Car Insurance in Pakistan
What Car Insurance Advice Should I Take Along In 2023
Posted by Admin on 21 Dec 2022
With an increase in inflation, there has been a significant rise in the prices of cars and their repairs. This has made drivers more cautious of their property and their finances. Hence many of them opt for insurance now. Auto insurance saves you a significant amount of money when you run into a bad situation where your finances are compromised if you keep up the maintenance of your car. Car insurance plans are designed specifically to cater to the needs of clients in order to provide them with financial cover and stability. So there are plans for everyone. You just need to look for the right insurer with the right plan. Let’s look at some tips that can help you in 2023.Why Is Auto Insurance Policy Essential In Pakistan?Car insurance is important because of many reasons. The first is that if you are a responsible driver, it takes away the majority of your stress since you will be on the safe side when the investigation ensues. But this means that with insurance comes to a greater responsibility of being a responsible driver. Because the investigation team will make sure if you were at fault or not and if you're not at fault or neglect any rules only then can you claim the insurance? Let’s look at the reasons in depth:Legal RequirementIn Pakistan, all drivers are legally required to have third-party insurance. Third-party insurance is not the best and full package but it is the least of the requirements. This is to ensure the safe driving habits of all drivers. Third-party insurance is for when you are a part of an accident that was not caused by you. After confirming the details, you will be eligible to file the claim, and the driver who caused the accident will have to pay for the damages. Financial StabilityPrices for damage repairs have skyrocketed along with the maintenance of the car. Car owners are at constant war with their finances trying to maintain and keep up the cost of their cars but at the same time, they are at the constant risk of running into an accident whether they are driving responsibly or not. Hence auto insurance plans ensure their financial stability by providing support in their time of need and making their life a bit easier by covering their expenses for repairs and damages. Other Protection OptionsCar insurance provides protection against unforeseen circumstances and damages that are beyond one's control like hailing, earthquakes, trees falling, theft, and many other factors. Given that you have provided a safe environment for your car but you still run into a mishap, insurance has got your back.What Are The Types Of Car Insurance Available in Pakistan?In Pakistan, there are 3 types of insurance options available, comprehensive car insurance, third party car insurance, and collision car insurance. Let’s look at each one of them in detail!Collision Car InsuranceCollision car insurance, protect your car in case of an accident with another car or object. If you have a new car you can use this to protect your asset. Keep in mind that as the name suggest it only protects you against collision and no other covers are included.Third-Party Car InsuranceIn third-party car insurance, you and the passenger are protected if the accident is not caused by you. But if the accident is caused by you and the other driver has claimed third-party car insurance, you will have to pay for the repairs. Comprehensive Car InsuranceComprehensive car insurance is the full package with third-party car insurance and collision car insurance other than that it also covers against the act of God and theft. All in all, it protects you against all and any circumstances out of your control.Tips And FAQs For Buying Car Insurance In Pakistan:When buying car insurance in Pakistan make sure that you talk to your agent in-depth and ask as many questions as you can to satisfy yourself and make an educated decision. Some tips are as follows:Should I Claim Insurance every time?Don’t claim insurance for minor damages. Always compare the price of deductible and repairs. If the price of the deductible is more than or equal to repairs then you should pay out of pocket.How To Get No Claim Bonus?Considering the above option you will soon be eligible for a No Claim Bonus, use your no claim bonus wisely. You can build up a maximum of 60% no-claim bonus in 4 years.How To Select The Right Policy?Compare all insurers and all policies you can find. You can find all the policies from an insurance broker firm like Let’s Compare.How To Select The Right Insurer?Some insurers offer the same coverage and the same package for different prices. The price may be higher or lower. You should think about why the price is lower and ask them in detail about the perks of their insurance policy. The policy document on their website should tell you all about it. Compared to that ask the insurer with higher rates for their perks and if the price is justified go for the higher-priced insurer.What Insurance Policy Is Suitable For Rental Or Shared Vehicle?Since this will require extensive coverage for having many risk factors and including other drivers and coverage for them will be required too so the premium may exceed if the insurer provides the coverage.What Documents Do I Need To Buy Car Insurance?To buy car insurance for the first time, you will need your CNIC, car documents, and photos of your vehicle. In case you have been a regular insurance buyer, you will need the previous policy document for renewal. Upon renewal, the company may ask for the previous policy to ensure that you are given your rightful bonus.Now you know all that you should about car insurance policies. So what are you waiting for? Get insured with Let’s Compare! We are partnered with reputed insurance companies so, with us, you are in safe hands.