Protect your Vehicle with these Types of Motor Insurance Policies
One of the major reasons to avail a motor insurance is to protect your vehicle against losses and other forms of risks. A motor insurance can help you cover financial losses due to issues such as accidents, natural calamities or theft. It is a contract wherein the insurance company pays for your loss while covering damages to the third party.
These days it is mandatory to avail insurance due to the fact that there has been a rising case of fatalities on the road; therefore, a motor insurance protects you from the above mentioned losses. The cost of car repairs and medical examinations can be a pricey affair, making insurance an essential element to one’s life.
There are several kinds of insurance you can select from, in accordance to your budget; mentioned below are a few of them:
Liability insurance covers the cost of reparations of the damaged property such as buildings, cars and medical bills (from the injuries, if any). In most countries, you'd find it a mandatory rule to have liability insurance because you would not wish to be in a situation when you are supposed to pay out of your own pocket if at all you are a part of a catastrophe.
Comprehensive motor insurance covers damages to your car or vehicle by certain events such as theft, fire, and vandalism. It is quite advisable to purchase a comprehensive policy since it covers the vehicle and the third party also. You can reduce the price of the policy if you install an anti-theft and tracking device on your vehicle.
A collision insurance policy ensures that your insurer pays for the repairs of your vehicle; hence, you can expect a sum that will be equal to your car’s worth right before the accident. This policy should only be chosen if your vehicle is expensive of new.
Uninsured Motorist Protection
When a driver without a liability cover hits your vehicle and injures you but cannot pay for the damages, then this motor insurance policy comes handy.