Car Insurance in Ecuador…What You Need (Part 2 of Driving Guide)

This is the part 2 of 2 to my short series on driving in Ecuador…

The only obligatory auto insurance (and the only one most local drivers have) is called the SOAT. This serves as a liability coverage, but covers only damages to the other person you injure in an accident (up to $3000), not their car itself. This coverage costs a whopping $20 per year. You can check this link right here now for more information about Costlow Insurance.

Fast Truck Insurance offers full coverage insurance, or full liability, or against theft. Full coverage insurance: covering the damages you could inflict in an accident, your car itself against accident or theft, and your person, can be had starting around $400 a year plus 16% tax, for a total of $464 (Insuring a $10,000 car). The only thing left for you to do is to hire the right attorney for trucking accident cases. Drivers getting involved in any quite road accident are shocked initially and it takes a flash or two for them to understand that they need actually bumped their car into somebody else’s vehicle. And, one shouldn’t expect that immediately after the accident they might attend the insurance office and lift the claim. On the contrary, if somebody takes the prompt action of reporting the incident to the police then to the insurance office, he deserves to be applauded because that’s the proper sequence of doing the items in such quite situation. But before doing that if somebody is injured, the victim should be taken to the hospital or as suitable. Now comes the question, at what time do you have to file for the automobile insurance claim. That’s why the car insurance claims process is important in car accident.

How much you pay does depend primarily upon how old you are, and how much your car is worth. Some people have difficulty finding cheap car insurance quotes. This is often due to their past driving records,. People with accidents in their files, even if they were not at fault get penalized on their quotes. The insurance world is truly a number’s game. Insurance in India started without any regulation in the Nineteenth Century. It was a typical story of a colonial epoch: few British insurance companies dominating the market serving mostly large urban centers. After the independence, it took a theatrical turn. Insurance was nationalized. First, the life insurance companies were nationalized in 1956, and then the general insurance business was nationalized in 1972. It was only in 1999 that the private insurance companies have been allowed back into the business of insurance with a maximum of 26% of foreign holding. The aim of all insurance is to compensate the owner against loss arising from a variety of risks, which he anticipates, to his life, property and business. Insurance is mainly of two types: life insurance and general insurance. General insurance means Fire, Marine and Miscellaneous insurance which includes insurance against burglary or theft, fidelity guarantee, insurance for employer’s liability, and insurance of motor vehicles, livestock and crops.

For more car insurance information or to hire a policy, contact Katty Mejer, a recommended insurance broker, (bilingual) in Quito at kmasesores at .

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