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Car Insurance
Vehicle insurance
From Wikipedia, the free encyclopedia
Coverage levels
Insurance can cover some or all of the following items:
1. The insured party
2. The insured vehicle
3. Third parties
Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or accident damage independently.
Public policy
An insurance company may declare a vehicle totally destroyed ('totaled' or 'a write-off') if it appears replacement would be cheaper than repair. (Photo used with kind permission of car-accidents.com.)
In many countries it is compulsory to purchase auto insurance before driving on public roads. 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. 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 a $700 deductible) as part of its basic insurance policy. In South Australia Third Party Personal insurance from the State Government Insurance Corporation (SGIC) is included in the license registration fee. South Africa allocates a percentage of the money fom petrol into the Road Accidents Fund , which goes towards compensating third parties in accidents[1]. Most countries relate insurance to both the car and the driver, however the degree of each varies greatly.
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