A car insurance policy is just like a true friend who supports you in need of the hour– when you are faced with unexpected challenges. However, since it is a mandatory requirement to have a motor insurance policy under the Motor Vehicle’s Act, 1988, many car owners only regard it as a legal requirement that they need to meet.
However, if you consider the amount of financial support it can lend you in case of an accident or crash, you will realize its true worth. In line with this, you may also be wondering that when you buy car insurance online, should you only buy third–party coverage or opt for a comprehensive plan and would it also be nice if you include a sr22 insurance texas? To help you get a better idea, let us tell you more about it in detail below.
Third-Party Insurance
Third-party insurance or a green slip you is the minimum coverage that every car owner needs to have for meeting the legal requirements. Such an insurance plan provides coverage against any liability that you may incur towards a third party. It means if your car causes any damage or loss to another party, then this insurance coverage will enable you to pay them off. However, it does not offer coverage to you or your car in case of an accident or collision.
Comprehensive Car Insurance
If you want to know about own damage insurance, then you must consider buying a comprehensive plan when you buy car insurance online. Comprehensive car insurance, as its name suggests, offers more extensive coverage as compared to a third-party cover. It provides you financial support for both the liabilities you incur due to loss caused to a third party, while also for any damage to your car or injury that you may sustain. Due to its broad coverage, this policy offers you more significant support and takes a lot of stress off your mind. You can consult with auto insurance brokers in ottawa to learn more about which type of insurance would work best for your needs.
When buying car insurance online, you must consider the following three vital aspects to arrive at a decision:
- Value of The Car:Taking comprehensive car insurance is the best as it covers you from all possible financial losses and offers you greater peace of mind. However, you may consider choosing a third-party coverage plan if the value of the car you own is low. But, if you are buying a new car, or if your existing car is expensive, then opting for comprehensive car insurance online will prove to be a wise choice.
- Coverage Offered: If your main idea at the time of buying car insurance online is to fully secure your vehicle, then choosing a third-party insurance cover may disappoint you in the long run. Third-party insurance plans have limited coverage and do not offer security to you or your car. On the other hand, comprehensive insurance plans will offer you well-rounded security against losses incurred on account of third-party liability as well as damage to your vehicle as well as injury or harm to the owner.
- Cost: A comprehensive insurance cover is expensive in comparison to a third-party coverage plan because of the difference in the benefits provided by the two. While you may have to pay a slightly higher premium in case of a comprehensive plan, it will all prove to be of immense help in case of a situation when god forbid something happens to your vehicle or you. The extensive financial protection will ensure that you do not have to meet with the unexpected expenses from your pocket. It will save you from facing significant monetary losses at that time.
It is Better to be Fully Secure, than Sorry Later
Accidents are unexpected happenings, which can weigh heavily on your finances. That is why when you buy car insurance online, look for a plan that offers you extensive coverage to keep you safeguarded. Comprehensive car insurance plan as offered by reliable insurers like Tata AIG provides you with several benefits such as coverage against the accident of the owner-driver that includes death, partial or permanent disability. They also offer rider benefits such as cover for depreciation, loss of personal belongings, consumables expenses and roadside assistance among several others.
So, buy car insurance online and secure your vehicle to the best that you can.
