It is stated in the estimation graph that the death due to cars and other vehicle accidents has reached around 33000 in the recent year. Casual attitudes on the road or flaunting traffic norms are major reasons behind the cause. Hence the alarming rate of accidents has resulted in the interference of the insurance companies responsible for covering up for the loss of life and vehicle damage.
Here we shall broadly discuss the kind of car accidents covered by the insurance companies.
Car accident types that are covered for compensation by the insurance companies-
● Injury of the person –
According to the Hartunian Law, the insurance companies are liable to pay for the injuries of the driver or the occupants. The insurance firm covers any kind of bodily harm caused to the person due to the accident. The payment for medical bills and the entire medical expenditure are borne by the insurance company and the injuries caused to the person sitting next to the driver. All the occupants receive particular medical help from the insurance company in case the injuries are severe.
● Damage of the property-
Hartunian law states that the person can receive help from the insurance company to repair his vehicle, and the firm will provide all the damage charges. The repair cost is hefty, and you should get insurance for your car beforehand for situations like this. The company also pays for the third-party damage. If you are at fault, you can pay back the victim with help from the insurance company. The firm will bear the charges of property repair and maintenance of the victims and yours if mentioned in the terms and policies of the insurance agreement.
● Cost for long-term medical treatment-
Sometimes, you may require long-term medical assistance if the accident has been grave. In that case, the insurance company shall cover up your medical expenses and pay the bills of the hospitals and testing charges. The insurance company is liable to provide its client with the benefit of proper treatment and medical assistance all the time. Suppose you have an insurance policy with a security firm. In that case, the Hartunian law states that you will be provided with the best quality treatment and medical coverage for the accident and the damage caused.
● Physical damage of the car body-
It may happen so that in the accident, the car body surface is damaged and it shows the mark of dents. The severity of the fault may vary, but the insurance company is liable to cover the cost of repair of the surface of the car due to a collision during an accident.
It is to be noted that the amount covered by any insurance company varies as per the premium amount paid by the insured party. If the insurance premium is high, then the issuance company will be able to bear most of the expenses. On the other hand, if the party pays a low premium amount, then the insurance company will not be able to cover major expenses.
Wrapping it up
The insurance firms have assured the clients that the policies of the organization will cover the major losses during the car accident. The compensation can be exacted for the vehicle damage or the health crisis of the occupant. Psychological damage and medical treatments of the same are also covered by insurance.
Shrey Jain is the Co-Founder of Writofy & a Chartered Accountant who works with a team of creative content writers. He holds a forte in creating informative content on niches like crypto, business, fintech, digital marketing, and several others. In addition, his willingness to learn and share his knowledge can immensely help readers get valuable insights on varied topics.