Just buying a car is not enough. One needs to exercise due diligence while driving. Accidents can happen at any time, hence; state laws have mandated car insurance. One must be aware of the extent of the coverage offered by the insurance policy. Insurance policy coverage falls under four broad categories. Here, is a brief overview of each one of them.
Liability insurance: This policy covers any damage caused by the car when involved in an accident. It also covers medical expenses of the victim. Every state regulates the minimum amount required under liability insurance. One must invest in a liability policy to create an economic cushion to fall back on, in an event of a road mishap. Insurance companies assess the damage and take care of the repairs and medical expenses in an event the vehicle has a liability insurance coverage. It is best to speak to the insurance expert and check the apt amount of liability insurance cover for the car.
Comprehensive Insurance: This policy covers damages caused to the car due to accidents, vandalism, theft or natural calamities. Comprehensive policy is one of the most expensive insurance covers. It is, however, worth every penny in case of expensive cars. One can lower the amount of comprehensive insurance premium by installing the car with advanced anti-theft systems and security systems.
Collision Insurance: This policy coverage ensures that there are sufficient funds to repair one's car that is involved in an accident. Most insurance policies take care of expenses when the damage is caused by the insurer's car. Collision insurance ensures that damage caused to insurer's car is paid. One must note that collision insurance is optional. Used car owners may drop this coverage.
Personal injury protection plan: Passengers and driver may sustain serious injuries in a road mishap. Treatment of such critical injuries can burn a hole in one's pocket. This insurance covers medical expenses of the driver and the passengers involved in a car accident. This insurance can be eliminated in case the car owner has a robust health insurance or med claim policy.
Several other companies offer different coverage like no-fault insurance, gap insurance, property damage liability, fire and theft coverage, underinsured driver coverage, bodily injury liability, uninsured driver coverage, physical damage coverage and rental car insurance. One must also opt for roadside assistance while applying for an insurance policy. Roadside assistance can be of fantastic help in case the car breaks down.
Author is Gagan Modi, who through his website Mycarhelpline.com provide news and updates on Automotive sector by providing comparison on Skoda Rapid Vs Volkswagen Vento and High security number plates in India.
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