Insurance Courses in India

Introduction:
Insurance is a risk management program which acts as a guard against future risks and includes 'equitable transfer' of the risk of losing an asset from one body to another against the payment of a premium. It can cover life, health, property, travel and any such thing which holds value to its owner. This industry involves application of Actuarial science which evaluates a risk from mathematical and statistical approach. Formerly there were only Government organizations in the Indian market, but now many private international companies have started investing in this industry, leading to increased demand for trained professionals. For a formal training in this field, you can enroll in Insurance courses in India.

Qualifications for Insurance courses in India:
Actuarial science is generally taught as degree course or one of the subjects offered during a degree program in India. Several short term courses are also offered in Actuarial Science or Insurance by many institutions.

The details of the Insurance courses in India are -

• B.A (Insurance), B.A (pass) with insurance as a subject, Duration: 3 years, Eligibility: Class XII.
• PG Diploma in Certified Risk and Insurance management, Duration: 3 years (regular), 2 years(accelerated), Eligibility: Graduation (for regular), Post Graduation (for accelerated)
• Certificate course in intermediaries in Specific insurance subjects, Duration: 3 months, Eligibility: Graduation
• Course for insurance agents, duration: 100-150 hours, Eligibility: Class XII
• Courses for Insurance managers, Duration: 1 year, Eligibility: Graduation
• PG Diploma in Insurance and Risk Management, Duration: 1 Year (regular), 18 months (part time), Eligibility: Graduation/CA
• B.S.C (with Actuarial science as a subject), Duration: 3 years, Eligibility: Class XII
• PG Diploma in Insurance Science, Duration: 1 year, Eligibility: Graduation
• PG Diploma in management of Insurance and financial services, Duration: 15 months, Eligibility: Graduation
• Master's program in Insurance Business, Duration: 2 years, Eligibility: Graduation.
• Foundation in Financial Planning, Eligibility: Graduation.
• M.S.C in Actuarial Science, Duration: 2 years, Eligibility: B.S.C

Institutes offering Insurance Courses in India:
Institutions offering courses in various areas of Insurance are -

• Actuarial Institute of India, Mumbai-400 001
• Institute of Certified Risk and Insurance Managers, Hyderabad
• University of Delhi, Delhi 110007
• The College of Vocational Studies (University of Delhi), Sheikh Sarai, Phase II, New Delhi
• Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi, 110024
• Birla Institute of Management Technology, New Delhi
• Goa University, Goa
• Kurukshetra University, Kurukshetra
• Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Mumbai
• University of Bombay, Mumbai, 400032
• University of Pune, Pune, 411007
• Manipur University, Imphal
• Utkal University, Bhubaneshwar, 751004
• Guru Nanak University, Amritsar
• University of Chennai, Centenary Building, Chepauk, Chennai,
• Aligarh Muslim University, Aligarh
• University of Kalyani, PO Kalyani- 741235, Nadia District

Benefits of Insurance courses in India:
After completing Insurance Courses in India, trained personnel can get absorbed as an Insurance agent, broker, Insurance surveyor, Actuary or officer in this sector. Depending on your qualification, you can be recruited in Administration, Development, Accounts or Investment of an Insurance company. However, if you want to get a job as an actuary anywhere in this industry except in Postal Life Insurance, you need to take an entrance exam from the Actuarial Society of India. An insurance surveyor should have a license to work in this field.

Scope for a Career in Insurance in India:
Job opportunities in insurance are varied. Major Government companies operating in this field in India are Life Insurance Corporation of India, General Life Insurance and Postal Life Insurance. The salary in case of Government jobs ranges in between Rs.3,000-Rs.8,000 for development officer to Rs.14,000-Rs.16,000 for Zonal managers. Major Private Companies in this sector are Kotak Mahindra, Birla Sunlife, HDFC and ICICI In Private sectors the salary starts from Rs.6,000 to Rs.9,000 and management graduates can join for Rs.15,000-Rs.25,000.

Scope for a Career in Insurance Abroad:
Multinational insurance companies hire trained personnel in various roles mentioned above offering higher pay packages in countries like U.K.

