What Do You Need To Know About Car Insurance Policies?
Auto, car, vehicle or motor insurance helps protect you from the financial damaged you might incur from driving accidents. Insurance companies are willing to cover numerous sources of damage such as accidents, scratches, and thefts.
The most important part of your car insurance policy is the Insurer’s Declared Value or IDV. This is what your insurance premium is weighed on. Your Insurer’s Declared Value is what determines the value of your premium.
A small change in your IDV can produce a large change in your insurance premium. Therefore, it is very important for any policyholder to always check up on the insurance policy and to properly compare the offers of all available financial institutions.
Why compare car insurances?
If you are looking for car insurance, it is possible that you come across car insurance adverts every day. All of them may be offering various kinds of cheap schemes but very few of them are more than fraudulent advertising.
Some insurance policies go beyond the insurance premium and offer towing facilities and depreciation cover etc. Therefore, it is necessary that you compare all possible facets of car insurances before deciding on one kind of financial institution.
Information is power and you can save significant amounts of money on premiums, this makes it increasingly important to compare policies with databases.
Car Insurance Coverage
There are, in general, two types of car insurances which can provide the necessary coverage. Which one you choose depends on you and your needs. They are examined in detail below.
1. Third party car insurance:
These types of insurances cover any legal liability of yours that may result from a vehicle accident. It covers property damage, death or injury to a third party involved in an accident.
Some types of car insurances provide comprehensive built-in roadside assistance. Legal cover from third party insurance can provide coverage of up to Rs 2 lacs for a premium as low as Rs 100.
2. Comprehensive package policy:
This second type of insurance policy coverage is very extensive and is the one that most people. The coverage includes things like the mage from accident, theft, third party legal coverage and personal coverage for the driver.
Some institutions providing comprehensive coverage also provide roadside assistance and extensions to accessories cover, engine, and medical expenses. Naturally, the premium for such coverage can be a tad on the high end.
Car insurance can be of great of help and use. It protects you from being financially responsible for an accident or damage.
Online car insurance quotes are not a problem and it can be gotten very easily. Most institutions will also be processing your insurance policy application online. Several policy databases such as policy bazaar new customers.
Note that most institutions will provide a different kind of insurance when it comes to second-hand car insurance policies.
Getting the cheapest car insurance is not as difficult anymore and it is almost criminal to have a car without proper insurance; that is self-sabotaging.