car insurance is an insurance that is purchased for purchased for different types of vehicles. Its purpose is to provide protection against losses incurred as a result of accidents and against liability that can be incurred during an accident. It is basically a contract between you and the insurance company. You have to pay the premium and the insurance company agrees to pay your losses as written in your policy.
Types of car insurance:
Fully-comprehensive car insurance policy: This is the most expensive and popular car insurance policy. This insurance provides compensation for all sorts of cases such as theft, accident, wear and tear etc. If an accident occurs where the individual is not at fault while the other driver who did the accident does not give his insurance details then you can make an insurance claim against your insurance company. But while taking this policy you should see whether the insurance company insure your vehicle 100% of its value. If your car is stolen, then this insurance policy allows you to claim against the insurance company.
Third party, fire and theft: This insurance policy is meant for those car owners who have finished their car loans but still cherish their car and have great sentiments attached to it. But in case of an accident you can receive compensation only when you are at fault and had hit another car. So if any other car hits yours or you by mistake hit a wall then the insurance company will not be required to pay-out.
Third-party insurance: This insurance covers those circumstances where you are involved in an accident, are at fault, and have hit a third party. In all other events, the auto insurance company is not required to make a payment. It is the cheapest car insurance policy. This insurance is purchased by those car owners who have an old car with little or no value.
Specialized-car insurance: Any car over 25 years old is regarded a ‘classic’. Thereby this type of car has to be insured as a classic car. This insurance policy has all the benefits of fully comprehensive auto car insurance. The only disadvantage of this insurance policy is that you are limited to the number of road miles you can drive in any given year.
Finally, an individual should choose an auto insurance policy according to his requirements and budget. He should make a survey of all the auto insurance policies available in the market before grabbing a policy.
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Tuesday, January 13, 2009
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