The importance of auto insurance to a car owner cannot be overemphasised. Anyone who owns a car must strive to ensure his vehicle against accident or theft which are always an unforeseen circumstance. A car insurance policy covers your car against all informs of financial loss that may be due to accident or theft. Most countries have even made it mandatory for cars running on their roads to be covered by insurance.
Benefits of Purchasing an Auto Insurance
Purchasing auto insurance has benefits which I’m sure you already know, but for those who think its not a good idea or a waste of money, you know know that some may consider it an investment if you understand what the benefits are:
Covers Accidental Damages: Accidents can occur at any time no matter how careful you may be as a driver. And the damages that occur as a result of accidents could lead to spending of a whole lot of money, with a comprehensive auto insurance policy, you will have an all-expenses paid cover when accidents or car collision occurs.
Covers Medical: The car insurance policy also includes cover for injuries or loss of life that occurs with a car accident. This helps provide money for hospitalization, legal expenses and loss of life or limb.
Covers Natural Calamity: Auto insurance also provides cover against natural disasters such as car damage due to floods, fire or earthquake.
Theft and Vandalism: A comprehensive car insurance also provides cover against theft and physical damage to your car due to vandalism.
Auto Insurance Coverage
Auto insurance should cover the following
Accidental Cover: With an accidental cover, the insurance firm will be required to pay compensation to the driver if they die or incur a severe injury during the accident.
Zero Depreciation: This covers the car parts that may need to be changed after an accident occurs, the insurance company will be required to pay per the depreciated value of the car parts after an accident.
Engine Cover: An essential feature because car engines are vital parts that can get damaged at any time. An engine cover helps you bear the cause of replacing the engine or fixing the damaged part
Assistance on Road: This feature ensures that the insurance company can tow your car from the place where it got damaged to the garage for repair, this is in situations where your car breaks down on the road.
Daily Allowance: Daily allowance provides you with cash to help you secure an alternative means of transportation in situations where your car may be in the garage for repairs.
Lock And Key Replacement Benefit: The Lock and key replacement benefits help you get a new key and lock in situations where you lose your key
Consumables Cover: This is simply for people whose cars are not more than three years old. It covers money spent on engine oil, screen washers, nuts and bolts, and other consumable parts
No Claim Bonus (NCB) Cover: The no claim insurance cover comes in the form of a bonus for people whose car have not been involved in an accident throughout the year of their insurance coverage. This could be inform of discount on premiums for your next policies.
Add-on Covers: Add-on is an extra benefits that cover your car against unforeseen expenses. You can buy an add-on by paying an extra premium.
Auto Insurance Does Not Cover
Yes there are some factors which auto insurance doesn’t cover such as:
- Accident occurrence when the policy has expired
- Normal wear of car parts
- Usual depreciation
- An accident involving a driver without a license
- Mechanical and electrical breakdown
- When a driver is under the influence of alcohol
- Damage to the engine due to oil leakage
You can always learn more about coverage from every insurance company before signing up.
Auto Insurance Services Around the Globe
To help you choose an auto insurance service to use, we have made a list of the best auto insurance services in various parts of the world. While building this list we looked at the online auto insurance firms based on financial strength, customer service, endorsement, coverage, and discounts offered.
The online auto insurance services on this list all have high level of auto insurance coverage, and many of them have also received awards and recommendations from trusted organisations in different parts of the world.
The list includes but is not limited to the following:
ANZ Auto Insurance
Founded in 1835 as Bank of Australia, ANZ auto insurance is the longest existing banking group in the Pacific region. ANZ provides three competitive options that help you fix your car in case of an accident. It has the Comprehensive car policy that covers the market value of the car. The third party fire and theft offers market value cover in a situation where you suffer accidental damage or loss due to theft or fire. Also, the third party only provides legal liability cover of up to $20 million, when you accidentally damage someone else’s property.
