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|If you own a motorcar, no doubt you�ll understand when people sit around complaining about the price of their automobile insurance. But, the fact is that the monetary value of you insurance is going to depend as much on what type of car insurance you buy as it is on what auto insurance organization you use to insure your motorcar.
So, what are the dissimilar types of auto insurance options available?
Fully comprehensive automobile insurance
Fully comprehensive vehicle insurance is without doubt the most expensive. However, with so many automobiles financed by finance company, it is also probably the most common type of insurance � as the finance company make it a requirement that the owner insure their motorcar fully comprehensive.
In short, as its name suggests, fully comprehensive auto insurance insures the owner of the car against all manner of events � from an fortuity to theft of the automobile. The upside of this type of vehicle insurance is there is no need to show �fault� in order to claim. So, if you have an fender bender, which is not your fault, and the owner of the other auto, who is at fault, doesn�t give you his insurance details, or, worse, is uninsured, you can still claim against your car insurance firm. Similarly, if your auto is stolen, then fully comprehensive automobile insurance allows you to claim against the car insurance company.
However, do read your vehicle insurance plan carefully, as most automobile insurance organizations refuse to insure 100% of the value of a automobile, choosing instead to only insure 80%, or so, of the value. The car insurance organizations claim that doing this prevents fraudulent losses of car where the owner of the car either no longer wants the automobile, or is encountering financial difficulty.
Third Party, Fire & Theft
Third party, fire & theft car insurance is a middle of the road automobile insurance package popular with those who have already paid off their motorcar loans, but who still have a certain level of intrinsic value in their vehicle.
Under this type of automobile insurance, most of the pay-out events covered under fully comprehensive v are covered � such as fire & theft. However, in the event of an car accident, the automobile insurance group is only required to pay-out if you are at fault, and you hit another automobile. So, in the event that you hit a wall, or only damage your auto, the insurance group will not be required to pay. Likewise, if you are involved in an vehicle car accident with another motorcar, and are not at fault, your insurance company will not be required to pay-out, regardless of whether or not the other person has sufficient vehicle insurance to pay for the damage done to your automobile.
Third Party vehicle insurance
Third party vehicle insurance is the �basic� type of auto insurance, and only covers circumstances where you are involved in a auto car crash, are at fault, and hit a third party. In all other events, the insurance organization is not required to make a payment. As such, it is also the cheapest type of insurance you can purchase. That said, this type of vehicle insurance is usually only purchased by those automobile owners who have an old motorcar with little or no value.
Specialized auto insurance
Finally, strictly speaking any auto over 25 years old is considered a �classic�. As such, this type of motorcar should be insured as a classic motorcar � with all of the benefits and requirements of such. Although �classic� automobile insurance usually has all of the benefits of fully comprehensive insurance, one significant disadvantage that classic automobile insurance has is that you are usually limited to the number of road miles you can drive in any given year � so check your plan carefully.
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