Laptop Insurance

As you are probably aware more and more individuals, students, businesses and schools / colleges are using laptop computers and now the iPad. This is a vital piece of equipment to most people and that's why it should be insured for Accidental Damage and Theft

• 72,000 computers and laptops are stolen each year in the UK and 108,000 computers are damaged each year in the UK
• Many people now travel with their computers and our insurance is specifically designed to cover your equipment for Accidental Damage and Theft anywhere in the World.
• This insurance is a must for you when travelling on business, for sales people or personally, where you are taking your laptop or iPad on holiday.
• We also insure PDAs, and when purchasing this insurance you can add to the insurance policy Digital Cameras and Camcorders.
• Premiums start from £75 per year with no excess. Just complete our application form, which will calculate the premium for you and cover can be effective immediately.

Insurance Selling Painful For You?

Old "tried and true" insurance selling techniques that were once successful have completely lost their effectiveness over the years. That's why I developed a insurance selling approach that will quickly and automatically puts you ahead of the game and instantly in a league above your competition.

The truth is that companies are inundated with insurance selling people offering them similar products and services.

INSURANCE SELLING MYTH # 1

"Sales is a numbers game." But, sales is only a numbers game when all you know is traditional insurance selling. Yes, you can call people over and over, chase them until they listen to you so that you just go away. However there is a better - easier method of building trust and getting your product or service message across - all on one call. Simply by changing your insurance selling approach you'll make FEWER CALLS and MORE SALES.

INSURANCE SELLING MYTH # 2

"Use a sales script." People can tell when you're reading from a script, even if you think you're pretty good at it and getting away with it. There's nothing personal about it and people can pick that up. Being artificial just puts you into the typical "Salesperson" category. If you can learn to get your message across in a different way, you'll eliminate the negative triggers that can lose your sale within seconds.

INSURANCE SELLING MYTH # 3

"Focus on closing the sale."  Are you "going in for the kill" with your insurance selling techniques? - If you are, you could end up killing your deal instead. Old insurance selling techniques do nothing more than pressure the client or prospect, and as a result they naturally want to retreat away from that pressure - and that pressure is YOU! By learning to  avoid the "push and pull" dynamic between you and your prospect, you'll be able to move the insurance sales process forward to get the result you want.

ASEAN Insurance Training & Research Institute AITRI

ABOUT AITRI

Spearheading Intellectual Capital Development
Besides their immense diversity culturally, the Association of South East Asian Nation (ASEAN)’s member countries remain to be one of the most diverse communities in its economic growth and achievement, the diversity deeply shaped by each country’s social, geography, history and political system. Even today at almost 40, ASEAN is still about ten nations in a community, with some countries economically advanced while others still struggling to overcome hard core poverty. 

Realising that the same disparity applies in the insurance markets, the insurance regulators from the member countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam - mooted the idea to establish an institute to strengthen the regional financial co-operation in the area of human resource development in insurance during the ASEAN Summit Meeting in 1999. The idea was to close the gap between the more established insurance markets and the teething market in the region through the provision of necessary avenues and accessibility to education, training and research relating to insurance.

Through the establishment of this institute, the more advanced countries will also be facilitated in assisting their less advanced brothers through the transfer of knowledge and technical know-hows. Towards this aim, the ASEAN Insurance Training and Research Institute (AITRI) was established in September 2000, during the ASEAN Insurance Regulators Meeting, as part of the region’s efforts to restore confidence, regenerate economic growth and promote regional financial stability. 

It was officially incorporated on 1st December 2004. The Malaysian Insurance Institute (MII) was mandated as the Secretariat and AITRI headquarter is now based in the MII building in Kuala Lumpur, Malaysia. Mrs Khadijah Abdullah, the Chief Executive Officer of MII, was appointed as the CEO of AITRI. Registered in Malaysia, AITRI has been receiving strong support from the central bank of Malaysia, Bank Negara Malaysia, since its inception. To ensure the involvement of each member, the insurance supervisor of the member countries were appointed to be the member of AITRI Board of Trustees. AITRI, a non-profit organisation, has since been an important player for a rapid and equitable development of the intellectual capital in the ASEAN insurance market through its three-pronged activities:

• providing training for regulators,
• providing training for private sector and
• conducting research studies

To facilitate the growth of a stable, transparent and competitive insurance market, AITRI has been vigorously pushing for the adoption of the International Association of Insurance Supervisors’s (IAIS) core principles. The adoption will ensure the implementation of standardized regulations and practices in the region’s markets, consequently smoothing cross-border collaboration and discussion.

