Car Insurance Basics

Automobile insurance’s primary purpose is to provide policyholders with protection against financial losses that are the result of traffic accidents. Insurance can cover the insured party, the insured vehicle or 3rd parties, or a combination of all 3, and/or vehicles can be insured against theft, fire damage, or accident damage independently.

Penalties for not buying auto insurance vary in the U.S. according to the state. They usually involve a fine, suspension or revocation of the offender’s license and/or registration, and possible jail time. The law in most states requires 3rd party insurance at the very least, to protect other drivers in the event of an accident.

Auto insurance premiums vary depending various factors, including the car’s characteristics, the coverage selected, and the profile of the driver and the usage of the car. Some car insurance plans rely on a reasonable estimation of the estimated average annual distance to be driven.


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