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Car Insurance And Why It Is Important

Posted: 28th Sep, 2020    By: Fikayo Oyewole


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Obtaining a car insurance is one Important must have for most car users. While most people consider getting good car insurance as unnecessary or as a waste of money, it however, goes a long way in covering damages for an unforeseen accident.

What is Car Insurance?

  1. Car Insurance is a policy designed for car owners to mitigate cost associated with getting involved in an auto accident. A major advantage of obtaining a car insurance is that, instead of paying out of the pocket for car accidents, obtaining a vehicle insurance allows people to pay annual premium to car insurance companies. And in exchange for paying premium, insurance companies pays all or most of the costs associated to the accident or damage on the car. Insurance coverage most times include; 
  2. • Property - damage(s) to or theft of your car. 
  3. • Liability - this is the legal responsibility to others for property damage. 
  4. • Medical - cost of treating injuries, and rehabilitation.

Why is Car insurance important?

To have a full understanding of why car insurance is very important, you need to first know how car insurance really works. It is good to know that car insurance does not only protect your car, if you have an accident it will also protect you from financial liability, medical expenses and also from legal actions. 

Car Insurance is very important simply because it serves as a safety net that minimizes financial risks. For those who truly value their cars, obtaining a credible car insurance is their leading and unchanging priority.

Therefore, car insurance like any other insurance covers and protects an individual from financial loss which may occur from operating vehicles like, cars, buses, motorcycle among several other.


Conclusion:

In Nigeria, there are mainly two types of car insurance these are; the comprehensive and the third party car insurance. Comprehensive car insurance protects car owners from damages caused by accidents, while the third party car insurance only covers or takes care of third party damages. In Nigeria it's complusory for car owners to have an auto insurance certificate.

Getting insurance is very important, as it helps in the reduction of financial risks against any unforeseen accidents or damages. 

While getting insurance is important, buying and owning a good car is important as well. For a wide range of prices of cars visit https://www.carzout.com and get connected to a seller immediately.