As a research body, AITRI undertakes regional study projects on a collective need basis for the member countries, in which general assistance is extended to students who are conducting the research in insurance. Two researches have been carried out by AITRI so far. They are “A Comparative Analysis on Current Insurance Law and Its Supervision in the ASEAN Region” and “Study on Human Resource Development Needs for ASEAN Insurance Regulators and Insurance Industry”.

As most of the programmes carried out by AITRI stress on building the capacity in the low income countries, sustainable access to financial resources and resource persons are two key determinants for AITRI’s long term growth. A not-for profit organisation, AITRI is continuously looking for and securing the funding and expertise support from international donors to realize the programmes planned out to develop industry competencies in the region’s insurance market.

AITRI donor include International Association of Insurance Supervisors (IAIS); an international body promoting standard and best practices in insurance supervision and regulation, The Financial Sector Reform and Strengthening (FIRST) Initiative; an international multidonor program supporting capacity building and policy development projects in the financial sector, Give2Asia; a U.S. non-profit organisation established by The Asia Foundation to increases the quality and quantity of charitable investments in Asia and The Organisation for Economic Cooperation and Development (OECD); a group of 30 member countries with a commitment to democratic government and the market economy. 

In conclusion, AITRI continues to strive in assisting the ASEAN countries, with special attention to its less advance members, improve and enhance their capabilities and technical knowledge in the insurance industry so as to have an ASEAN where individual insurance industries continue to challenge and help each other grow on a level playing field. This is done through bringing in experts and funding from donor bodies for training and education programmes for the regulators, private sectors and researchers.

AITRI welcomes participation from all interested parties who are committed in combining force and helping the institute to develop the ASEAN insurance market to the next level, at par with the developed countries. AITRI welcomes all donors, researchers and technical experts on board.

TRAINING STRUCTURE & FUNCTIONS

FUNCTIONS
Regulators programmes:

• conduct training needs analysis
• design and develop programmes
• conduct and evaluate programmes

Industry programmes:

• co-organise with local training institutes and interested partners in training community

Research:

• conduct research in priority areas that would benefit ASEAN members on needs and request basis

Others:

• to establish a strong training, learning and research centre in Insurance for ASEAN
• to facilitate the development of human capital and leadership in insurance in ASEAN as well as other emerging markets
• to strengthen the financial capabilty and sponsorship for the regulators programmes
• to collaborate with international and regional subject matter experts and training institutes
• to maximise the use of ICT as the collaborative tool in communication and learning

Reference:
ASEAN Insurance Training & Research Institute AITRI

Insurance Institute of India

The Insurance Institute of India formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country.Institute qualifications are held in esteem both by the regulator and the industry. In its role as an leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance regulatory authority of india, public and private sector insurance companies.

Objectives

• To run College and conduct examinations, oral and written, in insurance theory and practice and related subjects for awarding certificates, diplomas and degrees to those interested in insurance.
• To give oral and postal tuitions, prepare and supply reading materials and similar other educative methods for encouraging and assisting the study of any subject bearing on any branch of insurance.
• To offer scholarships, grants and prizes for research or any other educational work bearing on insurance.
• To ascertain the law and practice relating to ail matters connected with insurance and to disseminate such knowledge among those interested in insurance.
• The activities and programmes of the Institute, among others, assist people in the insurance Industry, to acquire the skills and expertise to meet the growing needs of multiplicity of customers- the objective being to enhance professional insurance service to the millions in this country. 

Reference:

Insurance Institute of India

Agricultural Workers Mutual Auto Insurance Company

Since inception Ag Workers has provided Texas agriculture professionals with quality auto insurance. We are owned by our policyholders and have paid back over $150 million in dividends. Operating as a select-risk company allows us to pay the highest dividends to policyholders. Since we do not employ agents, you can deal directly with our friendly home office staff.

William C. "Brigham" Young, our founder, and entrepreneur taught agricultural science in Slaton, Texas, prior to forming Agricultural Workers Mutual Auto Insurance Company in January, 1948.

Mr. Young yearned to create an insurance company owned by the policyholders. He was supported in his efforts by founding members, T.L. Leach and L.M. Hargrave, professors at Texas Tech University.

