Vehicle Insurance

Cars, motorcycles, and even boats – no matter the mode of transport you own or rent, safeguarding against theft or incidents that may happen while you are aboard them is critical, and often legally required. 

Insurance companies represented by Vitae Group, headquartered in the US, offer the most comprehensive policies to protect you and the passengers from any adversity: from unforeseen events that cause minor damages to accidents that may result in major lawsuits.

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How Vehicle Insurance Works

Vehicle insurance (whether for a car, a boat, or otherwise) works through deductibles. This means you make regular payments, called premiums, and in a claim you have to pay out an amount, known as deductibles, out of pocket.

 

Example: Mr. Smith insured his car and pays the premium every month. The insurance has a $500 deductible.

 

After getting into a car crash that damaged his car, Mr. Smith takes it to the shop, and the repair costs are estimated at $3,000.

Thanks to the auto insurance, Mr. Smith will pay only $500 out of pocket, while the insurer will cover the remaining $2,500. The expense, nevertheless, does not exempt Mr. Smith from paying the premium due that month.

 

“Is there a maximum amount that insurers will pay?”

When you take out a policy, the insurer estimates the market value of your vehicle and covers this amount after subtracting the deductible.

 

Example: Mr. Jones’s car is worth $35,000 and he pays a deductible of $1,000.

The policy Mr. Jones took out has a $34,000 limit ($35,000 for the car value MINUS the $1,000 deductible).

This in addition to the coverage limits stipulated in the insurance policy.

Types of Coverage

Policies from companies represented by Vitae Group cover several types of incidents involving your vehicle. Here are some of the most common situations:

 

Civil Liability

If you cause an accident while driving the insured vehicle, civil liability coverage reimburses others for property damages and bodily injuries it may have caused them, in addition to legal and attorney’s fees.

 

Collision & Comprehensive

Collision insurance covers damages to your vehicle caused by an accident, regardless of who is at fault. This policy is comprehensive enough to repair or even replace your vehicle if there are damages stemming from theft, vandalism, contact with animals, fire, or acts of nature.

 

Uninsured or Underinsured Driver

This coverage pays off medical bills and civil liability expenses to care for your injuries and also for damage to property if you are hit by a driver who does not have enough coverage to pay for the cost of damages or who does not have any car insurance at all.

 

“Do I always have to pay my deductibles?”

There are specific cases where you do not even have to pay the deductible:

 

You are hit by another driver
If the other driver is found at fault for the accident and has car insurance in place, his or her insurer should pay for your vehicle to be repaired.

If your policy covers collision accidents, you can turn to your own insurer to pursue compensation from the other driver’s insurer, including the amount of your deductible.

If both parties share fault, you may end up paying a portion of your deductible or the full amount.

 

Someone else files a claim against your liability coverage
There are no deductibles when it comes to a liability claim. You do not have to pay anything in an accident claim, and your insurance company will shoulder the costs of damage and/or injuries suffered by the other party, up to the limit of your policy.

 

Still not sure if vehicle insurance is the right choice for you?

Please contact us for more information. Our experts are ready to answer your questions, hear about your situation, and offer the solution best suited to your circumstances.

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