Car Insurance Everything You Need To Know | Types, Importance, Pros and Cons

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Car insurance

Importance Of Car Insurance

Insurance is one of the most important document when on road. Car insurance helps you manage any financial problems that may arise due to an unfortunate event involving your vehicle. investing small amount in insurance policy can help you avoid costly expenses in the future. It covers road accident, fire, theft, etc. In many countries, one need to have a car insurance to drive their vehicles legally on road. This blog is all about Car insurance, its types, advantages and disadvantages. So let’s get into it.

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Types Of Car Insurance

On the basis of the vehicle type there are different auto insurance coverage available. Basically, there are three types of car insurance plans. Namely the Third party, Standalone Own-Damage and Comprehensive type. These are discussed below :

1. Third Party Car Insurance

this is one of the most basic type of auto insurance. This plan provides you coverage for all third party expenses. It will cover all bodily injuries, disability, death as well as property damage which may occur due to any unfortunate event involving your car. The third party property damage is limited to Rs. 7.5 lakh under this plan.

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2. Standalone Own-Damage Car Insurance

This plan only cover own-damages incurred by your car in any adversity such as road accident, natural calamity, fire, explosion, theft, riot. But it also important that you must purchase a third party car insurance plan with it. A standalone own-damage car insurance plan gives you the flexibility to choose your own-damage cover and third party cover. The coverage can vary from different insurance companies.

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3. Comprehensive Car Insurance

This is the best one to choose over others. It offers you coverage for both third-party losses as well as own damages incurred by your car in an unfortunate event on roads. Among all the three types of policies the plan, a comprehensive cover offers you the maximum coverage. You can also opt for add-ons like zero depreciation cover, engine cover, etc.

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How To Choose The Best One

Customer Support

A good customer service support is most essential as a buyer. You must also check the availability and quality of the customer support service. Some insurance company offers 24*7 customer support, some offer 5-day customer assistance services.

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Ratio Of Claim Settlement

This is a important figure to check. In simple words, it is the number of claims settled by the car insurance company out of all the claims received by it during a financial year. You should give preference to the company with the highest Claim settlement ratio.

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Network Of Garages

A car insurance company partners with number of garages for the facilitation of cashless insurance claims. You must check the strength of the network of cashless garages of the insurance company. Also check for enough cashless garages in his/her locality.

Conclusion

We at Autobizz always suggest to go for a Comprehensive Car Insurance. It is one of the most valuable types of policy that covers both third-party expenses and damages to your own vehicle as well. With a comprehensive insurance cover, you can also avail Add-ons. Before making the final call make sure you check all the available options. At last the final decision lies with you. We wish you a happy and safe motoring.

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