Auto insurance can be defined as an insurance, which protects you against financial loss or damage in case of an accident. It is an agreement between the insurance company and the insured. For this agreement insured person has to pay certain amount of premium to the insurance company. Insurance will be paid to the insured in case of accident according to the conditions agreed in the insurance policy.
Auto insurance is the most inevitable requirement for any motor vehicle and its owner. Auto insurance provides coverage for the damage done to your motor vehicle and in case of theft of your vehicle. This is called Property coverage. If you met with an accident, it may cause damage to the other vehicle, damage to the property and may injure the others. In that case it is your legal responsibility to pay them the compensation. The insurance company will pay this and it is called liability coverage. In case of accident you may have to meet the expenses of cost of treating the injuries, hospital bills, rehabilitation, compensation for lost wages, some times even funeral expenses, these will be paid by insurance company. This coverage is called Medical coverage.
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