Car Insurances can be a great way of buying a New or Old Car and then paying it off over the following years whilst enjoying use of the purchased Car.While this means there are a lot more flexible car finance options, choosing between the different car Insurances India has to offer can be a challenge.But understanding the pros and cons of each car Insurance should help you narrow down the search so that you can compare more specific Insurances and choose the right type of car finance for your lifestyle.
Type of Car insurance-
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss
A type of auto insurance coverage. Collision Insurance will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver. This type of insurance is often added as an extension of a basic policy.
Collision Insurance repays the insured for damage from an actual collision. It does not cover damage due to theft or vandalism. It also does not cover damage that is paid from another driver's policy, if the other driver was at fault.
Comprehensive Cover is the highest level of cover a person can have if they take out motor insurance in the United Kingdom. In recent years, Comprehensive Cover has actually gone cheaper than the lesser cover 'Third Party, Fire and Theft' Cover in most cases.
By taking out Comprehensive Cover, people in the United Kingdom are not only covered for third party[disambiguation needed] claims after an incident, they are also covered for damage caused to their own vehicle.
Depending on the policy there would be different excess payments made to the garage that repairs the vehicle, and insurers normally need to authorise the estimate before repairs can proceed. Once the authorised garage has completed the repairs, the policyholder would then pay that garage their excess payment and the insurers would pay the remainder.
An 'uninsured motorist clause' is a provision commonly found in United States automobile insurance policies that provides for a driver to receive damages for any injury he or she receives from an uninsured, negligent driver.
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The owner of the policy pays a premium to the insurance company to include this clause. Although not exclusive, this coverage is typically added to an automobile insurance policy. In the event of a qualifying accident,
the insurance company pays the difference between what the uninsured driver can pay and what the injured driver would be entitled to as if the uninsured motorist had proper insurance.