Are you buying car insurance in Pakistan for the first time? Are you confused about the info dump that you got when you started searching? It is easy to get overwhelmed when buying car insurance the first time. There are people telling you to buy it because they had an amazing experience and there are people telling you not to buy it because they had a horrible experience. 

However, there are some specific things that you need to take notice of when going to purchase the insurance policy other than that is not something for you to worry about.

Premiums And Packages

While browsing for insurance, you may find a comprehensive insurance policy viable for you but out of budget because you had much lower than you expected in your mind. There can be many reasons for this, including the fact that the policy you heard about was probably a third-party liability. Another case could be that the person you consulted might have a group insurance plan. 

The premium of your insurance policy depends greatly on your package and plan. The higher the coverage the higher the premium will be. There are two main types of coverage plans. Third-party cover and comprehensive coverage. Others include 2T, 3T, and 5T. They have comparatively less cover and less premium due to the cover. 

What Is Comprehensive Car Insurance?

The most suggested cover is comprehensive coverage because it covers everything under one policy and you don’t have to worry about missing out on anything. It completely covers your car in case of loss or damage due to anything. The factors range from your own fault to the act of God. Everything is covered in all circumstances but keep in mind that there should be no foul play because then you will lose the trust of the insurer and it will be highly unlikely for you to get covered again. 

What Is Third-Party Cover?

Third-Party Cover or Third-Party Liability is the least required cover for all the drivers. However, it only covers the damage to the other car caused by you and does not cover the damage or loss of your vehicle. This cover ensures that you are financially covered in case of an accident and the other drivers ask you to pay. With this, you will not need to pay out of pocket. 

Value And Model Of Your Car

Another important thing to keep in mind is the value and model of your car. The value of your car also determines the premium since companies only disclose the percentage of premium and cover and you can estimate the premium. For instance, if a company offers a 2% rate and the rate of your car is PKR 20 lacs then the premium will be PKR 40,000.

Another factor that may affect the premium is if the car and its parts are imported. Because in that case, it will add on the premium due to parts needing to be imported in case of any damage or loss.

Conclusion: 

This is all the necessary information you need if you are a first-time insurance buyer. It is easy to get overwhelmed and hence here we are for aid. Let’s Compare is an online insurance comparison platform serving clients the best insurance policies and taking pride in great customer service. We are partners with reputed insurance providers across Pakistan. Avail of impressive discounts on car insurance policies from Pak-Qatar. Their current rate is 1.7% on all policies. Get insured now!