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Know the types of insurance for cars and their differences

Autos y Motos

20.01.2018 a las 21:29 hs 0 4 0

Know the types of insurance for cars and their differences

Check out the different car insurance available and the information to make the best decision.

Car Insurance in Chile

The automotive market has shown a sustainable increase, during March 2017 29,639 units were sold, which corresponds to 28.6% more than the same month of the previous year, according to figures of the ANAC (National Automobile Association of Chile).

With more cars circulating in the streets of Chile, it is also necessary to worry about the unexpected when driving. For this very reason there are many insurance companies that offer various packages to the drivers, protecting several sensitive aspects for a motor vehicle. Do you know the different types of car insurance in Chile? Here we tell you.

Compulsory personal accident insurance (SOAP)
Safety Belt
It is an insurance that is required and regulated by law 18,490 in Chile, so that every owner of a motor vehicle must hire him when acquiring his license of circulation.

The insurance policy is unique and its elaboration is on behalf of the Superintendence of Securities and Insurance (SVS). Their coverage considers death or injury in persons involved in accidents where an insured vehicle intervenes, and covers reimbursement of medical and hospital expenses, in addition to rehabilitation of the victim.

-In case of death, the amount of compensation is 300 UF per person and the beneficiary in the first instance is the surviving spouse. If there are no, children, parents or those who check their quality of heir are accessed.
-In case of physical injuries, an emergency service must be used, specifying that it is a traffic accident. Any type of involvement can be dealt with, either driver, passenger, cyclist, biker or pedestrian.
-There is also coverage if the result of the accident is a total permanent disability (300 uf per person) or partial (up to 200 uf per person). It should be noted that hospital medical expenses reach an amount of 300 UF per person (Level 03 FONASA), and cover pre-hospital care, transportation, hospitalizations, surgeries, dental care, prostheses, implants, pharmaceutical expenses and Rehabilitation of the victim.
Motor vehicle Insurance
Unlike the previous one, your recruitment is voluntary and covers the material damage caused by a collision. This car insurance can contemplate the partial or total damage of the vehicle, in addition to a clause in case of theft, theft or unauthorized use, depending on the terms of the contract.

-by part, it is understood that the percentage of the damage in your car is less than 75% of its commercial value. On the other hand, if it exceeds this figure, it is declared as a total loss by the insurer.
-In case of theft, a total loss is determined when after 30 days of the denunciation in Carabineros, the car has not recovered.
As an additional advice, when hiring a car insurance, always check the deductibles or amounts that the insurer does not reimburse.

Civil Liability Insurance
An accident that causes damage to third parties generates a high outlay of money for the person responsible, mainly for civil liability and lawsuits. That's why there are also these car insurances, which can include the following coverages:

-Emergent damage: it responds to the physical damages of the victim and the vehicle.
-Moral damage: compensates the victim or beneficiaries for the psychological injury caused.
-Loss of profits: it corresponds to the economic entry that the victim stops receiving due to the damage caused by the accident.
Most common terms in insurance

In each of these car insurance you will find regular terms that you must handle in order to better decide between the options. The most important are:

-Premium: Corresponds to the price of the insurance. You can pay it in monthly or yearly installments, depending on the type of insurance and the company.
-Coverage: It is the company's responsibility to respond to the conditions in the policy against payment of the premium. In practical terms is what will finally pay the insurance if there is a loss (accident, theft or theft).
-Deductible: It is a price agreed previously in the policy, which must be paid by the insured in each incident. It is not subject to reimbursement.
-Assistances and Benefits: additional attributes to insurance coverage, such as crane, free technical review and replacement car in case of loss.
-Exclusions: These are the risks that are not within the coverage. For example, it is common that they do not cover damage caused by natural disasters, wars or riots.

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