Buying your first car is a lifelong memory.
Thanks to easy repayment methods most young earners are fulfilling this dream easily in life. Although, having your own car brings a lot of elegant excitement and there are some aspects you need to be mindful of.
While safe driving and following traffic rules are very crucial, having the right motor insurance is nonetheless significant. If you or someone you know is buying their first car, the following things should be kept in mind when purchasing a car insurance policy.
You must consider some prominent factors as they will help you take a better decision or choice while choosing the right appropriate can insurance for you.
Understand different types of policies and choose what you need most. There are broadly three types of car insurance policies or covers that you can opt for.
1. Third – Party Liability Insurance. Having the third party motor insurance is compulsory under the motor insurance vehicle insurance Act of 1988. This car insurance policy provides a wider coverage for the claims or liabilities that; this is because, an accident in which the third party is involved. The own damages , however, are not covered.
2. Standalone Own Damage Insurance. Unlike the third party insurance policy, this very insurance policy provides coverages for the damages faced by the insured vehicle in an accident . You have a third party insurance policy to cover yourself.
3. Comprehensive Insurance. A comprehensive Insurance policy is a combination of standalone damages and third party liabilities insurance. This secured car insurance policy provides coverages for the damages or losses caused or incurred to the third party as well as for the own damages to the insured vehicle. The policy includes coverages for eventualities such as; explosions, fires or infernos, natural disasters, calamities, thefts and many other occurrences.