In many developed countries it is popular to consider that car insurance covers the risks and losses, connected not only with management but also with the possession of the vehicle. Insurance contract begins with an explanation of terms. For example, let’s e[amine the phrase “your insured car”. And the formulation “insured car” can mean both […]
In many developed countries it is popular to consider that car insurance covers the risks and losses, connected not only with management but also with the possession of the vehicle. Insurance contract begins with an explanation of terms. For example, let’s e[amine the phrase “your insured car”. And the formulation “insured car” can mean both your car and the one you will buy in the future during the term of the policy. This means that within the one insurance policy one, two or more vehicles can be insured. Even if the customer bought the car at the weekend when the insurer is not available, client’s general policy will automatically cover the new car. With such a general policy the customer can buy a car anytime and anywhere, sit in it and go. But he must notify the insurance company that he bought the car and continue his term contract within ten days.
The standard package of car insurance policy could be divided in 5 separate sections of insurance:
Section “A” refers to the driver’s responsibility. Under the vehicle driver’s responsibility is meant the coverage by the Insurance Company of various expenses related to the lawsuits for damages caused by their clients or for any damages connected with the driving: damage someone’s property, run, etc.
Section “B” – health insurance of injury received while using the car. The principal difference between “A” and “B”: in the first case, the costs of client are insured, and in the second case the client himself is insured to obtain payment for treatment if he gets the injury.
Section C – is the coverage in case of damage committed to the insured by a person who in violation of the law directs unregistered vehicle, or if the offender has disappeared from the accident scene. In the technical part of this contract it is said about refunds of medical expenses that may arise when the insured gets injury. Material losses are reflected in a separate subsection.
Section “D” – the conditions that should be executed by the customer to obtain the compensation. It begins with the list of obligations of the insured in case of accident. One of them is the necessity to call the police and demand of an immediate start of the investigation. In case of medical expenses the client must agree on the medical examination.
Section “G” – it describes in details the liability of the insurance company for property damage. This section contains two parts: a) from losses related to the accidents and collisions, b) all other losses. This section lists a set of exceptions. For example, a client can not use the car as a taxi. If he uses it as a taxi for commercial transportation of passenger, he must buy another insurance policy. If it is determined that the customer uses his car as a taxi and it is not mentioned in the contract, his losses will not be reimbursed.
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