Car Insurance Getting Costlier Day By Day
Car insurance is not only necessary but also one of the most important requisites for an automobile
. Car insurance provides security against the damages to the car, the person driving the car and the people or motorists on the road.Comprehensive Insurance Policy is that policy which covers incidents such as theft, damage, natural and man-made calamities, third party liability, etc.
Third Party Liability is that policy which covers only that liability or compensation that has to be paid to motorists or people on the road in case of any accidents.
According to Government rule, every vehicle needs to possess at least third party liability insurance.
Comprehensive Car insurance policy includes third party liability as well. As comprehensive policy includes additional features such as theft, damage and calamities, this is an ideal insurance policy when it comes to protecting your car. Because of these reasons, the cost of the premium under comprehensive policy is higher when compared to third party liability insurance.
Recently, the Insurance Regulatory Development Authority increased the car insurance rates. The move was taken in April of 2011. IRDA took this move in response to the demand from the industry. According to this decision, car insurance rates have increased from 10-65% for both private and commercial vehicles respectively. For private cars and two wheelers the rate of increase is 10% and for commercial vehicles the rate of increase is 65%.
This move is clearly related to commercial vehicles and is not intended to put an extra burden on the middle class. As we can observe, the rate of increase of premium is just 10%, which can be considered normal, taking inflation into account.
Now, it is very easy to get information regarding any increase in the amount of premium on any policy. Policy holders need not visit insurance companies to get car insurance quotes. In fact, one can get car insurance quotes from the respective websites of insurance companies.
Today, there are companies that retail insurance policies such as life insurance, pension plans, car insurance and other general insurances. One can find car insurance rates from different insurance companies at the same time. With the help of these insurance retailers, it is very easy to know lowest car insurance benefits and highest benefits and act accordingly.
With the help of insurance retailers such as Policy Bazaar, one can avoid, the paper work and can pay their premiums through online or through credit card.
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