Although most car insurance policies have most of the standard features that are available in most countries, there are certain innovative schemes like 'pay as you drive' insurance that are more individualized and adaptable to different types of vehicle users. Here is a brief overview of some types of interesting car insurance policies.
There are basically 3 major categories of car insurance available around the world. They are:
i. Comprehensive Policy which is well-suited for new and financed cars. They are also ideal for high-mileage or high-priced automobiles ii. Third Party fire & theft policy which is for older vehicles whose payments have almost been completed. Average mileage cars would also benefit from this type of insurance iii. Third party policy which is suited for old or fully paid vehicles. This type of motor coverage policy is also ideal for individuals who are looking for a low budget policy.
Almost every new policy introduced into the insurance market would come under one of these three major categories. A few of the new and innovative automobile insurance policies are briefly covered below.
Pay As You Drive This is an interesting motor coverage policy that comes under the comprehensive insurance category. It is basically intended for people who do not spend much time driving their vehicles. With traditional policies, vehicle owners would have to pay the same premium amount as people who used their vehicle extensively. But with the 'Pay As You Drive' scheme, they would pay an amount that is proportional to the time they normally spent on the road. Since the chances of accidents are low when a person does not drive much, they would also be paying a lower amount of insurance under this policy.
Motor Xtender Apart from driver error, many accidents are caused by faulty mechanism as well. Routine maintenance of the vehicle is therefore extremely important for passenger safety. Motor Xtender is a policy that is intended to keep the vehicle in good health. It is almost like a medical insurance policy issued for the automobile. The policy helps the vehicle owner afford repairs and maintenance checks for the vehicle at regular intervals. A vehicle that is maintained in good condition would ensure the safety of the occupants as well.
These and other flexible policies help road users find a motor coverage policy that is perfectly suited to their individual needs as well as the needs of their vehicles.
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