Automobile insurance is one of the most important things that you have to buy if you own a vehicle. This is mandatory by the govt also and if you don’t buy that you may face the penalty for that. There are lots of important things that make this one must buy check out the below.
Importance of Auto Insurance
Automobile insurance covers your vehicle from any kind of damage due to accidents, fire or explosion, riots, strikes, malicious acts, natural disasters, terrorist activity or theft. This facilitates you with the security of your money and vehicle. The insurer will pay you the sum required to overcome your loss if you lie in any circumstances described above. The compensation that you will get depends on the loss of your vehicle.
Types of Automobile Insurance
According to vehicle type, we can categorize the auto insurance in three categories. Here are they.
Four Wheeler Insurance
If you are owning any kind of four-wheelers including car, SUV, hatchback or sedan you must buy a for wheeler insurance. If you are going to buy a new vehicle then the premium of insurance for the first year will be included in your purchase. You just have to renew your insurance policy every year by just paying the premiums on time.
Two Wheeler Insurance
Buying a two-wheeler is the easiest way but it has to be insured because there is a lot of risk of theft in case of bikes. Also, you may face any kind of accidents then this two-wheeler insurance will help you out with all the compensation. This insurance will also be included in your purchase if you are going to buy a new two-wheeler.
Commercial Vehicle Insurance
All type of heavy motor vehicles including trucks and HMVs lies in this type of category. And the commercial vehicle insurance is must thing for these vehicles. Because they run on the busy highways all the time so the probability of accidents is much higher in this case rather than others. This commercial vehicle insurance provides them security from any kind of loss.