How we get Auto Insurance from a Company?

Auto Insurance

Car insurance in today’s world is as important as life or medical insurance. It’s not an unnecessary expense by any means, as road accidents, unfortunately, are far too familiar as they are unpredictable. When looking for car insurance in Pakistan, you will come across many options. However, with some research about the type of insurance you need and comparing the costs of policies offered by different companies, you can find coverage that suits your budget.

TYPES OF POLICIES FOR CAR INSURANCE IN PAKISTAN

When looking for answers to how to get your car insured, you will come across the three main types of car insurances policies in Pakistan that are listed below:

  • Comprehensive Car Insurance
  • Third Party Only (TPO)
  • Theft, Third-Party, and Total Loss Insurance (3T)

COMPREHENSIVE CAR INSURANCE 

If you have applied for comprehensive Auto Insurance Plan, you can claim for accidents in which you are considered to be at fault. A claim can also be made for accidents in which guilt has not been proven, like a hit-and-run case.

THIRD-PARTY ONLY (TPO)

Third-party car insurance covers you if you have caused damage to someone else’s property by your vehicle. It offers you legal cover to some extent that you need to be behind the wheel.

THEFT, THIRD-PARTY, AND TOTAL LOSS INSURANCE (3T)

Different insurance companies in Pakistan offer Third-Party and Total Loss Insurance (3T) insurance policies. It can benefit a vehicle theft case since it assures maximum financial protection to policy buyers. If you are looking to claim a replacement for your severely damaged vehicle, then this policy has also got you covered, but there is a condition, the cost of the repairs required in your car should exceed its market value.

PRO TIPS TO GET YOUR HANDS ON THE RIGHT INSURANCE POLICY FOR YOUR VEHICLE

Nowadays, you can compare quotes offered by different Auto Insurance companies online

Now that you have learned about the three main types of policies that chiefly dominate the market of car insurance in Pakistan, you can conveniently pick one of them. Below are some tips that will help you make a more effective decision in this concern.

  • Compare quotes offered by different companies for car insurance online.
  • Judge the condition of your car and required coverage before picking any of the insurance plans mentioned above.
  • Checking out for discounts offered by car insurance companies in Pakistan
  • HOW DOES CAR INSURANCE WORK IN PAKISTAN?

Insurance companies usually charge 2-3% of the total car cost from people who buy car coverage in Pakistan. Moreover, there is a certain amount of depreciation that you have to pay when there is a need to change any of the vehicle’s parts. According to general practice, the rates of depreciation that insurance buyers have to spend on the replacement keep getting higher each year. For example, in the first year of your car insurance, you may have to pay a 10% depreciation cost. However, the figure can go over 70% in the seventh year.

DOCUMENTS NEEDED WHEN APPLYING FOR A CAR INSURANCE

People applying for Auto Insurance Plan must submit a copy of their vehicle’s complete registration vehicle, Computerised National Identity Card (CNIC), and photographs of the vehicle’s current condition. Completing all the required paperwork is quite a crucial part of the whole process if you don’t know how to get your car insured in Pakistan.

WAYS TO CUT DOWN YOUR CAR INSURANCE EXPENSE

Try buying a vehicle with annual insurance expenses easily manageable by you.

With the increase in vehicle prices in Pakistan, the cost of insurance coverage is also on the rise. Nevertheless, it may be equal to only 2-3% of the total cost of your vehicle, but one thing to bear in mind is that the insurance package you have acquired needs to be renewed annually, which means it’s a recurring expense. So, here are some ways you can choose a car insurance plan that is light on your pocket and works best for you.

  • Try taking care of minor repairs required in your vehicle yourself instead of asking your vehicle insurance company to foot the bill. It will effectively lower your annual car insurance expenses.
  • A year without any insurance claim will make you eligible for a claim bonus, bringing down the cost of your insurance coverage renewal.
  • Do your research to find car insurance online with the lowest premium amount.
  • Buy a vehicle with annual insurance expenses easily manageable by you.

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