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Car Insurance History

CAR INSURANCE It is insurance purchased for cars. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions The specific terms of vehicle insurance vary with legal regulations in each region. HISTORY OF CAR INSURANCE With the invention of Since the genesis of North Carolina followed In the 1960s and 1970s Until 1956, when the New York legislature passed their compulsory insurance law, Massachusetts was the numerous other states passed similar compulsory insurance laws. the automobile in the automotive insurance suit in 1957. late 19th century came the inevitable side effect of schemes in 1925 nearly every state has adopted a compulsory insurance scheme. only state in the U.S. that required drivers to get insurance before ADA automobile accidents. registration. COVERAGE LEVELS Vehicle insurance can cover some or all of the following items: The insured party (medical payments) Third parties (car & people, property damage & bodily injury) The insured vehicle Third party, fire and theft No Fault Auto Insurance (physical damage) POLICIES SPECIFY Different policies specify the circumstances under which each item is covered: Liability coverage Combined single limit Liability coverage is offered for bodily injury (BI) or property damage (PD) for which the insured driver is deemed A combined single limit combines property damage liability coverage and bodily injury coverage under one single combined limit. responsible. Split limits Full coverage A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. Full coverage is the term commonly used to refer to the combination of comprehensive and collision Coverages Collision Comprehensive Collision coverage provides coverage for Comprehensive, also known as other than collision, coverage provides coverage, subject to a deductible, for cars damaged by incidents that are not considered collisions. vehicles involved in collisions. Loss of use Loss of use coverage, also known as rental coverage, provides reimbursement for rental expenses associated with having an insured vehicle repaired due to a covered loss. Towing Vehicle towing coverage is also known as roadside assistance coverage. Uninsured/underinsured motorist coverage Underinsured coverage, also known as UM/UIM, provides coverage if an at-fault party either does not have insurance, or does not have enough insurance. Brought to you by Sources:

Car Insurance History

shared by insureme on Aug 23
History of Car insurance, Coverage Levels, Different Policy Specifics and Specific Terms Of Vehicle Insurance


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