Unlike the other insurances like health insurance and life insurances, automobile insurance is a legal compulsion. It is mandatory to make your vehicle have a Best Car Insurance by a third-party insurance company. However, it is crucial to get a comprehensive plan of insurance for your prized possession. A thorough plan may cover your vehicle on loss or damage that caused because of any natural disasters or some casualties of someone. It also includes the loss, or the damage done by you to a third party too.
There are three types of Motor insurances:
There are three different kinds of motor insurance. These are as follows:
- Private car insurance
- Two-wheeler insurance
- Commercial car insurance policy or vehicle insurance
The public sectors insurers focus on solving your problems and serving you better than the private sector insurers. However, this pattern is turning to the favor of private insurers in the last few years.
What are the things that car insurance covers?
Most of the car insurance companies will vary with the provider. However, all of the companies cover some selective situations. These are:
- Accidental and external damages
- Fire and explosion
- Riot and strike
- Malicious act
- Storm and flood
- Burglary, theft or housebreaking
How does the car insurances function?
The working principle of car insurance is not much complicated. It will also be better for you to understand the different car insurances and will be helpful while choosing one.
- First up, covering your vehicle. You need to choose the plan you think is suitable for you to cover your vehicle. This mostly depends on what type of car you own. Because of the compulsory third party insurance, you as the policyholder have options to choose between personal accident cover and comprehensive car insurances.
- When you have properly understood the first point, the insurer will inspect the car you want to insure, and the insurer will calculate the insured declared value. They will do so by considering different factors, such as model number, car brand, claim history and manufacturing year.
- In any case of accidental damages, policyholders have to call their insurance companies by dialing their toll-free number provided.
- To get the reimbursement, the owner of the vehicle has to submit the documents required.
- In cashless claims, the insurer’s surveyor will analyze the estimate prepared by the garage and will pay them directly. However, in reimbursement claim, the policyholder will make the payment after repairing, and the insurer will refund the amount to you later.
Car insurance by a third party is a must for all types of cars. No matter old or new. There are also some eligibility criteria to get car insurance.
- First of all, you have to be a citizen of the country.
- You have to be above 18 years of age.
- You should possess a driving license, and you also have to possess the RC of the car.
These are some detailed information you should know before buying car insurance. Secure your car from any kind of accidents. Buy one today.