You have planned and saved for years and acquired a brand new shiny car of your choice. Now the most important step that follows is … INSURANCE.
Most new car buyers go through the dilemma whether to go for car INSURANCE? Which company to choose?
And how to determine which coverage to choose from the different options available.
Understanding Car Insurance
While paying huge instalments with no returns may seem to be a burden, car insurance is a legal requirement. It’s in place to cover the damages that might happen to you and others in case you are involved in an accident. The coverage to choose will depend upon the risk you want the policy to cover and the budget. There are different options available from a lot of companies.
Liability coverage which includes coverage for bodily injury and coverage for personal property this helps to pay the damages you are liable to pay to others. Collision coverage will pay the damages incurred by you personally. Comprehensive coverage helps you to cover losses from theft, riots, fire, animal collisions and vandalism. In short it includes everything other than collision. Medical coverage will help you to tackle the medical expenses if anyone in your car gets hurt in an accident
Personal injury protection covers a wide range of cover for medical expenses, rehabilitation expenses, work loss, replacement services and even funeral cost. Uninsured or underinsured motorist coverage will pay the damage incurred by you when the negligent driver does not have INSURANCE nor has very less cover. Apart from this coverage’s you can opt to have more items covered by paying a little extra on your premium. These include
Engine protector cover
Road side assistance
Extended accident cover
However before opting for the policy, get quotes from different companies and go through the fine print clearly to know the inclusions and exclusions of the policy.