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There are different of auto insurance policies, which fall under accident.

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:

  • Third party insurance-covers other parties who may be injured or whose property may be damaged by an insured’s vehicle. This policy is necessary for all vehicles. This protects the person injured or the property damaged because of an accident.
  • Comprehensive insurance-covers all possible risks that may occur due to operating vehicle. It covers all risks incurred to a vehicle because of an accident.
  • Personal accident-covers death or injury caused by accident. Lump sum is paid to the next of kin in the case of death but a regular amount is paid for a specified period for injury.
  • Workman’s compensation-covers employees for injuries sustained in the course of their official duties.
  • Fidelity liability-covers employment from losses due to dishonesty of protects employees from being dishonest in the activities involved within the organisation.
  • Public liability-covers losses due to injury damage or death caused to members of the public caused by an insured he/her property or agent’s goods sold services offered construction work, repairs, pets and errors made while carrying out professional work

Life insurance types

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.

Relationship between auto insurance and life insurance

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 is time limited to the person insured by an insurance company.

Compare Rates

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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.


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