When going to buy a product, we always make sure to get it insured, especially if it is of high value. This normally includes valuable such as jewellery, car and our homes. But even in insurance, there are different kinds, based on the product and the value of the same. So, when you have decided to make that car purchase, get information regarding the various insurance policies that you can take on to protect the car and any extra expenses that might occur at a latter date.
Here are some of the different types of auto insurance that the buyer needs to be aware of before making a purchase,
Full Auto Insurance- A policy that is known to be the best for you and your car ios known to be among the most expensive, but it does cover all issues like instances of theft, unexpected accidents and so on. a person wit this policy sure gains to get the repair expenses footed by the insurance company and this holds good for cases where he might have been responsible for the repair. So, if you wish to have an insurance policy that backs you all the way, this is what you need to go for. most insurance companies will not cover 100% of the cost of the vehicle, but will go upto only a certain extent, but with this policy you cover all the expenses.
Third party insurance – This policy is ideal for people who even after paying all dues on their vehicle still remain very attached to it. Also just like the previous kind of insurance policy, all accidents and thefts are covered in this too, with a bit of a difference. In this policy, only if you are at fault, will you get coverage, for other situations you need to foot the cost of repairs and service. So, while on the road, if some other car comes crashing into you, or if you crash the car into your gate or somewhere else, the insurance company will not cover the expenses incurred in bringing your car back to its original condition.
There is one more kind of insurance policy, which is Third party, where in the insurance company covers cases where the owner, the person who has taken the insurance policy was at fault, and has led to an accident or damaged another vehicle. These are undertaken by people who own less expensive cars, or are into used cars.
Specialised insurance – Just as the name states, this kind of insurance policy is for cars that are considered vintage, which are over 20 years and have specific needs and parts are not easily available.
These are some of the kinds of insurance policies available to car owners, and what they choose depends entirely on them and the budget they have in mind. At the end of the insurance is taken to cover all extra unexpected expenses that might arise in the due course of owning the car, and driving it around.