In the times where you have a variety of options available in terms of what and from whom to buy, decision-making becomes a cumbersome task. But things go even more difficult when you don’t know what all is being offered. This holds true for anything and everything. So if you go up to buy a car insurance policy today, do you know what all types of vehicle insurance policies are being offered in the market? Well, you may be aware of one or two, but to choose the one which is best suited for you from all the various types of motor insurance policy offered, you should have a look at all that is being offered.
From the viewpoint of coverage offered 카지노사이트
In layman’s language, the damages that can be claimed under a particular car insurance policy are called coverage. Based on the coverage offered, there are five types of motor insurance policy available.
This is the most basic type of motor insurance policy available. The premium under this policy is least among all other types and most affordable too. Apart from that, it is also mandatory to take at least a third-party insurance by law in India. This also makes it the most popular policy across all types of motor insurances. It offers protection against the liability of payment to be made by the owner to a third-party if an accident happens.
Personal injury policy
Under this policy, the insurance company shall pay you all the medical costs associated with an accident irrespective of whether the accident took place due to the mistake of the owner or a third-party.
Comprehensive policy 안전한카지노사이트
From the various types of car insurance & two wheeler insurance plans in the market, the most popular and chosen policy is the comprehensive policy that offers coverage not only towards third-party liabilities but also towards the payments to be made by the owner himself towards his own medical expenses and damages suffered by the vehicle. Moreover, it covers some other natural calamities like floods and events like a forest fire, among many others.
Uninsured motorist protection
Though it is compulsory to have valid third-party liability insurance, there can be situations that the vehicle with which the accident has taken place doesn’t have valid insurance. In such a case, the liability comes on the owner himself. This policy proves very useful in such times. It pays for your own damages and medical costs in such situations. 카지노사이트 추천
At times when the cost of repairs after an accident for restoring the car to usable condition is more than the current market value of the car, then the insurance company pays you the total amount of the current market value of the car under this policy.
From the viewpoint of the type of vehicle owned
The vehicles used for business and other commercial purposes have higher wear and tear and also have a higher chance of meeting with an accident not to say higher chances of getting damaged by various unfortunate events. Hence, a separate commercial vehicle insurance policy is required for such vehicles.
Private/ Personal vehicles
The vehicles used by anyone for personal purposes have an emotional value attached to them. Also, the usage of personal vehicles is much less as compared to commercial vehicles. Hence it needs a separate cover. If any vehicle is registered as to be used for private purposes and then during an accident was found to be used for commercial purposes, the claim will not be honored.
From the viewpoint of the duration of the insurance policy
Generally, all the types of vehicle insurance are by annual default policies only, i.e., they are valid for one year from the date of commencement of the policy. They are to be renewed every year. The premium under such policies can be paid in one-shot or in installments.
These policies have a duration of two to three years. Practically, it is not very much seen around. If the premium is received in one shot, it is to be distributed among all the years covered.
Frequently asked questions
What are the add-ons available? Are they covered under any of these policies?
Add-ons are the additional covers available to any policy. The inclusions and exclusions are stated in the policy itself. You need to check and decide what add-ons to opt for.
Can we change the type of policy opted? If yes, when can we do so, and how?
Yes, you can change the type of policy you have opted for in your insurance. You can do it at the time of renewal, or you can simply terminate the old policy and buy a new one.
Can you choose add-ons in an ongoing policy?
Yes, you can add the add-ons to your policy at the time of renewal. However, it is not possible to do it in the middle of the year.