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Types of policies and automobile insurance quotes

Insuring your car is definitely one of those things that actually feel like a tax. It's for your own good and coverage comes in very handy when specific situations take place, no doubt about it. But do we actually use insurance coverage that often? Most people actually don't know how to file a claims or what to do in the event of a collision simply because they never had to. So when it comes to analyzing automobile insurance quotes most of us see it as a necessary evil that allows driving a car legally. The evil may get worse if you pay too much for insurance. In order to avoid that you have to know what policy suits your car best so that all the costs would be reasonable and adequate. And if you don't know which types of policies are available - it's time to learn now.

Third party liability

The most stripped down and affordable policy type is the one that carries only the minimum amount of third party liability coverage required by the state. It only pays out in cases of collision with other vehicles, property or people where you are at fault. If you're not at fault, it's the other party's insurance company that will pay your damage and expenses. Third party liability only pays for property damage and bodily injury. Because it's such a simple policy it is usually the cheapest but it will only be reasonable for people who have used cars with little market value to them. Otherwise other coverage options may be required for proper coverage, which leads us to the next policy type.

Third party fire and theft

This is the extended version of the basic policy. Besides the obvious third party liability coverage it also includes financial protection in cases of fire and theft. These two perils are considered as the most common for a vehicle, after collision, of course. Due to the extended set of coverage such policies get higher automobile insurance quotes than the third party policies, but if you shop around the difference may be minimal. Such policies are optimal for cars that have been purchased without a loan or of which the loan has been paid off, with a certain market value to them that may be reimbursed in case of fire or theft.

Fully comprehensive

Such policies are among the most expensive and by a strange twist of fate the most widespread in the USA. With such a policy you don't need to show who's at fault in the accident to get your coverage and the list of events when you can get it is extended compared to the third party, fire and theft. Usually, comprehensive policies pay for all types of collision and other than collision damage including vandalism, burglary, storms, floods, earthquakes, riots, explosions and many others. In some cases you can even get roadside assistance with a fully comprehensive policy. Naturally, the price of having such an extended set of coverage is very high. But because the majority of lending institutions have made fully comprehensive policies a requirement for providing auto loans most of the cars roaming the US roads have it on board.

Specialized

Specialized policies are varied and somewhat rare compared to other types. They usually serve the needs of fully customized vehicles, classic and vintage cars that represent a particular collectible value. Such policies usually cost a lot and have different restrictions like limited yearly mileage or special storing conditions. But if you have a rare and valuable collectible you surely want to buy such a policy because it is usually tailored for each vehicle.

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Getting low automobile insurance quotes depends on the type of car you drive, as much as your driving record. So if you're in the market for a new car, what do you buy? Learn more from our guide.

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