Experienced or novice, male or female, young or old, no matter what kind of driver you are, there are diverse life insurance policies available designed according to the needs and risk attached to the individuals. The type of insurance you are opting for is going to make significant impact on the features and cost associated with the policy. Here are some types of car insurance out of which you can choose your policy for better car safety:
• Comprehensive Car Insurance: It is an absolute policy which covers all the typical accessories and important parts of your car. This policy not only insures your car but also covers the damage caused to other vehicles by your car. This type of car insurance often cost you high premium and it is typically designed for novice car drivers.
• Third Party Car Insurance: It is the cheapest form of life insurance as the premium amount is limited and the accessories like chipped windows and overheated engines are excluded from the insurance cover. In case of accident, the policy only covers damaged caused to other vehicles and risk of injury to passengers in your car. This type of insurance is more suitable for old vehicles as entire damage cost will be borne by insurance company.
• Property Damage Liability: This insurance policy covers the damage your vehicle creates to properties such as light pole, mailbox and other residential or commercial assets. The insurance company scrutinizes the circumstances at the time of an accident in meticulous way and pays claim according to the genuineness of the situation.
• Bodily Injury Liability: This covers lawsuits or medical costs that are the effect of an accident you caused where somebody else was injured. This is an important thing from legal perspective and it’s always recommended that you carry enough coverage for any such type of damage.
• Collision Coverage: This pays for the repairs on your individual car, whether you have caused the damage or not. For collision, you are required to pay some deductible before your insurance company will pay for expenses. It is always advisable that you opt for a deductible that you can actually afford.
Buying car insurance is not an easy decision for car drivers and one of the most challenging things is to select right product out of multiple ones. The key factor is to understand all the policy features or conditions wisely and then match it with your needs to pick up an appropriate product.