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"Motor insurance" - insurance for vehicle damage and theft. Vehicle insurance against "damage" and "theft" (Comprehensive or Motor insurance) implies the insurance company's responsibility in case of damage to your vehicle and compensation for your losses in case of theft of the vehicle. It should be noted that the insurance policy protects you even in situations where the cause of the insurance event is not only the actions of third parties, unforeseen circumstances or natural disasters, but also the insured's own erroneous actions.
Insured and excluded risks in Motor insurance
Usually the policy of any insurance company's Motor insurance includes the following insurance risks:
- Road traffic accidents (in this case, it is understood as a collision of the insured vehicle with other vehicles);
- Collision with stationary objects;
- Falling objects on the vehicle (including snow, ice);
- Fire, spontaneous combustion, explosion;
- Natural disasters (lightning strike, storms, hurricanes, heavy rain, hail, earthquake, landslide);
- Intentional or negligent actions of third parties;
- Theft (carjacking).
Additionally, the Motor insurance policy of any insurance company includes the following exclusions from insurance risks:
- intent of the insured, members of his family or persons entrusted with the insured's consent to operate the vehicle;
- operation of a defective vehicle (the list of malfunctions prohibiting the operation of the vehicle is provided in the traffic rules and includes, among other things, brake malfunctions, steering control, driver-side windshield wiper, lighting instruments at night, tire tread wear);
- violation of fire safety rules, rules for the storage and transportation of hazardous substances and objects;
- driving a vehicle by persons without a valid driver's license for the category of the vehicle (this provision does not apply to cases of car theft);
- driving a vehicle under the influence of alcohol, drugs or toxic substances;
- use of the vehicle for driving lessons or participation in competitions, unless specified in the insurance terms;
- impact of nuclear energy in any form;
- military and terrorist actions and their consequences, as well as civil unrest and strikes, confiscation, requisition, arrest, destruction or damage to the vehicle by order of the authorities.
A specific Motor insurance policy may include additional risks or exclude some of the listed risks. We recommend paying attention to the Insurance Rules section, which provides a complete and accurate list of specific risks included in the package referred to as Motor insurance.
Factors affecting Motor insurance cost
The cost of Motor insurance depends on many factors:
- vehicle's brand;
- year of manufacture of the vehicle;
- power and condition of the vehicle;
- age, driving experience of the policyholder, and individuals authorized to drive the vehicle;
- storage and safety conditions of the vehicle (garage, parking, alarm system);
- vehicle usage pattern;
- insurance coverage amount;
- additional insurance conditions;
- other factors.
It should be noted that different insurance companies take into account different factors.
Documents required for Motor insurance
When concluding a Motor insurance contract, the following documents are required:
- Insured person's passport;
- Vehicle registration certificate;
- Registration certificate;
- Driver's licenses of all authorized individuals;
- Other documents required by the insurer;
As a rule, Motor insurance policy is concluded for a year. It can be for a shorter period, but the premium rate system of most insurance companies is designed in such a way that the insurance premium rate decreases disproportionately to the reduction of the insurance period. For example, the insurance premium for six months may be 70% of the annual premium.
Deductible in Motor insurance
This is the amount of money that you pay yourself in case of an insurance event, for example, $100 or $200. The insurance company pays the remaining amount. The deductible amount must be specified in the Motor insurance policy. Applying a deductible can reduce the cost of insurance by 10-20%.
