Insurance policies protect against sudden damages which might be due to accidents, mishandling and no repair since long issues. Vehicle insurance covers both two and four wheelers. It offers full financial support for any physical damage to the vehicle. Be it cars, motorbikes, trucks or the bus. However, the condition and other factors are thoroughly examined before settling the loan contract. Other factors include things like if the loan has been taken to buy the vehicle has it been re-paid back or not. This is because the vehicle insurances are not available for those whose loans are still not repaid.
The insurance policy varies from country to country. The value, organization offering insurance and reason highly varies. The differences in the amount for different reasons like bodily damage, or financial/fortune loss etc. are evaluated on the basis of the rules of that country. Many a times, good car insurance association provides the owner with recreational facilities like club memberships, free driving lessons etc. Also some added features like pollution check etc. are added responsibilities that the car insurance company reminds the owners to make them responsible citizens.
What all it covers?
Other than finances incurred due to traffic collisions, it also offers protection against theft of the vehicle. 24 into 7 damage repair service anywhere in the city are also offered. This covers up for tire punctures, brake failure, oil change and what not in the middle of roads. Along with that the owner gets roadside assistance and a road map to help them find out their destinations, a big help for the youngsters and new drivers.
Also fire caused due to explosion, self ignition, lightning is thoroughly covered under most policies. Destruction of windshields, window panes etc. due to riots, strikes or the act of terrorism is also taken care of. Liabilities to third parties arising out of life loss and personal accident cover to the driver falls under the vehicle insurance policy.
Bonus and fines under insurance policy
Bonus calculated by the car insurance agency can be withdrawn only after stipulating time periods and not every year. Also the insurer charges a premium for all the facilities it provides. In case if payments are not made the insurer can cancel the policy or charge a heavy fine. Thus, if one wants to enjoy facilities he should also be a responsible citizen!
What all is not covered??
Losses incurred after the validity of the policy is over, depreciation, gradual wear and tear of the various parts of the vehicle are not covered under vehicle insurance. Also if traffic rules are broken and the vehicle gets towed no help can be expected against the insurance policy! For example if the vehicle was being driven by someone without driving license or driving after intoxication due to drugs and alcohol etc. no benefits can be claimed. Some technical stuffs are also not covered which might be of utmost importance. Engine damage due to oil leakage or spill is also not covered under most policies.