Automobile Insurance Providers, Policies, and Procurement Worldwide
Globally, requirements concerning acquisition of auto insurance vary dramatically. In the United States, for example, individual states determine the minimum requirements. However, in South Australia and several Canadian provinces, third-party insurance coverage is provided for drivers by funds gained from taxes and other government sources. The United Kingdom stipulates that its drivers carry third-party coverage, but does not ask its drivers to have any further coverage on their own vehicles. China demands that all its drivers possess auto insurance; however, all Chinese policies protect both third parties and the driver’s own vehicle. Though requisites differ internationally, the majority of countries do have regulations that drivers, at least, have policies that provide financial compensation for other drivers in the event of a collision. In the US, the UK and elsewhere, drivers may shop among a number of insurers to get cheap insurance rates and the best coverage for their needs via the Internet.
Globally, requirements concerning acquisition of auto insurance vary dramatically. In the United States, for example, individual states determine the minimum requirements. However, in South Australia and several Canadian provinces, third-party insurance coverage is provided for drivers by funds gained from taxes and other government sources. The United Kingdom stipulates that its drivers carry third-party coverage, but does not ask its drivers to have any further coverage on their own vehicles. China demands that all its drivers possess auto insurance; however, all Chinese policies protect both third parties and the driver’s own vehicle. Though requisites differ internationally, the majority of countries do have regulations that drivers, at least, have policies that provide financial compensation for other drivers in the event of a collision. In the US, the UK and elsewhere, drivers may shop among a number of insurers to get cheap insurance rates and the best coverage for their needs via the Internet.
Just as regulations vary worldwide, so do edicts across the United States. The Commonwealth of Virginia asks that its drivers pay $500 yearly if they opt to not purchase liability insurance. Illinois has a mandatory insurance law that requires drivers to hold at least a liability policy with state-established minimum coverage amounts. If a driver is found to not have the state’s minimum requirements, he could face a suspended license and up to a $1,000 fine. New Hampshire and Wisconsin are the only states that do not require their drivers to purchase auto insurance policies.
While the United States does not offer a government affiliated or funded automobile insurance program, some Canadian provinces give their drivers premium-free coverage. Quebec and Manitoba provide coverage similar to liability in the United States. Drivers are encouraged to purchase additional coverage for their own vehicles. The supplementary insurance is also made available by government-run programs.
The cost is roughly similar across nations. In the United States, policy rates are determined by the vehicle being insured, the driver’s age and gender, selected policy, vehicle usage, area in which the car will be stored and used, and possibly the driver’s jurisdiction in the state. In some Canadian provinces and other countries an extra income or property tax funds government-run insurance programs in which the driver is not asked to pay any premium to the provider. China’s private insurance companies determine a driver’s premium cost with roughly the same criteria as the United States’ private providers.
Many consumers across the world are turning to the internet to find automobile insurance policies. With more and more companies offering quick online auto insurance quotes and printable policies and cards, fewer drivers have a personal insurance agent with an office across town or down the street. Drivers can find detailed policy descriptions in a variety of languages on the internet as well. Applications can be completed, and customers can even chat live with a customer service representative from their personal computers. Countries that use the private sector for automobile insurance have a vast array of options that can be explored online.
Though countries may differ in whether the public or private sector is the insurance provider or what specific degree of coverage is required, all have similar policies that range from liability to collision to uninsured motorist. One thing that is a constant across the entire world is that every automobile insurance consumer is given options.