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Different Types of texas auto insurance rates
If you own a vehicle, no doubt you’ll understand
when people sit around complaining about the monetary value of their
insurance. But, the fact is that the price of you insurance is going to
depend as much on what type of car insurance you buy as it is on what
vehicle insurance company you use to insure your auto.
So, what are the dissimilar types of car insurance options available?
Fully comprehensive auto insurance
Fully comprehensive insurance is without doubt the most expensive. However, with so many vehicles financed by finance company, it is also probably the most common type of vehicle insurance – as the finance organization make it a requirement that the owner insure their car fully comprehensive.
In short, as its name suggests, fully comprehensive car insurance insures the owner of the automobile against all manner of events – from an accident to theft of the vehicle. The upside of this type of automobile insurance is there is no need to show ‘fault’ in order to claim. So, if you have an fender bender, which is not your fault, and the owner of the other auto, who is at fault, doesn’t give you his vehicle insurance details, or, worse, is uninsured, you can still claim against your insurance organization. Similarly, if your automobile is stolen, then fully comprehensive car insurance allows you to claim against the insurance company.
However, do read your auto insurance plan carefully, as most vehicle insurance organizations refuse to insure 100% of the value of a vehicle, choosing instead to only insure 80%, or so, of the value. The auto insurance firms claim that doing this prevents fraudulent losses of car where the owner of the automobile either no longer wants the auto, or is encountering financial difficulty.
Third Party, Fire & Theft
Third party, fire & theft auto insurance is a middle of the road insurance package popular with those who have already paid off their vehicle loans, but who still have a certain level of intrinsic value in their motorcar.
Under this type of auto insurance, most of the pay-out events covered under fully comprehensive v are covered – such as fire & theft. However, in the event of an collision, the vehicle insurance group is only required to pay-out if you are at fault, and you hit another automobile. So, in the event that you hit a wall, or only damage your automobile, the auto insurance group will not be required to pay. Likewise, if you are involved in an car car accident with another automobile, and are not at fault, your vehicle insurance organization will not be required to pay-out, regardless of whether or not the other person has sufficient auto insurance to pay for the damage done to your car.
Third Party auto insurance
Third party car insurance is the ‘basic’ type of automobile insurance, and only covers circumstances where you are involved in a automobile fortuity, are at fault, and hit a third party. In all other events, the vehicle insurance group is not required to make a payment. As such, it is also the cheapest type of auto insurance you can purchase. That said, this type of automobile insurance is usually only purchased by those car owners who have an old auto with little or no value.
Specialized auto insurance
Finally, strictly speaking any automobile over 25 years old is considered a ‘classic’. As such, this type of car should be insured as a classic motorcar – with all of the benefits and requirements of such. Although ‘classic’ car insurance usually has all of the benefits of fully comprehensive auto insurance, one significant disadvantage that classic insurance has is that you are usually limited to the number of road miles you can drive in any given year – so check your plan carefully.
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