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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
A car insurance premium is money you pay to your insurance company in exchange for a policy. ... An insurance premium is the cost of your auto insurance policy and is sometimes called an insurance ...
The insurance company will not pay more than $25,000 for property damage in repairs to the vehicle that the insured one hit. In the state of Indiana, the minimum liability limits are $25,000/$50,000/$10,000, [ 7 ] so there is a greater property damage exposure for only carrying the minimum limits.
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
To be sure, the average auto insurance premium somewhat depends on who you're asking. However, according to Motley Fool Money's own research, the average driver pays $3,017 per year for car insurance.
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
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