When you take out a new motor insurance policy, there will be many different angles to your policy. You should always read through the policy details carefully so that you are completely aware of the coverage you are paying for.
The first type of coverage that you will normally have in your policy will be collision. Collision coverage will pay for the repairs to your vehicle if it is damaged in an accident. This cover will also pay for the replacement of your vehicle if it is so badly damaged that it cannot be repaired. You can add a deductible to your policy, which is the amount of money you have to pay in when you have an accident before the insurance company will claim. The higher your deductible is, the lower your premium will be, and vice versa.
Comprehensive coverage will insure your vehicle for quite a range of things. It will pay out if your vehicle is damaged by means other than a collision. If a fire affects your vehicle, or flood damage or vandalism, then the insurance company will pay out. Furthermore, comprehensive coverage includes theft. Theft is a very common cause for the loss of a motor vehicle, and if you live in or travel around an area that is known for car theft. Remember that your car could be stolen at any time; it is not something you can predict! Having your car insured against theft is the best thing you can do. Remember that attempted theft can also cause bad damages to your vehicle too. Broken windows and missing car radios can cost a lot to repair too.
You can also have medical coverage in your insurance policy. This is where the insurance company will pay out for any injuries that occur as a result of the collision. Depending on the extent of the coverage, the insurance company will pay out for any hospital stays or medical expenses. Some countries or cities have made medical coverage mandatory, but your insurance company will let you know whether this is the case or not.
Gap coverage can also be added to your motor insurance policy. Gap coverage will cover the difference between the actual book value of your car, and the amount you still owe on it to the bank. This will only be applicable if you have written your vehicle off in an accident.
Furthermore, you can take out roadside assistance and towing insurance. This means that your insurance company will send someone out to help you if your vehicle breaks down, and will have a dedicated tow truck company that moves your vehicle if it is immobile, at no extra cost to you. This applies whether you are in an accident, or if your car breaks down.
Lastly, you can also add rental car insurance on your policy. This means that if you can't drive your vehicle, or are waiting for a replacement after an accident, the insurance company will cover the cost for you renting a car!
Naturally all these added extras on your policy add more cost to your premium too. You need to speak to your insurance company clearly, asking detailed questions, to ensure that you are getting the coverage you want.
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