In this article, author have tried to cover advantages and disadvantages of car insurance policy along-with its types and annually premium rates.
Comprehensive Car Insurance
Firstly this type of insurance covers and helps to pay full car claim or repair against your stolen or damage vehicle respectively. Secondly it covers your vehicle from fire besides falling from hill etc.
Third Party Insurance
Third party car insurance covers you along-with passengers travelling in the vehicle in case you injure or damage someone other’s property during driving therefore, this package is legally essential to drive a car.
3T Car Insurance
3T (Three T means: Theft, Third-Party Insurance, Total Loss Insurance). This policy is designed to protect the insurance policy holders against financial loss. 3T policy protects your vehicle against loss of theft or attempt for theft/stolen.
Here are some companies which provides car insurance policy with monthly and yearly premium basis:
- Jubilee General Insurance (approx 2.025% of the total car value).
- UIC (approx 2.16% of the total car value).
- IGI Insurance (approx 3% of the total car value).
- TPL Insurance Co. (approx 2.35% of the total car value).
- ASK Motor (approx 2.75% of the total car value).
Non filler (a persons not registered in FBR) add 4% extra in total premium amount.
The insurance premium can be different and vary. Its depends on kinds of policy & plans because some Insurance Companies provide installments (monthly, semi-annual) of premium to their policy holder. Most importantly the person who can afford it, feels sense of security but the rest take it as unreasonable.
Cons of Car Insurance
- Extra hidden charges deducted at the time of claim.
- Have lengthy procedure to get claim’s amount.
- Some specific damages can only be claimed.
- Car insurance is a costly process because some unnecessary services are also been paid.
- There are strict terms and conditions for claim process.
- Most of the Insurance companies choose workshop and mechanics for their own interest.
- Premium for Car insurance for old vehicle is almost same beside of new one.
- Beside regular wear and tear is not included in insurance policy.