About Facts Surrounding Insurance
If you are driving your car daily, then you need to know about auto insurance meaning. It is a policy purchased by owners of vehicles that lighten costs if car accidents happen. If there's an accident, the insurance company covers all the costs associated with it.
Why Is Auto Insurance Important?
Besides the fact that every state requires this policy, it is also important for your financial protection. Agencies take into consideration the age, gender, and experience of the driver while making a policy. There are various auto insurance types, but almost all provide some sort of property damage and medical expenses payout. Unfortunately, it is essential to mention more than 500.000 road accidents in Malaysia in 2019. But, drivers in Malaysia are required by law to have car insurance coverage.
What Is Collision Coverage?
If you ever end up in a car accident involving another vehicle or object, collision coverage occurs. It helps with financial matters to repair your car. With no collision coverage in the accident, your liability insurance would only cover another driver's expenses. You would have to protect your property damage.
What Is Comprehensive Coverage?
Another scenario is getting "other than collision" coverage. Comprehensive coverage takes into account scenarios in which your vehicle could get damaged or stolen. These cover mostly vandalism, theft, damages from fire, or falling trees, for example. It is an optional car insurance coverage but highly recommended. You never know what is going to happen.
What Is The Main Difference Between Comprehensive And Collision Coverage?
If the driver gets into a car accident, then collision coverage takes place. On the other hand, primarily comprehensive covers types of losses that could not be the result of driving a vehicle (for example, hail).
What About Motorist Coverage Or Total Loss?
Uninsured motorist coverage only occurs in scenarios in which the driver at fault does not have liability insurance. Even if you have insurance products such as comprehensive and collision coverages, you would also need uninsured motorist coverage. As for total loss, to get this claim, you would have to have either collision or comprehensive damage or property damage liability in your policy. Assuming you have one of these, once you file a total loss claim, a claims adjuster will come to assess the damage and inspect the vehicle.
What Is Road tax?
As the name says, it is a type of tax. Moreover, it is the tax drivers of the vehicles used on the road have to pay. In Malaysia, at minimum, for an engine-driven car, the road tax is RM20 (with engine displacements of 1,000cc and below). The progressive rate and base rate will have to be combined to calculate the road tax.
How To Renew Car Insurance Online?
If you are based in Malaysia, this is how you. With few easy steps and affordable prices, you would not have to worry again while on the road. Anything could happen to everyone at every point of the day. Why risk it all?