What is auto insurance?
Why SBI General
SBI General is the fastest-growing private general insurance company in India. SBI General Insurance is a strong parent company of SBI. We are dedicated to preserving the legacy of trust, security and our vision to be the most trusted general insurance provider for a changing India.
Indians need insurance that provides exceptional coverage, is accessible and protects them against unforeseen costs. This is possible with SBI General Insurance.
Learn about your car insurance policy and what it covers
Auto Insurance
IN THIS ARTICLE
- The basics of auto insurance
- Who is covered under my auto insurance?
- What is gap insurance? Do I need it?
- Most states require basic personal auto insurance. This provides some financial protection in the event of an accident. Is it enough? What are your options? Find out how car insurance works, and which types of coverage you have.
Understanding auto insurance—the basics
The insurance company and you create an agreement to insure you against financial loss if you are involved in an accident or theft. The insurance company will pay the losses you incur as per your policy in exchange for you paying a premium.
Auto insurance provides coverage for:
- Property: Damage to or theft of your vehicle
- Liability- Your legal responsibility to other people for bodily injury and property damage
- Medical: The cost of treating injuries and rehabilitation, sometimes lost wages, and funeral expenses
Most states in the United States require basic personal auto insurance. However, laws can vary. To allow you to customize your coverage and meet your budget, auto insurance policies are priced individually (a la carte).
Most policies are issued for a six-month to one-year period and can be renewed. When it is time to renew your policy or pay your premium, the insurance company will send you a notice.
Who and under what circumstances is my auto insurance?
Your auto policy covers you and your family members, regardless of whether they are driving your car or another person's (with their permission). You also have coverage if someone other than you is driving your vehicle with your permission.
Personal driving is not covered by your personal auto policy. This applies regardless of whether you are driving to work, running errands, or going on a trip. If you drive a car to deliver pizzas, it will not cover you.
Personal auto insurance won't cover you if your vehicle is used to transport others via ride-sharing services like Uber and Lyft. However, some auto insurers now offer supplemental insurance products at an additional cost that provide coverage for ride-sharing service providers.
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