Nowadays, you'd encounter several people telling you various things about their vehicle insurance. Despite having same vehicles, their policies can vary depending upon the corporate which introduce the policies and therefore the sort of policy they hold.

So, Lets plow ahead and discuss few commonest sorts of insurance policies:

A) Fully Comprehensive Auto Insurance: this is often one among the foremost expensive, yet common, sort of insurance policies. It's expensive because because the name suggests that this sort of insurance covers everything. Be it any repair or a stolen vehicle. and therefore the better part is that you simply do not have to point out 'fault' so as to say insurance. it's normal because mostly every nondepository financial institution make it a mandate for car owners to get this sort of insurance.

B) Third Party, Fire and Theft: this is often generally purchased by those that have already paid off their financed amount and still trying to find an insurance firm to insure their vehicle. this is often one among the most cost effective auto insurance policies. this sort of insurance covers accidents and theft both but you'll need to prove the fault in any accident case. If it is your fault and you meet with an accident, you'll be paid. Alternatively, if you're not guilty , insurance firm won't pay you considering the very fact the faulty party should pay, which during this case would be the opposite party you met with accident with. Similarly if you burn you vehicle or damage just your vehicle could also be by hitting a barricade or wall, company won't pay you.

C) Specialized Car Insurance: this sort of insurance is usually for vintage sorts of vehicles, for instance you've got a really old car, could also be 20-30 years old, or could also be older and you would like it to be covered by an insurance firm for any accident or theft, then this sort of insurance is what you're trying to find . Generally speaking, this includes all the features that of Fully Comprehensive Insurance but it limits you to run your vehicle on roads for quite certain miles as vintage cars are only expected to be out for any quite rallies, shows or shooting.

D) Business Vehicle Insurance: this sort of cheap auto insurance [] is obtainable to companies or businesses for the vehicles used for his or her business purpose or leased vehicles. Companies have choices to settle on their premium, number of vehicles to insure sort of insurance covered and lots of other such options.

E) Medical Insurance: during this sort of insurance, if owner or other passengers, depending upon who all are covered consistent with what you select at the time of taking the policy, are wounded within the accident and need medical attention, insurance firm pays for the medical bills in order that if there's any mishap Car owner/driver doesn't need to be worried about paying those huge medical bills which may make hole in anybody's pocket.

Except these there are many other auto policy types which vary from place to put , company to company and vehicle to vehicle.

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