Insurance for Poor Drivers, Teen Drivers and all sorts of insurance policies found in the Western countries
An UntoldCityLife.com’s Car Fanatic written by Xiao Loong Zi
Car is extremely cheap in United States, almost anyone with a decent income could afford to buy a new car. When it comes to motor insurance (also known as vehicle insurance, auto insurance or car insurance), you can find all sorts of policies that suit the driver’s lifestyle. I just came across to know that one of my friends who is a BMW fanatic in California has just changed a new BMW before his recent promotion. (the reason why he changed the car was that his idiot friend bang his car on purpose while driving my friend’s BMW to release angers).
Anyhow, it caused no harm to my friend physically or financially! This is because of his purchased Automobile Insurance Policies ! Therefore, his car was fully insured and got it repaired at minimal cost. Few months later he still able to negotiate a good deal to trade in for a new BMW using cash.
My inquisitive behaviour leads me to discover some funny and weird auto insurance policies found in the Western countries. For each different market segment, you will be able to find ’special’ policies to address that specific market needs. These policies will be listed down in numeric orders:
i - Poor Driver Auto Policy for those lacking with good track records
Let’s look at this site that I found on Google using keywords ‘Poor Driver Auto Policy‘ and ‘Teen Driver Auto Policy‘. It goes to the same web page, the site telling people (for e.g teenage driver or poor driver) who do not have a good driving records should take up this policy at a higher premium. The premium rate will get lower as these drivers will slowly build up good driving track records.
ii - Sex Discrimination Auto Insurance Policies
According to statistics, a male driver usually spent more road mileages than female driver, therefore higher risk of getting into an accident. Thus, male driver auto insurance policies usually much more expensive than female. This is truth especially for the young ladies whereby premium discount will be considered. Some country in European Union is considering banning insurance companies to offer premium based on gender.
iii - Pay As You Drive Auto Insurance Policies
PAYD is a driving tracking GPS system that monitor driving behaviour, the insurance permium may be calculated dynamically, for e.g according to the road mileages. It also means that your insurance could be little bit expensive if you pass by the city while cheaper during some non busy hour.
iv - ‘Gap Coverage New Vehicle‘
Another popular insurance for new vehicle is called Gap Auto Insurance Policies. The idea is to fill up the gap price between the ‘Actual Cost’ paid in buying the new car and the ‘Value Worth’ valuated by the insurance. As the car’s value for the new vehicle depreciates immediately, if an accident happen, this policy will be able to cover the Gap between the Actual Cost and Value Worth of the car.
Below is a YouTube’s video of Gap Auto Insurance Policies.
Popularity: 15% [?]
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