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Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.
Insurability can mean either whether a particular type of loss (risk) can be insured in theory, or whether a particular client is insurable for by a particular company because of particular circumstance and the quality assigned by an insurance provider pertaining to the risk that a given client would have.
An individual with very low insurability may be said to be uninsurable, and an insurance company will refuse to issue a policy to such an applicant. For example, an individual with a terminal illness and a life expectancy of 6 months would be uninsurable for term life insurance. This is because the probability is so high for the individual to die within the term of the insurance, that he/she would present much too high a liability for the insurance company. A similar, and stereotypical, example would be earthquake insurance in California.
Insurability is sometimes an issue in case law of torts and contracts. It also comes up in issues involving tontines and other insurance fraud schemes. In real property law and real estate, insurability of title means the realty is marketable.
Auto insurance (also known as auto insurance, gap insurance, car insurance, or motor insurance) is insurance coverage taken out for vehicles such as cars, motorcycles and trucks. The main purpose of auto insurance is to give financial protection against physical damage and/or bodily injury in the event of a vehicle or person sustaining damage as a result of traffic accidents. The purpose of auto insurance is also to provide cover for any liability that result from vehicle-related incidents.
In many jurisdictions it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. The specific terms of vehicle insurance vary with legal regulations in each region. Most jurisdictions relate insurance to both the car and the driver; however the degree of each varies greatly.
Auto insurance for commercial purposes refers to an insurance package meant to cover the risks associated with using vehicles to conduct business activities. Vehicles for commercial activities are usually used during daylight hours and often include vehicles for oversized loads that require the drivers to have specific licenses and driving abilities. The aim of good auto insurance for commercial purposes is to protect the owners, investors and assets against liability in case of automobile accidents by taking the special requirements of driving these vehicles into account.
Also called personal car insurance, non-commercial auto insurance refers to insurance packages that cover automobile owners who use their vehicles for personal transportation instead of for business-related activities such as the transport of goods. This kind of insurance, instead of protecting a business or its assets, is meant to cover any damages to a vehicle or injuries to persons in the event of car accidents while the vehicle was used for personal purposes.
Auto insurance policies differ from country to country, and from region to region within most countries. There are areas that make it compulsory to have your vehicle insured, while others have different requirements regarding auto insurance, types of coverage and costs.
Canada
Canada has several provinces that provide public vehicle insurance. These provinces include Quebec, Manitoba, Saskatchewan and British Columbia. In the rest of Canada, automobile insurance is supplied privately. It is mandatory to have at least basic car insurance in Canada and the government of every province determines what kind of coverage constitutes basic insurance and what kind of benefits are optional.
I. Auto insurance brokers in Canada
There are a range of insurance brokers you can contact who can get you quotes on auto insurance. Carinsurance.ca gets quotes from up to seven insurance companies and can also arrange your auto insurance for you. You can also contact Canadian Insurance Brokers, Inc. who is an independent broker with custom-made policies.
II. Auto insurance companies in Canada
Many well-known insurance companies operate in Canada, including Allstate and State Farm. Another car insurance company you can contact for an automobile quote is Royal & SunAlliance Canada. All of these companies can be contacted telephonically or, alternatively, you can visit their websites to fill in a form to receive an online quote.
III. Industry organizations in Canada
There are a number of insurance industry organizations in Canada, such as IBAC, the Insurance Brokers Association of Canada. This association is the organization for national trade and collectively represents the eleven provincial and regional associations of insurance brokers within Canadian borders. IBAC is a non-profit organization and it is important to note that it is not an insurance company and it does not sell any kind insurance in itself.
IV. Governing bodies
Auto insurance governing bodies are regulatory institutions to protect your rights as the holder of an insurance policy. The Insurance Bureau of Canada, IBC, is an association that represents home, auto and business insurance. Other similar governing bodies include the Financial Services Commission of Ontario, Registered Insurance Brokers Association of Ontario and the CGI Group Inc, a firm that gives clients their history of auto-related claims.
United States
All the states in the US obligate car owners to have insurance of some kind, apart from Virginia.
According to the Virginia Department of Motor Vehicles, it is not compulsory to have insurance to operate a vehicle. The owner of the car can pay an Uninsured Motor Vehicle fee of $500 to the state and can then drive an uninsured vehicle. In the event of an accident, however, the owner of the car will be personally responsible for any damages incurred because he or she did not have auto insurance. In other US states, car insurance provides for claims against the holder of the policy and often against other drivers of a car with insurance.
