Motor insurance is one of the most important insurance policies a vehicle owner can purchase. It provides protection against the financial consequences of a car accident or theft and is required by law in most countries. But what exactly does a motor vehicle insurance policy cover and what are the differences between the various types of insurance??
A car insurance consists of several components, such as the liability insurance, the partial cover and the fully comprehensive insurance. While liability insurance is required by law and covers damage to other vehicles or people, partial and fully comprehensive insurance are voluntary add-ons that can also include damage to your own vehicle.
Choosing the right car insurance depends on various factors, such as personal requirements, the vehicle model and the policyholder’s place of residence. In addition, there are differences in the rates and offers of the various insurance companies that need to be compared.
General information about car insurance
Motor insurance is insurance that covers damage to and caused by a vehicle, as well as any accidents or theft that may occur while the vehicle is in use. It is a legal requirement to have motor third party insurance if you own a vehicle. This insurance covers damage caused by the vehicle to others. In addition, there are partial and fully comprehensive insurance policies that cover damage to your own vehicle.