Choose Third Party Liability Insurance When You Make a Purchase
Purchasing vehicle insurance is easy if you select the right cover that takes care of all your requirements. This needs careful considerations and some knowledge that you can only gain by reading the insurance policy details carefully. It is advisable to look at various policies and compare from various providers so as to avail the best possible deal.
So, in order to ensure the best out of your vehicle, read the mentioned below points so as to gain more clarity about the various policies.
The two main types of vehicle insurance are as follows:
1. Third Party Liability Insurance
Third Party Liability Insurance offers and covers all damage to property, injury or accidental death to a third party. This is mandatory for all vehicles in India and most companies provide this cover along with the registration of the vehicle.
The cost of a comprehension cover is more than a third party cover because the damage claims have a greater frequency than third party claims. The compensation in motor third party liability insurance is decided on the basis of the earning of the victim.
2. Comprehensive Plan
This policy covers various damages such as your own damage and liability of the third party while also covering aspects such as a theft, natural and unnatural calamities.
You can avail certain tips in order to reduce the cost of your vehicle loan. Mentioned below are few that can help you with the same:
Deductibles: These are the excesses over which the claim can be paid by the insurance provider. The premium of your vehicle insurance can be reduced if you are hoping to settle small claims voluntarily.
No claim bonus: Reducing the premium is easy if your driving record is good each year. Insurance companies will provide you with a ‘no claim bonus’ and this can be transferred to the insurance policy you wish to avail for the new vehicle.
Discounts: Some cars come up with newer features such as security systems enhanced with the new times that ensure safety and constitute of anti-theft alarms and immobilizers. These cars can be insured for a lesser premium.