When the car gets off or its needs repair from accident the first thing and they come in our mind is insurance but the question raised. Does insurance do everything ? Do we need to give some penny from our pocket or insurance will cover everything ? These questions have one answer.
Yes, there are 5 types of insurance which covers different aspects of the car. The 5 ways and types of insurance coverage are:
This coverage includes fauld and damages having fault of car owner done in the car without having fault of car owner or driver. Eg if the expolodes from overheating the insurance company is then responsible for the replacement.
Thing that it covers
- Replacement/Repair cost
- Vehicle owners should buy minimum liability insurance as per the legal obligation and the insurance policy will cover the same.
- Owner should choose a liability insurance premium higher than the mandatory requirement as per the law as the maximum risk coverage will be done by the policy and you can reduce our out of pocket expenses.
- If we opt for a higher ‘sum assured’, it will not want to pay a large amount when the policy’s limit has exhausted
- The liability coverage will include the third-party injury, death or damage to the third party property.
- Liability coverage is mandatory as per the motor vehicle Act 1988.
This happens when the accident happened by owner or any third party influence the expenses of this accident would be paid by insurance company.
- In some cases the cost of repair will exceed the current market value of the vehicle. In that case, company will pay it according to the current market value of the car.
- The collision cover can be as low as possible for old vehicles.
Personal injury coverage
Personal safety is very important because ‘Jaan Hai, Toh Maal Hai’ so it’s important to take care about personal insurance so that in future money becomes a life saver.
- Personal injury protection covers all costs from the accident.
- All bills of driver and passenger will be under this insurance
- Regardless of whose fault insurance company will pay the bill
Uninsured Motorist Protection
- This is not for people whose vehicle is hit by another vehicle which is not covered under any policy. money needs to be from the pay owners pocket.
- It includes additional riders such as uninsured or underinsured protection so that you can minimize our exposure.
- In some cases third party is not sufficient enough to meet up needs
- The company will pay an additional or total amount to overcome from damage and medical bills easily.
Comprehensive insurance is very important for the car. It takes care of all the damages. It includes fire, accident, theft and natural calamity. Every insurance company and insurance has some policy which includes some rules and according to those terms insurance will be sanctioned. It also includes some rules under which it says in few circumstances insurance companies are not responsible.
Also Read: The future of Self-driven cars in India