Dutch Hahn played an instrumental role in gathering support from County Extensions Agents. In 1948, the year Ag Workers was born, Mr. Hahn was serving as the Washington County Extension Agent in Brenham, Texas. Paul Walsher and Ira Black were among other elite agriculturists who lent support to our fledging company.

From humble beginnings with 1,000 policyholders, Ag Workers has grown into a thriving company with over 20,000 policyholders and an annual net written premium which exceeds $25 million.

We have expanded, but we still adhere to the principles our founders felt were necessary for success. Our continuous efforts to maintain a "select-risk" group of drivers on whose honesty, integrity, and loyalty our company is built, is our secret to success.

Through hard working management and policyholders that maintain solid driving records, we have been able to offer a dividend every year since 1949. This dividend is not guaranteed, but the employees of Ag Workers do all they can to ensure the highest dividend possible.

Reference:
Agricultural Workers Mutual Auto Insurance Company

What occupations pay less for their car insurance?

Those who read such title will say what is the relation between what I do for living and my car insurance policy but, the truth is that there is a direct relation between cheap car insurance and personal occupation. There are numerous criteria for acquiring cheap car insurance and your occupation is one of the most important criteria that affect your premium.

Car insurance company is not a charity aiming to help those who are having hard times with their cars but, they are service companies that are offering a service against a profit. Their profit actually comes from those who pay the insurance and do not make accidents so, they tend to attract such people to sign insurance premiums with the company in order to make a higher profit. They tend to offer cheap car insurance policies for these people in order to keep them signed up with them for the longest possible period.

Car insurance company identifies a “safe driver” according to the following criteria: –
- Drives at a relatively low speed
- not in a great hurry
- not having a stressful occupation
- drives low mileage with his own car
- Uses the public transportation network or the company bus drives him to and from work.

When the driver is not in a stressful job then he will be less likely to use his cell phone while driving and even if he is using it, he would concentrate very much in the call and forget about driving. Being on the cell phone for a lot of time while driving makes the driver more prone to make an accident and that is completely against the “safe driver” definition of the insurance companies.

Let us browse through some occupations to give you an example for the less stressful jobs that may get cheap car insurance premiums. Scientists, lab technicians, writers, librarians and those who work in similar jobs are the most prominent examples for those who get the best deals on their car insurance. This is because they always work in a relaxed work environment with no much stress. These people always ride the public transportation and use their cars only occasionally and this also means less mileage covered by their cars. All of these reasons makes them the best drivers who are rarely involved in accidents.

On the other hand, there are other occupations that incur higher insurance premiums. This is because the insurance companies do not consider them “safe drivers” and this is also because of their occupations and what they do for living.

Marketing managers and marketing executives are on top of the list because they are always stressed with their marketing targets and they are also always on the phone while driving. They also drive for very long hours and cover very long distances with their own cars. Any other job that involves high stress levels like sales, marketing, on – call doctors and other similar jobs can keep the person over the phone for long times and insurance companies think that this is the first step you take towards an accident so, they always put you in the high risk square. Of course, no one in the company will tell you that you are having such high premium because of your occupation but, it goes without saying that if you are working in a less stressed job then you will be able to get cheap car insurance easier than those working in stressful jobs.

If you are one of those who work in the less stressful jobs then it would be a good idea to go through your insurance policy once more and talk to your agent to see if there is any chance to make it less or to get better rates on your next insurance premium or not. Most of the insurance companies apply these criteria on all applicants. After all, any business is looking for success opportunities and safe driver would be a very good investment for insurance company.

If you are one of those who fall in square two then you may want to check my next post to see how you can lower your insurance premium and enjoy nice cheap car insurance without quitting your job of course.

Auto insurance in the United States

Coverage available

The consumer may be protected with different coverage types depending on what coverage the insured purchases. Some states require that motorists carry liability insurance coverage to ensure that their drivers can cover the cost of damages to people or property in the event of an automobile accident. Some states, such as Wisconsin, have more flexible “proof of financial responsibility” requirements.

