What types of vehicle policies are there?
Vehicle policies have the function of protecting the owner of the vehicle against a potential accident and in turn the vehicle in question. There are different types of vehicle insurance; so it is of the utmost importance that you learn to identify which one you need and adapt to your budget.
Types of vehicle policies
Vehicle insurance policies are established according to the coverage they have. In general terms, vehicle insurance coverage can be: extensive, limited or simply civil liability.
Civil Liability Policy
In most countries there is a legal obligation that every vehicle that is in circulation must have Civil Liability insurance (RCV). These insurances cover, as its name indicates, civil liability of the driver or owner of the vehicle. They cover damages to third parties for a modest amount either to your vehicle or the people involved or affected by the incident. It should be noted that, if the amount exceeds the amount of the liability policy, the person who owns the vehicle must take care of the rest.
Limited coverage policy
The Limited Coverage Policy is a type of insurance that includes the most basic coverage, although its main objective is to cover damage caused to third parties due to an accident and theft of the insured vehicle.
Wide coverage policy
This type of insurance is the one with the greatest coverage. It covers civil liability of the driver or owner, in addition to the total or partial loss of the vehicle. It also has roadside assistance coverage, medical expenses for the occupants, legal expenses and many other additional expenses incurred by the insured.
We always recommend consulting with an insurance advisor when wanting to purchase a policy; Whether it is a life policy, vehicle, health policy or any other you need, an insurance advisor will provide you with all the required information and help you choose the one that best suits your needs.