Car Insurance

Best Car Insurance Policies (Top 10)

Insurance is a must these days, and car owners should not think that they’re safe without it. It may be true that the accident isn’t your fault; however, there are thousands upon thousands of uninsured drivers on the roads today. So, the bottom line is that it’s better to be safe than sorry. Before you buy a car insurance policy, make sure to do your homework. Call around or use the Internet to find the best deals for your buck. The last thing you want is to pay more than what you have too when it comes time for renewal.

Also, think about whether or not you’ll be able to afford this payment every month before signing on the dotted line. in this blog i will tell you about best car insurance policies.

Although it can be a bit pricey to insure a car, there are many insurance policies that offer low premiums and great benefits. Make sure you know what these policies include before you sign up for one. You could save hundreds of dollars just by being informed! Knowing which car insurance policies are the best can be a tough job.

There are many different types of car insurance policies, including comprehensive, third-party property, accident and injury liability, theft coverage, collision or comprehensive coverage. With all these options available to you it is important that you know what each kind of policy includes before making your final choice for an insurer.

Numerous car insurance policies are offered in the market. While some may be costlier than others, there are several that can help you save money. Car insurance experts say it’s best to get quotes from various companies and compare them before finalizing your insurance policies. There are some best car insurance policies which you should consider above others.

Best car insurance policies (Top 10)

1. Third-party property damage liability

2. Compulsory third party injury coverage

3. Comprehensive or full coverage

4. Third-party fire and theft

5. Accident benefits protection

6. Extended warranty coverage for new car buyers

7. Gap Insurance

8. Car Insurance for High End cars

9. Second Hand Car Insurance

10. Car Insurance for Young Drivers

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 So, I am going to describe these insurance policies one by one:

1. Third-party property damage liability

These types of car insurance policies covers the total cost of damage that you cause to another person’s property as a result of an accident.

2. Compulsory third party injury coverage

This type of coverage helps pay for medical expenses and lost income costs if you injure someone who is not insured with your insurer or any other insurer like CIBIL, Medicare etc., in an accident where you are at fault.

3. Comprehensive or full coverage

This kind of car insurance policy includes all types of coverages; Property Damage Liability, Accident Benefits Protection and Third Party Liability (covers injuries and damages caused to others) as well as theft protection and fire protection coverages. It has everything that a regular driver needs covered under one single policy.

4. Third Party Fire and Theft

These type of car insurance policies are similar to the previous one except that it does not include fire coverages (fire is considered a hazard) and theft protection (your vehicle can be stolen even if you yourself do not cause any damage). However, having the 3rd party liability is essential when you buy this kind of coverage.

You may disagree with my opinion but in case your insurer goes bankrupt or decides to discontinue your policy for whatever reason, the 3rd party liability will come in handy in such cases because certain incidents like accidents, natural disasters etc., cannot be predicted and without this kind of liability you would end up paying hefty amounts to people who have been injured or whose property you damaged.

5. Accident benefits protection

These kind of car insurance policies covers medical and funeral costs (maximum cover is Rs 10 lakh). If you are injured or die in an accident, the funds will be paid to necessary parties. However, it is better to buy third party property damage liability because this coverage does not offer much benefit to the insured person.

Also, make sure that your insurer offers good endorsements here like income protection – which pays for your loss of earnings if you are unable to work due to an injury sustained in an accident – and yes! , ci disability insurance which pays for your medical expenses till you recover from the injury completely. Finally, if possible try getting a package plan which includes everything under one single policy.

6. Extended warranty coverage for new car buyers

New cars are very expensive and they lose their value considerably in just a few months after purchase, this makes them an easy target for thieves. Another problem with newly purchased cars is that most manufacturers provide only 6 months of warranty which means you have to shell out around Rs. 60,000 or more to fix any electrical problems with your vehicle’s engine or transmission system within the warranty period itself.

However, if you can afford buying a brand new car, don’t forget to buy an extended warranty coverage at the time of purchase because it will pay for most part replacements during the warranty period without asking you to go through troublesome processes like getting approval letters., from the manufacturer before fixing simple problems.

Always buy an extended warranty coverage policy for your new car because these are cheaper than paying the entire cost of repairing your vehicle in case something goes wrong with it within the warranty period itself.

7. Gap Insurance

This type of car insurance policies is extremely important if you have purchased a second hand car or bike because it covers the difference between the value of your vehicle at the time of purchase and its actual market value when you eventually sell it.

So basically, what this means is that even if you take out a loan to purchase a second hand vehicle, gap insurance will cover any shortfall between its actual market price at the time of sale and your outstanding loan amount.

This makes buying a used car much more convenient because otherwise you would have to find an alternative source of income to pay the difference between the cost of your vehicle and your outstanding loan.

8. Car Insurance for High End cars

Most insurance companies do not provide compensation if you have purchased a high end luxury car because it is considered a high risk category by them. However, there are certain auto insurance providers who offer compensation even if you have purchased a luxury car because they consider these vehicles as safer than others because owners take good care of their property which means that it would be difficult for thieves to take advantage of this fact rather than targeting other basic models .

You should go for this kind of insurance policies if you own an expensive car but make sure that your insurer offers personal accident coverage with your plan because this will come in handy if you get injured or die in an accident.

9. Second Hand Car Insurance

If you have purchased a second hand vehicle, there are many insurance providers who offer this kind of policy so do not feel discouraged because they will compensate for any loss even if it is caused by third party due to the negligence of the driver. However, before buying a used car make sure that your insurer offers personal accident cover with this policy because it will help you financially in case something happens to you while driving your car.

Also ,you should check that your insurer offers good endorsements on this policy which covers items like new or replacement keys and home service cost coverage – which pays for expenses involved in getting your vehicle repaired at home instead of going to a workshop every time.

10. Car Insurance for Young Drivers

These kind of insurance policies are extremely important if you are a young driver because you are more likely to cause accidents because your driving abilities are not fully developed yet.

However, do keep in mind that premium rates for this type of plan tend to be high so make sure that you select an insurance company which has good endorsements on their policy like free coverage of drivers under the age group of 25 years to drive other cars besides yours – your parents may need it someday and stock endorsement – which covers any damage caused by your vehicle to other parties due to third party negligence.,

It’s also very important that you select a car insurance provider who offers personal accident with this policy because it will help you financially if something happens to you while driving your car because it covers death and injury benefits.

Conclusion

There are many different types of car insurance policies provided by various companies so it is important for you to do some research before selecting the one that best fit your requirements. Also, remember to keep in mind that premium rates vary from company to company so make sure that you compare quotes before finalizing on one policy.

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