The Travelers
The Travelers is the second largest auto insurance firm in the United States with its original focus being on insuring people who were using trains and steamboat to travel around the country. The Travelers later expanded into offering various insurance products both domestically and abroad. At present, the company has operations in the U.S, Brazil, Canada, Ireland and the United Kingdom.
The Traveler auto insurance services cover the following areas: Liability Coverage, Comprehensive Coverage, Collision Coverage, Personal Injury Protection, Uninsured/Underinsured Motorist Coverage, Medical Payments Coverage. Loan/Lease Gap Insurance, Rental Coverage, Roadside Assistance, New Car Replacement, Accident Forgiveness, and Ride Sharing.
Aviva Insurance
Located in the United Kingdom, Aviva Insurance is the leading online auto insurance firm with more than 16 million customers in the UK. It was formally known as Norwich Union before its merger with CGU in 2002. Aviva offers exceptional savings, reliable coverage and auto insurance the way you want it. They also provide a lot of discount on their online car insurance policy. Some of the insurance coverage includes the Aviva new car guarantee, Ride-sharing, Temporary vehicle replacement, Conviction protector, Collision protection, Comprehensive coverage, disappearing deductible, Accident forgiveness.
John Lewis Finance
Founded in 1864, John Lewis Finance is one of the best auto insurance providers in the United Kingdom. It offers three level of breakdown cover. The first is Excess Protection makes you pay an excess and gives you an option of claiming your money back. Protected No, Claims Discount this gives you the opportunity to claim your discount when an accident occurs.
Leadway Assurance Company
This is a Nigerian insurance corporation with it’s headquarter in Lagos state. It is one of Nigeria’s largest insurance companies with the provision of services which include auto insurance. Founded in 1970 by Sir Hassan O. The Leadway has a comprehensive auto insurance policy offering you benefits against all forms of loss or damage to your car. The policy covers damage that is necessitated by the following, accidental collision, mechanical breakdown, theft, fire, self-ignition, external explosion, or lightning, burglary housebreaking.
Santam Insurance
Located in Cape Town, South Africa, Samtam is the largest provider of auto insurance services to South Africans with business interests in Uganda, Malawi, Tanzania, Zambia, and Zimbabwe. The vehicle insurance policy covers the following, Comprehensive accidental loss to a vehicle, Limited (fire and theft): and third party only.
Allstate Insurance
Located in Canada, Allstate offers online auto insurance through a unique network of local agents. The Allstate auto insurance policy covers the following areas: Ridesharing Coverage, Collision coverage, Comprehensive coverage, Liability coverage, Medical payments coverage, Uninsured & underinsured motorist coverage, Rental reimbursement coverage, Sound system insurance, Roadside coverage, Personal injury protection, a Personal Umbrella policy, Property protection coverage.
MexInsurance
MexInsurance is one of the trusted online auto insurance firms in Mexico. The company issues non-resident vehicle insurance for Mexico travels to every driver that has been registered on the policy. The proof of Insurance in Mexico is quite essential for any person operating a vehicle in any region and wishes to drive from the border towns to the tourist towns.
MexInsurnace also provides a convenient platform that allows domestic drivers to get their vehicle insurance before moving through the border. It allows the user to quickly obtain a quote online, while the customer service staff are always online to answer questions about any help you may need.
DirectAsia
DirectAsia offers online auto insurance services with the aim of changing the face of auto insurance in Asia. It services are quick, convenient, clear, and transparent. The firm provides three different auto insurance services, and they include Comprehensive auto insurance cover, Third Party Fire & Theft, and Third Party Only
Finally, if you have a car and drive daily on the road, you definitely need an auto insurance. Although no one hopes for accidents and unforeseen circumstances to occur, we can’t deny the fact that they do happen at times when we are least prepared but then have to cover for the loss. Therefore it is vital to insure your vehicle ahead against theft and accidents. Getting your vehicle insured helps you stay safe, secure and also saves you a lot of money and mental stress.