Meaning of the word "car insurance" in English

What does "car insurance" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

car insurance

US /kɑr ɪnˈʃʊr.əns/
UK /kɑːr ɪnˈʃʊər.əns/

Noun

a type of insurance that covers the cost of damage to your car or to other cars if you are involved in an accident

Example:
You need to have valid car insurance to drive legally.
My car insurance premium went up this year.