Who needs full coverage insurance?
Posted on May 30th, 2010
The car insurance supermarket will offer you different policies for your vehicle and quote differently. All you have to do is decide which policy will work best for your vehicle and will be the most economical too. But in fact, different policies are suitable for different vehicles and drivers of these vehicles.
Full coverage insurance will cover the current and latest market value of your car that gets damaged in an accident, medical coverage, liability coverage and also a hired or rented car until your vehicle is completely repaired. The full coverage insurance demands a higher monthly insurance premium than other insurance policies that do not cover all aspects of your vehicle. The costs of the insurance premiums may also vary with how much amount you have kept aside as a deductible under the insurance plan.
You will need a full coverage insurance plan for your vehicle if it is under a lien with a bank. This is generally a conscious effort on the part of the bank so that in the event of an accident and a severe damage to the vehicle, the bank can claim the value of the original vehicle. Your cost of the loan from the bank may rise if the bank finds out that the driver has not taken a full coverage on the car. You can compare different insurance companies in the car insurance supermarket and find out what all features are covered by them in the full coverage policy.
You will also need a full coverage on your vehicle if you have purchased a new vehicle. You will be able to recover the value of the car in the event of an accident or theft only if you have opted for a full coverage from your insurance company. Any other type of insurance will not be able to help you in claiming the full value of the car. In addition, the medical expenses covered in these policies will also help you in lowering your hospital bills.
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Tags: Insurance
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