When you go to buy a vehicle, the price which they tell you does not include certain elements. But when you ask for the on-road price, they tell you cost of insurance and road tax. In other words, you cannot buy a vehicle without insurance. It is a mandatory requirement under the Motor Vehicles Act in India.
The vehicle insurance policy in India is applicable for a year. After this period, one has to renew the policy every year. It is certainly an expense for you but you should treat it as an investment. You don't have to worry about the inadvertent damages caused to your vehicle if you have proper insurance policy in place. You just need to take care of some critical elements to get that peace of mind.Buying insurance plan is one of the most profitable and reliable investment. Buying insurance policy can be easy and can prove to be futuristic-ally based investment.
Here is a quick snapshot of the types of vehicle insurance so that you are aware of the basics and able to make a well-informed decision.
Comprehensive insurance policy
This type of insurance provides you a comprehensive coverage of various risks. It includes damages to the vehicle and third party as well. There are riders under which you may get accidental insurance also. Additionally, you can cover other passengers in the vehicle apart from the one who drives the vehicle.
Third party insurance policy
Third party insurance, at the other end, covers you against the damage caused to the third party. This type of insurance does not cover any damage caused to your vehicle in a mishap.
What is the difference?
The amount of premium differs in both the cases. Apparently, the amount of premium for comprehensive insurance policy will be greater than third party. Reason being that the extent of coverage is much larger.
However, if you feel that you do not require comprehensive insurance, you may still go for third party insurance with a lower premium.
In order to compare various motor insurance plans, you can visit various insurance websites. The quotes are generally provided instantly or at the most, you will be required to enter your contact details so as to receive a call back from the concerned company.
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