Largest Auto Insurance companies 2022 | top 10 Insurance Company in USA | Insurance coverage(PART 3)

Hey there – KAZI EMON here again with RBT INSURANCE with a quick update regarding your auto insurance.

Recently I had a customer call in to let me know that he had sold one of his cars and that he would like the vehicle removed from his policy. While talking to me he mentioned that he sold the
vehicle for four thousand dollars more than what he paid for it. While that is great news for him it underscores a potential issue in the auto insurance marketplace that we expect will trickle down to
you, the consumer, later this year.

Let me explain…..you see, the price of auto insurance is largely determined by the actual cash value of the vehicle being insured. In normal markets, the actual cash value of a vehicle depreciates
which is why the cost to insure a 1992 Camry is less than the cost to insure a 2022 Camry. However, in the current market….with all of the supply chain and labor supply issues facing the auto
industry, we’re actually seeing these inflationary pressures increase the values of used cars.

Naturally, the appreciation of the of a vehicle being insured will result in the cost of auto insurance increasing as well which means that 2022 could be a bumpy ride for auto insurance.


***Car insurance Benefits***

One of the biggest worries of car owners who want to ensure the safety of their vehicles is the price they have to pay. What some people don't know is that what's most important are the incentives
they'll receive from their auto insurance, not the amount they'll pay. Health and comfort must be a top priority.

Regardless of the level of complaining about people, you need a type of automotive insurance if you want to drive a car legally in the United States. As much as people may complain of large

payments being made in order to maintain their policies, it is not just the law, but many automotive benefits can save a great deal of money and time if an accident happens.

***This video may help you COMPARE VEHICLE INSURANCE COMPANY and choose the right car insurance strategy direction.**

Motor Vehicle Insurance is the insurance coverage of risk arising out of the use of motor vehicle such as car, truck or other vehicles causing damage and loss to oneself as well as other’s property in an accident.Motor Insurance is mandatory as per the Motor Vehicles Act passed in the year 1938 and subsequently amended.Motor Insurance provides coverage related to property damage, bodily injury, medical expenses and any other sort of compensation in legal proceedings.
What is Motor Insurance ?

According to risk covered by an insurance contract different policies are issued.
Generally following types of insurance policies are issued under motor insurance:
Act only Policies,
Third Party only, Comprehensive Policy.


ACT ONLY POLICIES
The name explain the purpose and scope of the policy It is compulsory in nature
All owners of vehicles who ply the motor vehicle must abide by the motor vehicle act.
Owner is bound to have this insurance. The act compels the insured to cover risk to life & property of the employees engagement in vehicle as a driver or attendant. These risks are covered under workmen’s compensation act, 1923. The amount of coverage is mentioned in this act.
In India both the risk of bodily injury to third party and to employees can be covered under one policy.

THIRD PARTY POLICY
This policy covers all risk mentioned in Motor Vehicle Act.
If one takes the policy he will get compensation from insurer upto the value of insurance which may be higher than the minimum amount prescribed under the act.
The insurer will pay all sums of liability, the costs and expenses for which insured become liable.

Two different covers are available for private cars:
Fire/Theft
Third Party and Fire/Theft


COMPREHENSIVE POLICY
This policy covers all risks to be insured arising out of legal liability i.e. to the third parties under motor vehicle insurance Act, Total Accident and common law.
It covers loss and damage to the vehicle.
Comprehensive means all included in one.
But in practice all risks are not covered so it is known as STANDARD COMPREHENSIVE POLICY FORM.
Following risks are covered:
Damage to car and parts of body
Removal charges for repairs
Third party liabilities
Cost and expenses incurred with risk
Repair charges
Medical expenses

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DISCLAIMER:
Please consult your agent before making any changes you feel you are not knowledgeable with. Due that the laws being different in each state, I am not responsible for any changes or updates that may have occurred after the making of this video.

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