Types of Vehicle Insurance Plans at Bajaj Markets
On Bajaj Markets you can get yourself complete financial security for your bike and car with the two types of motor insurance–
What are the Different Types of Motor Insurance Policies?
When it comes to picking the right insurance plan, it is vital to understand the keep a check on your needs and what you require the coverage for. Going through the features and benefits of the plan further help make a well-informed decision, when it comes to selecting the plan. Broadly, motor insurance plans are of two types:
- Third Party Motor Insurance
- Comprehensive Motor Insurance
Third-party Motor Insurance
A third-party motor insurance is the most basic policy offered, which takes care of the third-party damages incurred due to your vehicle, when in an accident. The plan not just covers the third-party vehicle damage, but also takes care of the treatment cost of injuries caused to a third-party. As the third-party motor insurance is made mandatory as per law, the plan has gained major significance.
Comprehensive Motor Insurance
Along with third-party liabilities and damages, the comprehensive plan offers 360-degree coverage with cover of own damage too. This means, any damage incurred to third-party as well as your vehicle or any bodily injuries incurred when your vehicle is involved in an accident is covered under your plan. When it comes to comprehensive vs third party insurance, comprehensive is a bit more expensive than a third-party cover, however, a comprehensive plan is the most recommended one for its all-round protection.
How to Compare and Choose the Right Motor Insurance Policy?
While comparing motor insurance plans, it is best to choose the plan by keeping the following things in mind:
The motor insurance should be chosen by keeping in mind the type of coverage you get. As per your need, select from third-party or comprehensive coverage, so you get better value for money.
Assess the claim settlement ratio of the insurer to understand the capability of settling claims, to be sure of being majorly covered against damages.
While making a motor insurance purchase it is vital to read about the features of the product and the benefits offered by the plan.
While you do so, don’t forget to keep a check on the plan that best fits your budget.