Motor insurance is the financial assistance provided to the owner of the vehicle/third party in case of any damage to the vehicle or third party due to the vehicle as per the Insurance Company Act.
Planning to buy car insurance policy for your new car? How do you choose a plan? With the number of options available today, it can be confusing! Also known as car insurance, motor insurance/auto insurance is meant to protect your vehicle against unexpected risks. It helps cover against financial losses caused by accidents, theft or third party liability. While buying a plan, there are parameters that customers need to consider, choosing a policy from a reputable car insurance company can be the most important in processing claims!
Types of Car Insurance compare
Generally two types of motor insurance policies are covered in Bangladesh
First party or comprehensive insurance policy
In a first party or comprehensive insurance policy, the insurance company indemnifies the car owner. Under this policy, if a car is involved in an accident, then the insurance companies pay compensation for any damage to the car or the owner of the car arising out of the accident. Besides, if the vehicle is damaged due to any natural calamity, but the vehicle is damaged under the first party, the owner of the vehicle is compensated for the damage to the vehicle. The premium rate of this policy is relatively high.
Third party insurance policy
If a car is only covered under third party insurance policy, then if the car is damaged due to any reason or accident then no compensation is given to the car owner for the damage to the car. The insurance company will take responsibility for the damage caused to any third party by the vehicle.
Things to keep in mind before buying a motor insurance policy
Penalty for injury or death
Before buying a motor insurance policy, make sure that the insurance company will cover the liability for death or injury caused by your vehicle.
Check whether the insurance company is providing any compensation if someone outside your car is injured in a road accident in the accident.
If your car causes any damage to someone else's life or property in an accident, then find out whether the insurance company pays for it before insuring it.
Make sure that the insurance company provides the insurance policy in case of any damage to the car due to various reasons other than road accident such as car theft, car vandalism, fire, storm flood or natural calamity.
After buying a car, motor insurance is very important to avoid damage to the car owner, passengers, and car accidents. So after buying a car ensure the protection of yourself and the car by getting car insurance.
What does a car insurance policy cover?
- Fire, lightning, explosion
- No riots
- Storm, tide, flood, hail inundation
- Terrorist activities
- Hateful activity
- Accidents while traveling by rail, road, inland waterway, lift or elevator
car insurance compare the market
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