неделя, 29 август 2010 г.

Basics of Auto Insurance

Auto insurance is an arrangement wherein the risk and liability in case of vehicle damage or theft is transferred from the insurer to the insurance service provider. The risk is transferred to the insurance service provider on receipt of a consideration, referred to as the insurance premium. There are various trusted and reliable insurance services providers across the globe that provide best in class services based on certain parameters or risk factors.

Some of the typical risk factors covered in an auto insurance policy include – damage from fire, accidental damage, damage from natural calamities and various related conditions.

The process of availing auto insurance is not too lengthy either. Insurance company’s reps can be contacted for in order to seek a favorable auto insurance quote. They might require some of the critical information for policy underwriting. Some of the most common documentation seeked for in an auto insurance coverage include – Driver’s license, ID proof, car receipts, odometer reading, driver’s and insurer’s health records etc.

Basis for determining auto insurance quote may vary from one insurance service provider to another. Age, driver’s safety record, marital status and car’s manufacturing date are few amongst them. For instance, married drivers might end up paying lesser premium than single drivers who are perceived to e rash on roads and hence more prone to accidents.

After negotiating with the auto insurance service provider, auto insurance policy binds the insurer and insurance service provider. In case of any damage or theft, claim can be filed for. Complete details of the event and other relevant details should be provided to the insurance company. They might seek some documentation. Claim can only be filed and approved for the entitled limits as prescribed in the auto insurance policy. Depending on the nature of damage inspections might be done by third party. After submission of report by the inspector, claims can e adjusted for and cheques are issued to the insurer.

With precarious ecosystem, auto insurance is a ‘must have’. It is always advisable to go with a reliable and experienced auto insurance service provider. They can provide seamless services to their clientele.

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