Investments

Vehicle insurance, also called automotive insurance or motor vehicle insurance, is a contract between an insurance company and the owner of a vehicle. In exchange for paying a premium, the insurance company agrees to pay for certain costs in the event of an accident or other damage to the vehicle.

Vehicle insurance can cover:

Damage to your vehicle.

Liabilities for injuries or damages you cause to others.

Medical bills for you or your passengers if you’re injured in an accident.

Legal liability to third parties.

Fire and theft

Some types of vehicle insurance coverage include:

Auto liability coverage

Collision Coverage

Comprehensive Coverage

Basic, legally mandated auto insurance covers the cost of damages to other vehicles you cause while driving. However, it does not cover damage to your own car.