A few things about Auto Insurance

A few things about Auto Insurance

Are you planning to get your car or any other vehicle insured? By the law it is mandatory for you to get your vehicle insured. If you do not have the insurance you may have to pay the penalty. There are a few things that you will want to know about auto insurance.

If you are going for the auto insurance then you will be required to pay the yearly premium. Depending upon your country and the rules the yearly premium may be paid in installments too. The insurance needs to be renewed after a year. Once the term of the insurance is over you are required to renew the insurance policy. The amount of premium depends upon the age and condition of your car and also on the type of insurance.

There are two types of auto insurance policies – first party and third party. In the first party insurance cover in case of an accident of mishap all the parties are paid for the damage and injuries including the driver and the passengers. Also, if there is theft or loss the owner of the vehicle is compensated the full amount as per the evaluation of the price at the time of the insurance.

Third party insurance is different. With this insurance type only the third-party is compensated for injuries or damages. For example, if you have third party insurance and your car hits a biker only the biker will be paid for the damages to the vehicle and for the injuries.

Evidently, third-party insurance is cheaper than the first-party insurance.


 

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