When Is the Best Time to Buy Car Insurance?

Most of the car enthusiasts go the extra mile to get additional protection for their cars. While some spend a ton of time on researching the ideal engine oil, others spend a substantial amount of time in looking for the right accessories. While some buyers opt for additional coating on the cars for protection, others look for different types of treatment. There is an easier way of protecting your car, buying a car insurance.

As an enthusiast, you already have done your bit to extract the most out of your vehicle and take extremely good care of it. The next and most obvious step is to buy the apt car insurance. We will cover in some time the different types of car insurance policies on offer. After which you can decide for yourself, which one suits you the best.

Unlike several other things in our lives, buying a car insurance does not have to wait for an auspicious moment. There isn’t a right time or a perfect time to buy a policy. When you think you don’t need an insurance policy, is the right time to buy it. The earlier, the better.

If you do not already have a valid policy, buying one should be your highest priority. You can buy easily compare and buy a car insurance plan on Coverfox.com by filling in your basic details and then making a payment online.

Here are a couple of reasons to help you move in the right direction.

  • Legal Clearance

If you do not have a valid car insurance, the traffic police department has the rights to slap a hefty fine on you. And depending on which state you live, you might have to face some additional consequences.

  • Damages

Not having a car insurance policy is the easiest way of keeping your finances vulnerable. Should you meet with an accident, you will not only end up paying for the damages of your car but also the damages that the other vehicle or person has encountered. And depending on vehicles and parts, such expenses can go deep.

If you have bought a new car, the chances are very high that the dealer would have provided you with a car insurance policy. Of course, you will run out of cover at the end of the policy term, which is usually one year. Thus, it is of utmost importance that you renew your policy within the specified time frame. This ensures that you enjoy all the features and not miss out on benefits such as no claims bonus.

Different Types of Car Insurance Plans

Once you make up your mind to buy a car insurance policy, it is important to know the different types. This will help you better decide which policy is apt for you and let you get the most out of a policy. The following are the two types of policies that you can buy for your car.

  • Third Party Liability

This is the simplest form of car insurance that your money can buy at this point. The policy compensates for any damages done to a third party property as a result of an accident. It also covers any injuries or damages to a third party individual arising from an accident. It is also the cheapest form of car insurance that you can buy in the market. The third party liability cover is also the bare minimum requirement to drive your vehicle on road.

  • Comprehensive Cover

A comprehensive cover costs a bit more than a third party liability cover. However, it offers a lot more for that additional amount that you spend as the premium. For starters, it gives you the ability to claim for damages caused to your car as well. Then, there is the fear of theft or burglary. A comprehensive policy ensures that such instances are well taken care of. Similarly, should there be some damages to your car due to natural calamities such as earthquake, landslide, cyclone, typhoon etc. the policy will kick in and cover the same.

Covers Offered Under Car Insurance

We have largely covered what you can expect out of your third party liability car insurance. And up to a great extent for a comprehensive policy as well. There are some additional benefits of buying a comprehensive plan.

Some insurers offer medical assistance should the policy holder meet with an accident. In the unfortunate event of the death of a policy holder, the personal accident cover would compensate for the same. You also have the option to pick up add-ons such as zero depreciation cover, NCB protection, engine protection and so on. Each one of them is curated in a way so as to enhance your car insurance policy’s capabilities. There are more than a few reasons as to why on must buy or renew their car insurance policy on time.