Car Insurance
Car Insurance is a necessary planning that can help protect a person if he faces any car accident.
What is Car Insurance?
It is an insurance which is primarily made to provide financial protection against any bodily injury and physical damages occurred due to any accident. It also insures your vehicle from any theft, fire and also from natural disasters which can be very damaging at times.
Why Do You Need Car Insurance?
To cover all the expenses at the time of vehicle damage, injuries caused to passengers or the drivers as well.
It comes under legal requirement which every person should follow as a mandatory rule.
Term life policies can be easily compared with each other on the basis of price as they are structurally similar and also simple to understand. This has led to a very competitive market in which term life policies are rapidly becoming a "commodity". Buyers suffer fewer information problems with term insurance, thus rendering the term market more price-competitive than for cash value policies.
There can be one exception in which you might not need car insurance, if you have declared your vehicle off the road through a Statutory off Road Notification (SORN).
Factors Affecting Car Insurance:
Policy and deductibles
It is your choice to choose your policy and deductibles, so choose wisely as it will play a major role in your monthly payment. On a general term choosing a higher deductible means a lower monthly payment whereas choosing a lower deductible means a higher monthly payment.
Where you live
The place where you live in can be an important factor. Urban drivers have to more car insurance comparatively, to small towns and rural areas due to higher rates of crashes and theft.till the age of 80.
Driving Records
The driving records play a necessary role as well. Drivers causing crash often are asked to pay more than who has been crash- free for a period of time.