I. Auto insurance brokers in the United States
An insurance broker gives you the opportunity to compare the prices from a number of different insurance companies so you can decide which policy suits you best. CarInsurance.com is one such broker you can call, or you can shop with them online to find the best car insurance quote. You can also make use of Insurance Brokers Group, who may prove ideal for finding the best car insurance quotes online.
II. Auto insurance companies in the United States
If you do not want to make use of an auto insurance broker, there are many popular automobile insurance companies in the US you can contact directly, such as Geico, Progressive Direct, Allstate and State Farm. These companies can be contacted by phone for insurance quotes, or you can go to their respective websites to receive a quote electronically.
III. Industry organizations in the United States
The American Insurance Association, AIA, is an insurance organization which represents around three hundred insurance providers. The members of AIA provide all kinds of insurance, which includes commercial and non-commercial automotive insurance. A.M. Best is an organization that offers credit rating services to the industry, supplying in-depth analysis of vehicles that bear any degree of risk.
IV. Governing bodies
The main governing body for insurance companies and brokers in the US is the Insurance Regulatory Examiners Society, or IRES. It is an association of regulators whose goal it is to protect the consumer. The IRES promotes efficient and cost-effective regulation by making sure that those who serve the regulatory bodies on federal and state levels act professionally and with integrity.
Mexico
Many US and Canadian citizens are under the impression that their car insurance will be valid when driving in Mexico, but this is not the case. Mexican automobile insurance companies are the only companies that are legal in the country. In addition, according to Mexican law, an auto accident is a civil offense and hence a criminal occurrence.
I. Auto insurance brokers in Mexico
Mexpro.com is the first Mexican car insurance broker with an online presence. They provide quotes from many Mexican insurance companies whether you are a local or a visiting tourist. Baja Bound Insurance is another insurance broker in Mexico and can offer quotes from two insurance companies, ACE Seguros and HDI Seguros.
II. Auto insurance companies in Mexico
ACE Seguros and HDI Seguros can provide daylong, semi-annual and yearly auto insurance policies. They also provide the option of full cover or liability cover alone. If you own a motorcycle, you can also choose full coverage which is available for a wide range of models. Sanborn is one of the biggest, and the oldest, Mexican insurance companies that operate within the US. They cater to Mexican locals but are more focused on US citizens looking for Mexican car insurance.
III. Industry organizations in Mexico
Mexico’s main insurance industry organization is the Asociación Mexicana de Instituciones de Seguros, A.C. Also called Amis for short, it aims to promote the development of the insurance industry and represents the interests of its members above those of the authorities. It also acts in other capacities for its members, such as taking on an advisory role.
IV. Governing bodies
The Comisión Nacional de Seguros y Fianzas is an independent agency that supervises insurance activities and makes sure that insurance providers and brokers follow policy frameworks. It maintains the solvency of insurance companies in order to protect the consumer’s interests and to ensure the development of the insurance industry.
For countries like Nicaragua and Belize you can buy auto insurance when you get to their borders. Many insurance companies only offer partial coverage like third party cover alone and not total damages.
I. Auto insurance brokers in South America
UNiBA is an international insurance broker with offices all around the world, including countries in South America. JLT is another insurance broker that operates in Latin America with offices in Peru, Colombia, Brazil, Venezuela, Ecuador, Chile and Argentina. They deliver quality services and are easy to contact online for auto insurance quotes.
II. Auto insurance companies in South America
Aseguradora Mundial provides full car insurance in Nicaragua that covers vehicle loss due to traffic accidents or theft, as well as providing third party coverage. For automobile insurance in Costa Rica, Belize and Colombia, you can contact the Instituto Nacional de Seguros, the Insurance Company of Belize Limited and SOAT Colombia respectively to receive telephonic or online quotes on car insurance.
III. Industry organizations in South America
The main focus of the International Cooperative and Mutual Federation is to help insurance companies and brokers to reach people who do not normally have access to insurance protection. This goes for developing as well as developed countries. This organization was formed by insurance associations and unions in order to develop suitable and cost-effective products so that business and personal risk is reduced.
IV. Governing bodies
Every country in South America has its own regulatory bodies. Examples include the National Insurance Superintendency in Argentina, the Securities and Insurance Superintendency in Chile, the Colombian Financial Superintendency and the Insurance Superintendency in Venezuela.
Wherever you go in the European Union, your vehicle insurance will supply the minimum insurance coverage that is legally required. The introduction of new rules now makes sure that drivers get compensation very quickly in cases of accidents, regardless of where you find yourself in the European Union. Procedures are much easier and it is quicker to make claims.
I. Auto insurance brokers in Europe
A good and comprehensive insurance broker that offers EU auto insurance quotes is moneysupermarket.com. It functions internationally and its website contains comprehensive information on car insurance for many international locations, including the EU.
