There are few things that can match the thrill of being able to drive a car. There’s a certain beauty in witnessing how the thousands of parts work synergistically to create a mechanical masterpiece. Owning a car is awesome.
But it’s not all smooth driving from here on out. Car ownership, while it brings a lot of fun and pride, also brings with it a lot of responsibility. Car maintenance is the least glamorous aspect of car ownership. But it is one of those things that you should never neglect. The same is true with car insurance. There are two main types of car insurance: full tort and limited tort car insurance. Choosing between these two types is more important than most people would think.
So, what are the differences and why should you care?
As you may have already guessed, a full tort car insurance plan is going to cost significantly more than a limited tort car insurance plan. This also depends on the car model. As a general rule, the premium of a car insurance plan is directly proportional to the insurable interest of a vehicle. This is where the depreciation of your car has a significant effect on how much you’re going to be paying for your insurance. While you can pay for a higher premium for a depreciated car (theoretically), why would you?
Coverage
Now, this is where things get very important. The similarity between both car insurance types is that they both entitle a victim to regain any out-of-pocket expenses. These include money spent on car repairs, medical bills, legal fees, and such.
Now, the difference between these is that a full tort car insurance plan allows a victim to also file for damages, even when the victim did not sustain any serious injuries. In contrast, a limited tort car insurance plan does not allow a victim to sue for damages. Professionals like these lawyers in Burnaby have a lot of experience in handling car accident lawsuits and they are the best people to talk to if you want advice on this matter.
However, there are exceptions. Chief among these exceptions is when the victim sustains serious injuries.
Futureproofing
Another important detail that would make choosing a full tort coverage worth the money is that injuries are bound to have side effects that could surface later on after the actual occurrence of the accident. And when these delayed side effects manifest, a victim may want to file for damages in order to seek treatment. A car owner who opted for limited tort insurance relinquishes the right to sue for damages.
Conclusion
This article is not meant to paint limited tort car insurance in a bad light. In fact, limited tort car insurance is ideal for low-risk drivers and for those who are least likely to get into an accident. It is for these people that taking a bit of a gamble may save them a lot of money. But, if you do have the money, it’s ideal to simply opt for the full-coverage option instead.
