Car insurance is a form of insurance that provides car owners with vehicle protection. When buying car insurance, car owners need to choose insurance products and understand the different types of insurance terms. Among them, the level of automobile insurance is an important concept. This paper will carry on in-depth analysis from the definition, type and insurance liability of automobile insurance level.
Definition of automobile insurance levels
The automobile insurance level refers to the size of the insurance liability and the amount of insurance for the automobile insurance product. Different levels of auto insurance products, its insurance liability and insurance amount will be different. Generally speaking, automobile insurance can be divided into the following levels: basic insurance, third party liability insurance, vehicle damage insurance, full insurance and so on.
Types of car insurance levels
Basic insurance
Basic insurance refers to the most basic automobile insurance products, and its insurance liability mainly includes personal casualties and property losses caused by traffic accidents. Basic insurance coverage is relatively low and generally only covers certain medical expenses and vehicle repairs.
Third party liability insurance
Third party liability insurance refers to the third party liability compensation undertaken by the insurance company for the owner when the vehicle has a traffic accident. The amount of third party liability insurance is relatively high, which can compensate for personal injury and property damage caused by the vehicle.
Car damage insurance
Vehicle damage insurance refers to the insurance company’s liability for the owner of a vehicle in the event of a collision, damage or theft. Vehicle damage insurance has a relatively high amount of insurance, which can cover the repair cost and loss of salvage value of the vehicle.
Fully insurance
Total insurance refers to the highest level of automobile insurance products, with the most comprehensive insurance liability and the highest insurance amount. Full insurance can not only compensate for the loss of collision, damage or theft of the vehicle, but also compensate for the personal injury and property loss of the owner.
Auto insurance level insurance liability
Different levels of auto insurance products, its insurance liability will be different.
Basic insurance
The insurance liability of basic insurance mainly covers personal injury and property damage caused by traffic accidents. Basic insurance coverage is relatively low and generally only covers certain medical expenses and vehicle repairs.
Third party liability insurance
The third party liability insurance is mainly for the owner to bear the third party liability compensation caused by the traffic accident. The amount of third party liability insurance is relatively high, which can compensate for personal injury and property damage caused by the vehicle.
Car damage insurance
The insurance liability of vehicle damage insurance is mainly to bear the compensation liability for the loss of the vehicle collision, damage or theft. Vehicle damage insurance has a relatively high amount of insurance, which can cover the repair cost and loss of salvage value of the vehicle.
Fully insurance
Total insurance has the most comprehensive coverage and the highest amount of insurance. Full insurance can not only compensate for the loss of collision, damage or theft of the vehicle, but also compensate for the personal injury and property loss of the owner.
Auto insurance level buying advice
When buying auto insurance, car owners need to consider their own needs and economic ability to choose their own insurance products. In general, if the owner’s vehicle is relatively new, you can choose to buy car damage insurance or full insurance to improve the vehicle’s coverage rate and the amount of insurance compensation. If the owner of the vehicle is older, you can choose to buy basic insurance or third party liability insurance to reduce the cost of insurance.
Conclusion
The automobile insurance level refers to the size of the insurance liability and the amount of insurance for the automobile insurance product. Different levels of auto insurance products, its insurance liability and insurance amount will be different. Automobile insurance can be divided into basic insurance, third party liability insurance, vehicle damage insurance, total insurance and other levels. When buying auto insurance, car owners need to consider their own needs and economic ability to choose the right insurance products.
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