In the United States, liability insurance covers claims against the policy holder and generally, any other operator of the insured vehicles, provided they do not live at the same address as the policy holder, and are not specifically excluded on the policy. In the case of those living at the same address, they must specifically be covered on the policy. Thus it is necessary, for example, when a family member comes of driving age that they be added to the policy. Liability insurance sometimes does not protect the policy holder if they operate any vehicles other than their own. When you drive a vehicle owned by another party, you are covered under that party’s policy. Non-owners policies may be offered that would cover an insured on any vehicle they drive. This coverage is available only to those who do not own their own vehicle and is sometimes required by the government for drivers who have previously been found at fault in an accident. Non-owners policies are also known as Named Operator Policies. The policies are useful for people whose drivers license has been suspended and they have to have insurance for their license to be reinstated.

Generally, liability coverage extends when you rent a car. Comprehensive policies ("full coverage") usually also apply to the rental vehicle, although this should be verified beforehand. Full coverage premiums are based on, among other factors, the value of the insured’s vehicle. This coverage, however, cannot apply to rental cars because the insurance company does not want to assume responsibility for a claim greater than the value of the insured’s vehicle, assuming that a rental car may be worth more than the insured’s vehicle. Most rental car companies offer insurance to cover damage to the rental vehicle. These policies may be unnecessary for many customers as credit card companies, such as Visa and MasterCard, now provide supplemental collision damage coverage to rental cars if the transaction is processed using one of their cards. These benefits are restrictive in terms of the types of vehicles covered.

Liability
Liability coverage is offered for bodily injury (BI) or property damage (PD) for which the insured driver is deemed responsible. The amount of coverage provided (a fixed dollar amount) will vary from jurisdiction to jurisdiction. Whatever the minimum, the insured can usually increase the coverage (prior to a loss) for an additional charge.

An example of Property Damage is where an insured driver (or 1st party) drives into a telephone pole and damages the pole, liability coverage pays for the damage to the pole. In this example, the drivers insured may also become liable for other expenses related to damaging the telephone pole, such as loss of service claims (by the telephone company), depending on the jurisdiction. An example of Bodily Injury is where an insured driver causes bodily harm to a third party and the insured driver is deemed responsible for the injuries. However, in some jurisdictions, the third party would first exhaust coverage for accident benefits through their own insurer (assuming they have one) and/or would have to meet a legal definition of severe impairment to have the right to claim (or sue) under the insured driver's (or 1st Party's) policy.

In some jurisdictions: Liability coverage is available either as a combined single limit policy, or as a split limit policy:
 

Combined single limit
A combined single limit combines property damage liability coverage and bodily injury coverage under one single combined limit. For example, an insured driver with a combined single liability limit strikes another vehicle and injures the driver and the passenger. Payments for the damages to the other driver's car, as well as payments for injury claims for the driver and passenger, would be paid out under this same coverage.
 

Split limits
A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver's vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.

Bodily injury liability coverage is also usually split into a maximum payment per person and a maximum payment per accident.

The limits are often expressed separated by slashes in the following form: "bodily injury per person"/"bodily injury per accident"/"property damage". For one example, California requires minimum coverage as follows:

• $15,000 for injury/death to one person.
• $30,000 for injury/death to more than one person.
• $5,000 for damage to property

This would be expressed as "$15,000/$30,000/$5,000"

For another example, in the state of Oklahoma, drivers must carry at least state minimum liability limits of $25,000/$50,000/$25,000. If an insured driver hits a car full of people and is found by the insurance company to be liable, the insurance company will pay $25,000 of one person's medical bills but will not exceed $50,000 for other people injured in the accident. 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, so there is a greater property damage exposure for only carrying the minimum limits.
 

Full coverage
Full coverage is the name commonly referred to as Comprehensive and Collision.
 

Collision
Collision coverage provides coverage for an insured's vehicle that is involved in an accident, subject to a deductible. This coverage is designed to provide payments to repair the damaged vehicle, or payment of the cash value of the vehicle if it is not repairable. Collision coverage is optional, however if you plan on financing a car or taking a car loan, the lender will usually insist you carry collision for the finance term or until the insured's car is paid off. Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW) is the term used by rental car companies for collision coverage.
 

Comprehensive
Comprehensive (a.k.a. - Other Than Collision) coverage provides coverage, subject to a deductible, for an insured's vehicle that is damaged by incidents that are not considered Collisions. For example, fire, theft (or attempted theft), vandalism, weather, or impacts with animals are types of Comprehensive losses.
 

