Automobile owners need to plan to secure themselves from possible losses that may be incurred when certain risks occur. Such risks include fire, theft and accident. This is achieved by entering into an agreement or contract with an auto insurance company, which provides protection or insurance from loss due to such risks.
Policies involve an insurance contract entered into by the insurer and insured. Specific details of the agreement between the insurer and insured should be provided. The various covers contained in the auto insurance policy will include:
They will include two: life assurance and general or property insurance. Under each of these two general types, there are specific types of insurance policies. Life insurance is divided into whole life assurance and endowment policies. General insurance on the other hand has a whole range of policies, including fire, theft and burglary, accident and marine insurance, among others.
Where the number insured against a given risk is too large and claims too many, or where the value to be covered is too high for one insurance company, the latter may opt for re-insurance or co-insurance respectively to resolve the problem.
Whole life insurance involves an insurance taken by an insurer from an insurance company to insure against a lifetime policy because of an accident while using your automobile. Moreover, it can only be terminated in occurrence of the death, wherethe beneficiary’s benefit. The premiums are paid thought the all life policy.
Endowment policies involves an insurance policies that is taken from an insurance company by the insured over a specified period of time.it is time limited to the person insured by an insurance company.
Our website enables you to compare various insurance brands on one search. You are also able to know the price of the policy and levels of insurance covers provided. You only have to get a quote and see what coverage’s are recommended for you. Contact us today for more information.GET QUOTE
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