Learn Auto Insurance With Praetorian Insurance Company
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Auto Insurance is a contract between you and an auto insurance company. The contract dictates that as long as you follow the rules and pay the premiums, the insurer should pay for your losses in case of accident. Losses may include vehicle damage, injuries, theft, vandalism, and any other perils listed in the contract. The amount of payment you can receive in compensation depends on several factors for examples deductible and coverage limit. Auto insurance is both necessary and complicated, but Praetorian Insurance Company provides a comprehensive Q&A section for you to get a better understanding of this topic.

How Does Auto Insurance Work?

The basic idea of auto insurance is that an insurer provides financial protection for you in the event of an accident, collision, and other car-related incidents in which you suffer losses. Auto insurance is not meant to give a financial advantage, but it prevents you from having financial hardship regardless of who is at fault in the incidents. You can say that auto insurance is risk transfer. Without insurance, all risks are for you to take. By buying auto insurance, you mitigate the risk to the insurance company. To do that, the insurance company requires you to pay the premium; the amount of protection depends on how much you pay.

Why Is It Necessary?

Not only this is necessary, but auto insurance is also, in fact, critical. When you are driving, you take the risk. You can be the best driver in the world, but not everybody who drives a car is a good driver. There are times when drivers make mistakes and cause damages or injuries, and the auto insurance company is here to help pay the cost for repair, replacement, medical treatment, and even funeral in case of death.

Following an event of an accident in which you are at fault, you are at risk of paying the cost for repairing the other party’s vehicle, fence, or other properties. In case the other party is injured, you may have to pay for the medical treatment, rehabilitation, and all compensations. If you are insured, however, Praetorian Insurance Company covers the payment and provides legal fees. Also, there is a possibility that your vehicle is damaged too, or you are injured as well. Without auto insurance, you have to pay the repair and medical cost out of your pocket.

How Can I Buy Car Insurance?

There are several ways of buying insurance: through a captive agent, independent agent, and without an agent (buying direct). With a captive agent, you buy insurance through the insurance company’s middleman service. Such agents are persuasive, and they get profit from every sale they make. You can also buy without agents via online. Most major companies have websites that you can use for making payment and check your account. Independent agents work for you and on your behalf. The officer finds the best deal, coverage, and discounts to help you save money and get the best financial protection. Praetorian Insurance Company encourages everyone to purchase coverage from independent agents for the sake of transparency.

What If I Don’t Have Insurance?

Almost all states require every driver to purchase insurance or have proof of financial responsibility. Driving without insurance is against the law, and you may end up paying fines and in prison. Some companies conduct business in few states, but Praetorian Insurance Company has the license to sell and underwrite auto insurance coverage in all 50 states including District of Columbia and Puerto Rico. The insurance requirement is each state is different. Some types of coverage are mandatory depending on where you live while others are optional. The minimum limit for coverage also varies.

Is Auto Insurance Expensive?

An insurance company determines your premium based on several factors for examples car models, address, profession, age, and average mileage. The general rule is that more expensive car requires more insurance because the repair and replacement cost are more expensive. But this is not always the case since some expensive cars have more safety features than their cheaper counterparts.

Having more safety features in your car can make you eligible for discounts to reduce the premium. Other discounts are available for examples Good Student, Claim-Free, Clean Driving Record, and Multi-Policy. Every company has a different formula to calculate the premium fee, and an independent agent can help you find the best rate for the best protection.

Do Insurers Check Driving History?

Driving history is one of the most important considerations when determining the premium. Praetorian Insurance Company checks your driving history before every renewal to set a new rate. Clean driving history without traffic ticket can even reduce your premium. Because you have been good driver since the last renewal, the company rewards you by charging less than normal.

Do Insurers Cover Vandalism and Theft

The minimum coverage requirement by the state may not include protections for theft and vandalism. However, insurance companies allow you to purchase optional coverage that includes such protection. Because theft and vandalism are non-accident losses, the coverage for them is Comprehensive. Purchasing optional coverage adds the total premium you have to pay, but the protection covers more perils.

What Coverage for My Vehicle Damage?

It is either Comprehensive or Collision. The former protects from non-collision incidents such as natural disasters, theft, fire, vandalism, and falling objects. The latter covers damages as a result of a collision with another vehicle or physical objects. Both are optional but also common due to their importance and usefulness for drivers.


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