Car insurance brings reassurance for an individual. Insurance for car is also a legal requirement as per laws in India.
If someone is caught without car insurance, then he will get a heavy fine and may be disqualification.
And moreover, car insurance provides you safety and security from any damage to you and third party in case of an accident.
Insurance cover will protect you from any financial and collision damage that may be caused by any accident as car repairs can cost you fortune these days.
Insurance for car can be bought very easily. One can get car insurance online as well as offline mediums. Online medium includes various insurance aggregators and preferred provides website.
Insurance aggregators provide you comparison tool to compare different kinds of policies offered by every insurance provider in the country.
They provide these types of services at the time of new motor insurance and subsequently after that. One can renew car insurance with these insurance aggregators as well and can claim various benefits like no claim bonus etc.
You can also visit preferred provider website to buy insurance for car. Offline methods include buying insurance directly from agents or directly from provider’s by visiting their branch.
Third party car insurance premium is dependent on many factors. It depends on your personal credentials as well as the insurance coverage and falls under collision car insurance.
Car insurance providers check your eligibility criteria before allotting you an insurance policy for your vehicle. Coverage is the other factor determining your auto insurance premium.
It you will opt for lesser and compulsory coverage, then you will end up paying less insurance premium for your new car insurance while if you will opt for higher coverage with add-ons, your cost will be much more higher.
This can be easily understood if you take a third party car insurance policy or a fully-fledged comprehensive car insurance policy.
Difference between comprehensive car insurance and third party car insurance?
Third party insurance cover provides you for damages to the third party vehicle. It covers injuries caused to other people in an accident, plus damage caused to third party property.
Some companies may charge you extra to provide cover for the third party property coverage.
This coverage is essential these days as cost of repairing the car could be substantial especially if the property or vehicle is quite valuable.
But it does not provide you any coverage against damages to your own vehicle.
Comprehensive car insurance policy is the coverage you require to cover damages to your own vehicle.
It is a wider coverage plan providing third party cover also. Comprehensive coverage policy is expensive as compared to just third party insurance cover.
Some policies provide personal accident cover to the owner of the vehicle as well but you may be charged for the same by some companies.
Vehicle insurance premium also depends on the type of coverage you choose for.
But comprehensive car insurance policy is always recommended as it provides more benefits. You can also opt for different coverage when you renew car insurance.