Uninsured/underinsured Motorist coverage
Underinsured coverage, also known as UM/UIM, provides coverage if an at-fault party either does not have insurance, or does not have enough insurance. In effect, the insurance company pays the insured medical bills, then would subrogate from the at fault party. This coverage is often overlooked and very important. In Colorado for example, it was estimated in 2007 that 24% of drivers did not carry the state minimum liability limits required by law. Unfortunately, this number goes up significantly during recessions. In some areas, it is estimated that 1 out of every 3 drivers don't carry insurance. Usually the limits match the liability limits. Some insurance companies do offer UM/UIM in an umbrella policy.

In the United States, the definition of an uninsured/underinsured motorist, and corresponding coverages, are set by state laws.
 

Loss of use
Loss of use coverage, also known as rental coverage, provides reimbursement for rental expenses associated with having an insured vehicle repaired due to a covered loss.
 

Loan/lease payoff
Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, was established in the early 1980s to provide protection to consumers based upon buying and market trends.

Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of the vehicle, which is called "upside-down" or negative equity. Thus, if the vehicle is damaged beyond economical repair at this point, the owner will still owe potentially thousands of dollars on the loan. The escalating price of cars, longer-term auto loans, and the increasing popularity of leasing gave birth to GAP protection. GAP waivers provide protection for consumers when a "gap" exists between the actual value of their vehicle and the amount of money owed to the bank or leasing company. In many instances, this insurance will also pay the deductible on the primary insurance policy. These policies are often offered at auto dealerships as a comparatively low cost add-on to the car loan that provides coverage for the duration of the loan. GAP Insurance does not always pay off the full loan value however. These cases include but are not limited to: 1. Any unpaid delinquent payments due at the time of loss; 2. Payment deferrals or extensions (commonly called skips or skip a payment); 3. Refinancing of the vehicle loan after the policy was purchased; or 4. Late fees or other administrative fees assessed after loan commencement. Therefore, it is important for a policy holder to understand that they may still owe on the loan even though the GAP policy was purchased. Failure to understand this can result in the lender continuing their legal remedies to collect the balance and the potential of damaged credit.

Consumers should be aware that a few states, including New York, require lenders of leased cars to include GAP insurance within the cost of the lease itself. This means that the monthly price quoted by the dealer must include GAP insurance, whether it is delineated or not. Nevertheless, unscrupulous dealers sometimes prey on unsuspecting individuals by offering them GAP insurance at an additional price, on top of the monthly payment, without mentioning the State's requirements.

In addition, some vendors and insurance companies offer what is called "Total Loss Coverage." This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle. Thus, to some extent the distinction makes no difference, i.e., in either case the owner receives a certain sum of money. However, in choosing which type of policy to purchase, the owner should consider whether, in case of a total loss, it is more advantageous for him or her to have the policy pay off the negative equity or provide a down payment on a new vehicle.

For example, assuming a total loss of a vehicle valued at $15,000, but on which the owner owes $20,000, is the "gap" of $5000. If the owner has traditional GAP coverage, the "gap" will be wiped out and he or she may purchase or lease another vehicle or choose not to. If the owner has "Total Loss Coverage," he or she will have to personally cover the "gap" of $5000, and then receive $5000 toward the purchase or lease of a new vehicle, thereby either reducing monthly payments, in the case of financing or leasing, or the total purchase price in the case of outright purchasing. So the decision on which type of policy to purchase will, in most instances, be informed by whether the owner can pay off the negative equity in case of a total loss and/or whether he or she will definitively purchase a replacement vehicle.
 

Towing
Car towing coverage is also known as Roadside Assistance coverage. Traditionally, automobile insurance companies have agreed to only pay for the cost of a tow that is related to an accident that is covered under the automobile policy of insurance. This had left a gap in coverage for tows that are related to mechanical breakdowns, flat tires and gas outages. To fill that void, insurance companies started to offer the car towing coverage, which pays for non-accident related tows.
 

Personal Property
Personal items in a vehicle that are damaged due to an accident would not be a covered under the auto policy. Any type of property that is not attached to the vehicle should be claimed under a homeowners or renters policy. However, some insurance companies will cover unattached GPS devices intended for automobile use.
 

