Auto insurance is a huge part of driving in the country. Forgetting for a second that it is a legal prerequisite for you to put your car on the road, consider its financial implications. No one actively plans for it, but imagine for a second, you got involved in an accident. Without auto insurance, you’d be the one to bear those huge costs out-of-pocket! Having insurance is a financial safeguard that kicks in should you ever get into trouble. Insurance is essential, true. However, the kind of insurance you get is also very crucial. What are the different types of insurance available to you today? Why is it vital you pick the right one for you? Find out that and more now!
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Hello! I’m Stella, Fincrew brand ambassador, and in this episode of the Insurance360 Video Series, you’ll be discovering the auto insurance options available to you and what each entails. Quickly Subscribe to our channel and enable notifications before we proceed. There are a few options to choose from in the auto insurance world today. Keep in mind that the scope of insurance coverage changes from policy to policy. From the least to most, here are the auto insurance policies you’re likely to find around!
Third-Party Coverage
Every vehicle owner knows they’ve got to have insurance before they can drive around freely. Those who want to spend only the barest minimum to fulfill that requirement opt for the Third Party policy coverage. As the name implies, when you take on this insurance coverage, you are only insured for the cost of repairs for the other individuals’ vehicle or property. That is basically the extent of this policy’s coverage. If you want something that insures you for much more, you’d have to commit a bit more financially. Here are the other options you could go for.
Third-Party, Fire and Theft Coverage
In many ways, this can be considered to be the mid-range option where auto insurance in the country is concerned. Significantly pricier than its predecessor, it more than makes up for this with the broader scope of coverage it offers. Under this policy’s coverage, you’re not only financially protected should you damage another party’s vehicle, but you’re also covered if your car gets damaged as a result of a fire. Also, if parts of your car get stolen or the entire vehicle is stolen, this insurance covers your loss!
Comprehensive Coverage
This is arguably the most expensive insurance coverage you could go for. However, in return, it offers all the protective features the other two policies possess plus a lot more. For instance, with comprehensive auto insurance, should you be involved in an accident, this policy also includes the cost of repairs for your vehicle in addition to the repair expenses of the other individuals’ vehicle or property. On top of all the above, there are several useful add-ons you can’t take advantage of if you’re not on a Comprehensive insurance plan. Ultimately, what policy you choose should be determined by what you think you need.
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