Unlike other forms of insurance (i.e., life insurance, pension insurance and medical insurance), car insurance is a compulsory requirement for all vehicle owners; the state and federal laws require it with appropriate penalties for non-compliance. But even without the laws of the land requiring car insurance, concerned individuals are well-advised to secure its coverage for obvious reasons – vehicular accidents resulting in damage, even loss, of limb, life and property are unpredictable and the monetary obligations arising from such events can be onerous without the insurance coverage in place.
But there is no such thing as a one-size-fits-all auto insurance policy; each individual, group or organization with their own fleet of personal and professional use vehicles will have unique requirements from the insurance policies. For example, a husband and father with a minivan will require single vehicle insurance while a mid-sized business with a fleet of vehicles will demand fleet insurance suitable for the industry it is in.
The importance of determining the needs and wants in vehicle insurance cannot be overemphasized considering the wide range of choices available. The prospective policyholder must also consider factors like dollar amount of coverage, premiums and deductibles, and types of coverage as well as the process involved in filing claims.
Experts even suggest browsing through the choices provided by several partner sites before making the final choice in vehicle insurance.