Car Insurance in the United States Of America (USA). – Motor Insurance
Car Insurance, in the United States, is created to cover the risk of Financial Liability. If the Motor Vehicle of an Owner is involved in an accident resulting in physical damages. Majority of states in the USA require carrying a Motor Insurance. Many states such as Virginia, Mississippi, etc, do not require a Motor Insurance. In such states uninsured Motor Vehicle Fee may be paid to the state.
A Motor Vehicle Owner pays insurers a monthly fee Known as Insurance Premium. Amount the owner of the motor vehicle will pay as an insurance premium is determined by some factors such as age and gender of the driver and it’s driving history, locations where the vehicle is driven and stored, the value of the car, Type of Car, etc. Many Companies also provide discounts on these factors. Insurance companies provide insurance card to the owner of the vehicle as a validation of insurance. Nowadays, the electronic version of validation is also recognized by the authorities.
Top Car Insurance Providers In The United States Of America.
The Largest Car Insurance providers in the United States, In terms of market share, are :
State Farm Insurance
The Travelers Companies
State Minimum Car Insurance
State Minimum Insurance is the car insurance requirements for every state. If You own a car in the United States Of America you need to get car insurance that meets the constitutional Laws of your state. Laws of the car insurance in each state is different that is why it is important for you to contact your Insurance agent or insurance representative to understand the requirements. In states such as New Hampshire, that does not require a Motor Insurance in order to legally drive, you will be financially responsible to compensate with the one you hurt or injured because of your driving and bear all the damages to the property.
What is Uninsured Motorist Insurance?
Uninsured Motorist Insurance helps you to protect against accident with Uninsured Motorist. Insurance cover is equal to the financial responsibility set by the state.
What is Collision Insurance?
Collision Insurance is the accident caused by you to your own vehicle. Collision Insurance is mandatory for a car loan company. If you have Collision Insurance than you don’t need Uninsured Motorist Insurance.
What is Comprehensive Insurance?