II. Auto insurance companies in Europe
Atlantic Insurance Company is an international company for general insurance which includes car insurance for EU countries. The staff is well-trained and qualified and many of them speak English as well as Greek fluently. Other European insurance companies include Admiral in the United Kingdom and Direct Assurance in France.
III. Industry organizations in Europe
The CEA is the federation for European insurance. It has thirty-four members and represents a wide variety of auto insurance providers. With its headquarters located in Brussels, it represents members from all around the EU. These members include companies and brokers operating on a pan-European basis as well as individual national insurers.
IV. Governing bodies
The members of the European Union are each governed by their own regulators. Yet all EU governing bodies are aligned throughout the EU. Germany’s regulatory body on federal level is the Federal Financial Supervisory Authority, while Spain is governed by the General Directorate of Insurance and Pension Funds.
Auto insurance in Australia is predominantly state-based and often only covers liabilities for personal injury. You have to buy full vehicle insurance separately in order to have coverage for property damage and other events like car accidents and theft.
I. Auto insurance brokers in Australia
MGA Insurance Brokers can help you select an insurer and suitable auto insurance coverage. They can ensure that you get the lowest car insurance quotes so that, with their assistance, you can choose an insurer that meets your particular needs. With more than 750 members of staff and offices in 34 different locations, OAMPS Insurance Brokers can be contacted online to find the best automobile insurance quotes.
II. Auto insurance companies in Australia
Allianz has an online quoting system with legal coverage of up to $20 million. They also have a variety of options, for instance to cover accidental damages to your vehicle’s windows. Chubb Group of Insurance Companies is an international insurance company that operates in Australia under the name Chubb Insurance Company of Australia Limited.
III. Industry organizations in Australia
The Australian and New Zealand Institute of Insurance and Finance have 15,000 members who constitute qualified professionals in the insurance industry. The Insurance Council of Australia has the interests of the insurance industry at heart and it acts as the body of companies offering insurance policies like automobile insurance.
IV. Governing bodies
The Australian Prudential Regulation Authority, or APRA, is the main governing body of credit unions, banks, general insurance, life insurance, and others. This regulatory body is largely funded by the very industries it oversees.
Asia consists of a large number of countries, and each country has its own auto insurance brokers, insurance companies and regulatory bodies to ensure the proper functioning of the insurance industry.
I. Auto insurance brokers in Asia
Ensure Asia is located in Thailand and offers all types of insurance, including auto insurance, for which you can get quotes online or by telephone. InsuranceDirectoryAsia is a comprehensive car insurance broker and can find you quotes from insurers situated in Pakistan, Bhutan, China, Indonesia, South Korea, Yemen, Bahrain, and many more.
II. Auto insurance companies in Asia
Each Asian country has its own auto insurance companies. For instance, DirectAsia.com is a Singapore company that aims to meet the needs of locals and visitors alike. Malaysia requires every vehicle to have insurance to cover any losses or damages. Uni Asia can help you get car insurance to protect you from such damages.
III. Industry organizations in Asia
The General Insurance Association of Singapore, GIA, makes it its goal to make insurance easier for companies, agents and consumers in Singapore specifically. The Asia-Pacific Risk and Insurance Association is an international organization founded in 1997 in Singapore.
IV. Governing bodies
Every country has its own governing body regarding insurance. For example, Bhutan is supervised by the Royal Insurance Corporation of Bhutan Limited in order to play an active role in the nation’s economic progress. The Office of the Commissioner of Insurance governs the Hong Kong area with regulations that serve to protect consumers.
It does not matter where you go in the world, having a car is often essential. Accidents and injuries happen at the most inopportune moments and it is important to make sure you and your vehicle is sufficiently covered with adequate auto insurance.
Online insurance refers to the buying and selling of insurance online. Insurance is subject to the principle of utmost good faith, which makes it convenient for people to conduct the business online, as both the parties have absolute duties to disclose all material facts otherwise any contract concluded is void.
Conducting a complete insurance transaction can be difficult for most commercial businesses, due to the necessity of underwriting, sales, and a whole network of employees to ensure the contract is up to company standards. For this reason, many types of personal insurance are now sold online, including car insurance, travel insurance, and medical insurance.
In recent times, many online insurance providers now provide not only an insurance quote online, but perform the remainder of the selling process manually, and takes a large amount of paperwork out of the process. Some international insurance companies still require an actual physical process to take place. An example is purchasing car insurance in Dubai, where it is mandatory to give an Arabic certificate of insurance before registering the car. The certificate should bear a physical stamp of the issuing company, which means that the transaction cannot be completed online.