In our lives, insurance plays a very important part. If we did not have insurance, we would constantly be worried if things happened. In fact, things do happen and there really is nothing we can do about it. Because of this, insurance was born. In general, insurance provides us the security we need that keeps us on track and covered. Without it, we would all be in a heap of trouble financially.
You do not fully appreciate what vehicle insurance offers you until it is too late and you are in a vehicular accident. In our lives, we will at least use insurance once. Many of us will use our car insurance for claims many times in our lives. It really is the luck of the draw; what are your odds? Even the smallest fender bender can leave you wondering how you will pay for the damage if not covered.
The most basic form of car insurance is Liability Insurance. This insurance covers all the basics when you get into an accident, big or small. When an accident occurs, someone will pull away from it being liable, or the cause of the accident. All structural, mental and physical damages are the responsibility of this person. When it all adds up, this is a very expensive and sticky situation to be in.
Third party Cover, or Liability Insurance, will save you from financial ruin. In accidents that deem a person responsible that does not have insurance, it will leave them all the way to declaring bankruptcy. They will be taken to court and drained of whatever assets and money they had. This will be for all the damages listed above and some court costs to go along with it. This type of situation lasts for years and a person truly never fully recovers from a situation as described.
Taking out insurance is just that; it insures you will be OK. It gives you that upper hand when life throws you a lemon. In other words, if you get into an accident, you will not be the one going up to bat. This is what you insurance premiums you constantly play are for. Your insurance company will take care of all the payments and legal matters that go along with a vehicular incident. The only part you will personally be responsible for is the excess. When you get in the accident, you will have to pay the amount you and your insurance policy writer agreed on when you sign the insurance policy contract. The excess is usually anywhere from 250-1,000. Once this is paid, the insurance will make all necessary payments to clear it from the books.
You might want to talk to your insurance agent to check for the best vehicle insurance available so you can be fully covered and secured. There are many aspects of an accident and liability insurance is the first step. Explore your options so you do not get caught off guard.