Buying Online
The Internet has significantly changed the process of buying auto insurance in the United States. Many consumers now opt to get quotes and even make purchases of auto insurance online. The main benefits to doing so are thought to be the ability to compare many different providers and policies at once to get the set of features that matches what you are looking for, and to get the lowest price. Under this model, consumers can get insurance from more traditional insurance providers (those with physical brick and mortar locations) as well as companies that only offer insurance online.
Consumers buying auto insurance online can get a quote, make a purchase, and print out cards and policy terms from their own computer in a relatively short amount of time, making it an increasingly popular option.

Car insurance policy in Ireland United States

In the United States, auto insurance covering liability for injuries and property damage done to others is compulsory in most states, though different states enforce the requirement differently. The state of New Hampshire, for example, does not require motorists to carry liability insurance (the ballpark model), while in Virginia residents must pay the state a $500 annual fee per vehicle if they choose not to buy liability insurance.[10] Penalties for not purchasing auto insurance vary by state, but often involve a substantial fine, license and/or registration suspension or revocation, as well as possible jail time. Usually, the minimum required by law is third party insurance to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle.

Several states, like California and New Jersey, have enacted "Personal Responsibility Acts" which put further pressure on all drivers to carry liability insurance by preventing uninsured drivers from recovering noneconomic damages (e.g. compensation for "pain and suffering") if they are injured in any way while operating a motor vehicle.

Some states, such as North Carolina, require that a driver hold liability insurance before a license can be issued.

Some states require that insurance be carried in the car at all times, while others do not enforce this law. For example, North Carolina does not specify that you must carry proof of insurance in the vehicle; however, NC does state that you must have that information to trade with another driver in the event of an accident. Whether a state specifies you must have proof of insurance in the car or not, it's always advisable to have the information on hand in case an officer should request it.

Arizona Department of Transportation Research Project Manager John Semmens has recommended that car insurers issue license plates, and that they be held responsible for the full cost of injuries and property damages caused by their licensees under the Disneyland model. Plates would expire at the end of the insurance coverage period, and licensees would need to return their plates to their insurance office to receive a refund on their premiums. Vehicles driving without insurance would thus be easy to spot because they would not have license plates, or the plates would be past the marked expiration date.[11]

Reference: wikipedia.org

Car insurance policy in Ireland United Kingdom

In 1930, the UK government introduced a law that required every person who used a vehicle on the road to have at least third party personal injury insurance. Today UK law is defined by the Road Traffic Act 1988, which was last modified in 1991. The Act requires that motorists either be insured, have a security, or have made a specified deposit (£500,000 as of 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons' property resulting from use of a vehicle on a public road or in other public places.

The minimum level of insurance cover commonly available and which satisfies the requirement of the Act is called third party only insurance. The level of cover provided by Third party only insurance is basic but does exceed the requirements of the act.

Road Traffic Act Only Insurance is not the same as Third Party Only Insurance and is not often sold. It provides the very minimum cover to satisfy the requirements of the Act. For example Road Traffic Act Only Insurance has a limit of £1,000,000 for damage to third party property - third party only insurance typically has a greater limit for third party property damage.

It is an offense to drive a car, or allow others to drive it, without at least third party insurance whilst on the public highway (or public place Section 143(1)(a) RTA 1988 as amended 1991); however, no such legislation applies on private land.

Vehicles which are exempted by the act, from the requirement to be covered, include those owned by certain councils and local authorities, national park authorities, education authorities, police authorities, fire authorities, health service bodies and security services.

The insurance certificate or cover note issued by the insurance company constitutes legal evidence that the vehicle specified on the document is insured. The law says that an authorised person, such as the police, may require a driver to produce an insurance certificate for inspection. If the driver cannot show the document immediately on request, and proof of insurance cannot be found by other means such as the Police National Computer, drivers are no longer issued a HORT/1. This was an order with seven days, as of midnight of the date of issue, to take a valid insurance certificate (and usually other driving documents as well) to a police station of the driver's choice. Failure to produce an insurance certificate is an offence. The HORT/1 was commonly known - even by the issuing authorities when dealing with the public - as a "Producer".

Insurance is more expensive in Northern Ireland than in other parts of the UK.[vague][citation needed]

Most motorists in the UK are required to prominently display a vehicle licence (tax disc) on their vehicle when it is kept or driven on public roads. This helps to ensure that most people have adequate insurance on their vehicles because an insurance certificate must be produced when a disc is purchased.[9]

The Motor Insurers' Bureau compensates the victims of road accidents caused by uninsured and untraced motorists. It also operates the Motor Insurance Database, which contains details of every insured vehicle in the country.

