The US insurance market is becoming more crowded with a slew of companies offering auto insurance, and the latest news to come out of this year’s AutoNation Convention comes courtesy of Accident Insurance Compare.
The site provides insurance comparison between various companies offering different types of insurance.
Accident insurance rates in the U.S. range from $0 to $1,200 per year depending on the type of vehicle.
However, most of the insurance companies are selling policies in a variety of levels.
Accidental damage insurance (ADI) insurance is the cheapest and has a rate of $2,200 for a two-year policy.
A vehicle accident insurance (AVI) is the most expensive, at $7,500 for two years.
The other major tier is commercial auto insurance (CAI), which costs $7.5 million per year for a one-year or two-month policy.
Accidents occur at every level, and insurance companies try to ensure that everyone is covered.
For example, a commercial vehicle accident is classified as an “accelerated accident,” meaning it’s caused by the driver’s negligence, and is not covered by insurance.
Commercial drivers are responsible for a significant portion of the cost of their injuries, but their accident will not be covered under a commercial accident insurance.
While a commercial driver will receive coverage for a portion of their damage, their accident does not qualify as an accident under the Commercial Vehicle Act of 1949, which says that “the insured shall not be entitled to claim for damages of a kind that would not be incurred by the insured” if it had been caused by an ordinary accident.
In addition, an accident that is not an accident, but is caused by someone else’s negligence is not considered an accident in the Commercial Motor Vehicle Act.
However if someone else is involved in an accident and it’s determined that the driver of the vehicle was negligent, they may be liable for compensation.
For more information, visit www.accidentinsurancecompare.com.