Just like humans, vehicles do need insurance. The cost you bear on a vehicle is what you have earned through hard work, so any damage on it would hit you hard. Insurance helps you to recover from the loss or damage. It might be because of natural calamities like trees falling when you park a car, accidents, floods, theft or any other incidents. There are different types of car insurance based on the type of damage or situation.
When a car is met with an accident, the damage can be minor or major, but it can be financially recovered when you have an Insurance. To avoid yourself from the future losses it is better to get insurance for your car.
Types of Car Insurances:
Third party Car Insurance :
Also known as Liability coverage, is a required policy. When you hit a person’s car and if it gets damaged, then the third party insurance can recover the damage through this policy. It is made mandatory in many states, so that the other person could recover from his loss. It helps to pay for the repair of the car as well as any hospital bills for the injured person.
This policy is helpful to cover the damage or loss that occurred because of natural calamities, accident, theft or vandalism. Comprehensive insurance policy covers almost all causes of damage. It helps to recover the loss and the premium is based on the choice of the car owner.
Rental car Insurance
When we give our car for repair, after a damage or accident or any major reason, this policy gives us an alternate option. We can either choose to have a rental car to use till the car gets repaired or claim for finance to transport facilities. This strictly for major or significant reasons, this policy cannot be used simply whenever we want to.
Importance of Car Insurance
Financial recovery of repairs or damages to the car
Hospital bills or any injuries finance can be covered
Peace of mind to not worry about the future losses if you have insurance beforehand.
Rental coverage can be helpful in cases of repair or damage.
Travel expenses or also claimed.
In cases of Uninsured motorists, or hit and run cases Uninsured policy is applicable.
When a family bred winner dies, it is very helpful to the family to have financial support.
No claim bonus is received for every year, when we are free from any damage that year.
Even if the third party insurance is low of money, the policy of underinsured insurance would cover it.
It provides assurance financially for the survivors.
If your car is stolen, which you might or not get from the police, the insurance assures finance to recover from the loss.
If your car is being struck at some unknown place and there might be some tire issues, towing and labour policy. You can claim insurance when you have roadside breakdowns or any flat tires.
Insurance policies are made as a backup financial support and be prepared for uninvited guests. There are even budget premiums which work well for normal people. Natural calamities come without a warning, in that case it is highly useful if we have an insurance policy.
The premium depends on the type of vehicle, model of the vehicle, whether it is a classic or vintage or modern type.Also the luxurious or rare model car, where the spare parts are very rare to find. The usage of your car also plays a role in premium selection, older cars get a lower premium than new cars. It is always advisable to check twice when you take an insurance policy, to read the terms and benefits before buying the premium to avoid any conflicts later. Insure your car and protect you and your family from future loss or damage.