Various Options Available for Car Insurance
Car insurance is also known as auto or motor insurance. The purpose of auto insurance is to protect your car from unforeseen risks such as accidents, theft, natural calamities, etc. There are various car insurance options available in the market, so it can be quite difficult to make the right decision. Before buying vehicle insurance it is important to figure out the right insurance policy which cost-effectively fulfills your requirements.
There are various options available for car insurance including:
Covers any liability arising out of third-party property damage
Covers any third party liability in terms of death or bodily injury.
Liability insurance comes to your rescue when an accident takes place because of your negligence or fault. Some of the benefits which liability coverage offers are:
As per the motor vehicle Act 1988, liability coverage is mandatory,and vehicle owners must have minimum liability insurance as per legal obligations. But it is suggested that you go for higher coverage than the mandatory requirements. It can reduce your out of the pocket expenses in case of an accident. It includes third party injury, death or damage to third party property.
Comprehensive insurance coverage
Comprehensive insurance covers all kind of risks factors which are associated with your car, driver, passenger, third party driver, third party vehicle passengers, and third party property. Other risk factors which are covered under the comprehensive insurance are theft, flood, fire, weather damage, etc. Comprehensive coverage is usually purchased in a combination with collision coverage.
Depending on your requirements you can choose a single or a combination of insurance coverage. Also, you need to know that as the insurance coverage increases, the premium will also increase. Hence, it is better to customize the insurance policy according to your requirements. Include required features and forgo unwanted features to save on premium.