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car insurance or Motor Insurance provides coverage that protects your vehicle (car, truck, etc.) against unforeseen risks. The car insurance cover takes care of financial losses that may arise from accident, theft, or natural/man-made calamity. It provides protection to you, your vehicle and the third party against uncertain events like accident or collision. The car insurance cover in a policy may vary from company to company. That is why it is advisable for you to ensure that you get a right coverage for your vehicle. To guide you on this, we have listed down the car insurance covers that you may need to consider before buying a policy.
These are the following perils covered in a Motor Insurance policy:
There can be extra car insurance cover add-ons, such as-
Car insurance is packaged into different coverage which is broadly divided into two types as mentioned below-
Comprehensive Car Insurance is a type of insurance that provides cover against the third party plus loss/damage occurred to the insured vehicle or to the insured by means of bodily injury. This scheme also covers damages caused to the vehicle due to thefts, legal liabilities, personal accidents, man-made/natural calamities, etc. Since this policy offers a wide coverage, even though the premium cost is higher, consumers tend to opt for this policy.
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Third party car insurance policy ensures that you would not have to bear any sort of legal liability or expenses arising from an accident that has caused loss or damage to the third person. Having Third Party Insurance keeps you away from any legal repercussions arising out of third party liability. Third party liability insurance does not provide coverage for any loss or damage caused to the owner’s vehicle or to the insured. Although third party liability insurance is covered under motor or car insurance, customers can still buy this as a separate policy.
Car insurance cover strengthens your policy. A right add-on can improve your policy, which may give overall protection to your vehicle. So weigh your requirements and choose wisely!