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The extremely dynamic Insurance sector can be chiefly segmented into Non Life and Life Insurance segments. Favorable economic demography and rising disposable incomes are the primary growth drivers for the sector. The life and non-life insurance segments are experiencing a moderate growth over the past few years and have maintained a competitive ranking in the global market; some of the primary drivers to push the market forward are youth consumer segment, wide range of products, technological advancement and rising middle class. Within insurance segments one of the key non life insurance segments is the vehicle insurance for securing car, motorcycles, truck and other vehicles. This insurance is mainly used to provide financial cover against bodily dent or any physical bodily damage of the vehicle resulting from collisions and against liabilities that might arise from there. Car insurance a key segment within vehicle insurance provides consumer’s protection against accidental injuries as well as for third party liabilities or damages to the car. The competition is getting tougher with increased number of companies entering the car insurance market. The basic objective of Car Insurance is to provide consumers protection against losses that may occur while driving on the road. The premium amount is determined on the basis of Insurer’s Declared Value; a slight variation in IDV can make a huge impact on the insurance premium so it’s extremely important for policy holders to make necessary comparisons before actually visiting an insurance company & get one’s car insured. Car insurance can be broadly segregated into two type’s namely comprehensive package policy and third party policy. While comprehensive package is preferred by people and is considered more extensive since it provides coverage theft, personal accident covers as well as third party legal burden. Third party car insurance on the other hand provides cover any legal liability arising from accident of your vehicle only. One of the major decisions one needs to take is whether they would like to avail a comprehensive insurance at the market value or agreed value. There are disadvantages as well as advantages to each of them; based on the level of risk to cost one is comfortable with along with the type of car one is planning to insure. In the present days of internet, it’s advisable for new car owners or those looking to renew their policies to get a better understanding of the market by first visiting websites of the insurance companies since market is flooded with them offering attractive schemes and one needs to judiciously read through finer points, look at one’s individual priorities and match with the offerings and finalize of the best suitable. Also for easy reference there are companies who help customers by comparing the policies in the market and providing their suggestions as well. These really come in handy and consumers thus are more prepared to take correct decision after doing a thorough research over the internet before finalizing on the one policy that meets their needs and of course fits their pocket. Author Bio: John Crish is a vehicle insurance expert with a strong understanding of the market along with the policies that are available today and also the companies in the fray. He is an expert advisor suggesting type of vehicle insurance to avail based on customer priorities and amount they are willing to spend.
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