Reference: wikipedia.org

Car insurance policy in Ireland

The Road Traffic Act, 1933 requires all drivers of mechanically propelled vehicles in public places to have at least third-party insurance, or to have obtained exemption - generally by depositing a (large) sum of money with the High Court as a guarantee against claims. In 1933 this figure was set at £15,000. The Road Traffic Act, 1961 [2] (which is currently in force) repealed the 1933 act but replaced these sections with functionally identical sections.

From 1968, those making deposits require the consent of the Minister for Transport to do so, with the sum specified by the Minister.

Those not exempted from obtaining insurance must obtain a certificate of insurance from their insurance provider, and display a portion of this (an insurance disc) on their vehicles windscreen (if fitted). The certificate in full must be presented to a police station within ten days if requested by an officer. Proof of having insurance or an exemption must also be provided to pay for the motor tax.

Those injured or suffering property damage/loss due to uninsured drivers can claim against the Motor Insurance Bureau of Ireland's uninsured drivers fund, as can those injured (but not those suffering damage or loss) from hit and run offences.

Reference: wikipedia.org

Car Insurance policy in Indonesia

Third-party vehicle Insurance is a mandatory requirement in Indonesia and each individual car and motorcycle must be insured or the vehicle will not be considered legal. Therefore, a motorist cannot drive the vehicle until it is insured. Third Party vehicle insurance is included through a levy in the vehicle registration fee which is paid to government institution that known as "Samsat". Third-Party Vehicle Insurance is regulated under Act No. 34 Year 1964 Re: Road Traffic Accident Fund and merely covers Bodily injury, and manages by a SOE's named PT. Jasa Raharja (Persero).

Reference: wikipedia.org

Car insurance policy in Hungary

Third-party vehicle insurance is mandatory for all vehicles in Hungary. No exemption is possible by money deposit. The premium covers all damage up to HUF 500M (about €1.8M) per accident without deductible. The coverage is extended to HUF 500M (about €4.5M) in case of personal injuries. Vehicle insurance policies from all EU-countries and some non-EU countries are valid in Hungary based on bilateral or multilateral agreements. Visitors with vehicle insurance not covered by such agreements are required to buy a monthly, renewable policy at the border.

Reference: wikipedia.org

Car insurance policy in Germany

Since 1939 it is compulsory to have third party personal insurance before keeping a motor vehicle in all federal states of Germany. Besides, every vehicle owner is free to take out a comprehensive insurance policy. All types of car insurances are provided by several private insurers. The amount of insurance contribution is determined by several criteria, like the region, the type of car or the personal way of driving.

Reference: wikipedia.org

Car Insurance Policy in Canada

Several Canadian provinces (British Columbia, Saskatchewan, Manitoba and Quebec) provide a public auto insurance system while in the rest of the country insurance is provided privately. Basic auto insurance is mandatory throughout Canada with each province's government determining which benefits are included as minimum required auto insurance coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador. All provinces in Canada have some form of no-fault insurance available to accident victims. The difference from province to province is the extent to which tort or no-fault is emphasized. Typically, coverage against loss of or damage to the driver's own vehicle is optional - one notable exception to this is in Saskatchewan, where SGI provides collision coverage (less than a $700 deductible, such as a collision damage waiver) as part of its basic insurance policy. In Saskatchewan, residents have the option to have their auto insurance through a tort system but less than 0.5% of the population have taken this option.

Reference: wikipedia.org

Public car insurance policy in Australia

In South Australia, Third Party Personal insurance from the Motor Accident Commission is included in the license registration fee for people over 16. A similar scheme applies in Western Australia.

In Victoria, Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle registration fee.

In New South Wales, Compulsory Third Party Insurance (commonly known as CTP Insurance) is a mandatory requirement and each individual car must be insured or the vehicle will not be considered legal. Therefore, a motorist cannot drive the vehicle until it is insured. A 'Green Slip,'[1] another name CTP Insurance is commonly known by due to the color of the pages the form is printed on, must be obtained through one of the seven main insurers in New South Wales.

In Queensland, CTP is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.

These state based third party insurance schemes usually cover only personal injury liability. Comprehensive vehicle insurance is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.

Reference: wikipedia.org