which kind of insurance plan can you buy for insuring your vehicle
Understanding kind of insurance
Type of vehicle Insurance:
Vehicle insurance policies are generally classified in two primary kinds:
Third-party liability insurance policy is also known as a liability-only coverage or even act-only insurance. It provides a basic level of insurance protection specifically for the liability to third parties in the event of an accident. It will cover third party injuries as well as death or property damages. It is not a protection for the insured vehicle. It is also the most basic type of insurance for vehicle required through the Motor Vehicles Act.
Comprehensive auto insurance. The complete vehicle insurance plan comes with more coverage. It offers third party liability insurance and cover for own-damage. Own-damage insurance covers the damages suffered by the policyholder due to the following situations:
vehicle theft
Damages due to external accidents
Damages during transit through waterways, rails, roads lift, air and so on.
vehicles are damaged from natural disasters like hurricanes, floods and typhoons.
Damages caused by man-made catastrophes, like riots, strikes or vandalism.
Injuries or death caused by the driver-owner
The comprehensive insurance coverage for vehicles can be enhanced with add-on coverages. The policy holder has to be charged an additional premium to buy additional coverage.
All claims relating to third-party liability will be settled by MACT. Motor Accident Claims Tribunal (MACT) and it is a long procedure.