Types Of Car Insurance Policy In India
Vehicle insurance basically covers financial risk involved while operating a car
. Car insurance is also compulsory by legal law. The car might meet with any damages, accident or it might be stolen as well. In such a situation, the losses borne by the owner are mitigated by the insurance company but only if the same is covered under motor insurance policy. The best car insurance provides shield against financial loss caused by accidents and any succeeding liabilities or theft.Motor insurance covers insured party, the insured vehicle and third parties including car and people. The premium of the vehicle depends upon various factors like age of the car, type of the car, kind of coverage required to name a few among many others. There are lots of motor insurance plans available in the market which makes it very difficult to buy car insurance from the market.
We can buy car insurance from various sources these days but online method of buying car insurance is the most convenient mode. While finding a car cheap insurance, one must carefully evaluate and consider while selecting from various motor insurance plans. Below are the types of car insurance policies available in the market:
Third party insurance policy: This type of policy only covers the third person who has been damaged or injured in an accident where the owner is held accountable for. It covers the insured person's liability to third parties' loss caused by an accident involving the auto vehicle of the insured. Most motor insurance plans available in the country contain this clause as third party insurance covers the minimum risks as per vehicles act. However, it doesnt cover the expenses, damage, theft or injuries of the owner. This type of plan is made compulsory by the law of India.
Comprehensive insurance policy: This type of plan has a wider scope and covers third party damage liability along with the insured persons damage, theft, expenses and injuries in result of an accident of the auto vehicle. This type of policy can be extended to increase benefits as an additional feature. One can buy comprehensive car insurance from various insurance providers and by paying extra premium, coverage can be further extended to the owner and family members. Personal accident policy can also be added to the car insurance policy.
Comprehensive car insurance policy is generally considered as the best car insurance policy as it provides larger risk cover. For car cheap insurance, one can refer various insurance aggregators as they provide tools for comparison of car insurance premiums.
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