, fire, natural disaster, falling of rocks and different objects, wrongful acts of third parties as well as in the case of vehicle theft.
According to the contract the protection could also be extended to an additional equipment installed on the vehicle, as well as to the driver and passengers’ lives and health.
As usual the car insurance contract is accompanied by specialized assistance services.
Car insurance will allow you to be confident in any insurance case, will save your time and money. The amount of regular payments for the insurance policy will be much smaller than the sum you will spend on restoring of your car or buying a new car in the case of care insurance absence.
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