What is Car Insurance for?
Car insurance is a day by day growing industry. Several numbers of insurance providers competing for business in vital countries of the world. Every supplier is offering multiple insurance plans and premium packages depend on customer profiles. When purchasing a policy as a customer, it is a very longstanding procedure to assess every company. Therefore we decided to collect and publish authentic information and facts about the product. And also how this is offer in the world. There is a multiple insurance comparison platforms in the world. Their aim is to provide a comprehensive information repository that can aid people in taking the right decision when investing in car insurance.
Such companies think about various factors before deciding the annual premium of your car. These are the key factors that may affect the premium of your vehicle :
Insured’s Estimated Value or value of your vehicle
Where it is parked during the day & night and area of use
Tracker or without a tracker
Type of vehicle
Age of the vehicle
Types of Car Insurance Policies
They take away the burden in case of car damage, accident or theft. Nowadays, it is not a difficult process for the vehicle owner to get their car insured. Because there are many providers in the market. Their packages give maximum benefit to the insured.
Road conditions and driving standards resulting in growing traffic accidents. Even if you are a perfect driver, you may have to pay for another person’s ignorance, therefore having car insurance will certainly aid you to address all such risks with coolness.
Third-Party Car Insurance
Car insurance is necessary. According to the traffic laws, a driver must have third-party liability insurance. Otherwise, he will be imprisoned or fine for violating this important traffic rule. Third-party liability insurance provides cover for bodily injury, vehicle damage, death by your vehicle, and property damage.
Key benefits of buying your Car Insurance
- In case your car is damaged due to an accident, or fire etc, you are protected.
- In addition, if the vehicle suffers losses due to theft, or terrorism etc, your insurance policy covers these.
- Also, it covers damage or loss while in waterways, air, lift or road
- It also covers any third party liability
Best car insurance policy
The insurance policy is issue only in the name of the register owner of the vehicle. However, it can also be purchased for the unregistered vehicle but it is necessary for the owner to provide the registration documents within 15 days to the insurance company. Otherwise, the policy is consider null.
In addition, car insurance companies require the details and name of the registered owner of a car and the drivers who will drive the car.
Key Tips to Renew your Car Insurance policy
The proposal form contains various questions about the vehicle and the insured. Insurance providers usually ask for details about preceding accidents. However, they also examine the car thoroughly before issuing a policy. The driving history of the vehicle driver will be required before the agreement of the policy.
What is Car Insurance Premium
A single insurance policy will provide cover for only one vehicle. You need to buy different insurance policies for different cars. Some providers may issue you a single insurance policy number for several cars but you have to pay the premium for each vehicle individually.
Basically, the car insurance premium is the money you pay to the company either on a regular basis, every month or every six months, in exchange for insurance coverage.
Every insurance company decides its rates uniquely, but your premium is typically based on the type of vehicle you own, details about you, and the coverages you select.
What is Car Insurance Claim
In Pakistan, there is no short term cover available. But the insured has the facility to cancel any time the insurance policy during a policy period. In addition, they can also receive a refund if they had not claimed for an accident during the policy period.
Insurance on renting cars
There is no need to buy individual insurance in your name for renting a car. Because business renting cars are already insure by the owners.
