The different types of innovative car insurance policies

Although most auto insurance policies have most of the standard features that are available in most countries, there are certain innovative schemes such as pay-as-you-drive insurance that are more individualized and adaptable to different types of vehicles. vehicle users. Here is a brief overview of some interesting types of car insurance policies.

There are basically 3 main categories of auto insurance available around the world. They are:

I. Comprehensive policy that is well suited to new financed and automobiles. They are also ideal for high-mileage or high-priced cars.

ii. Third party fire and theft policy which is for older vehicles whose payments are almost complete. Medium mileage cars would also benefit from this type of insurance.

iii. Third party policy that is suitable for old or fully paid vehicles. This type of motor coverage policy is also ideal for people looking for a low budget policy.

Almost all new policies introduced to the insurance market would fall into one of these three main categories. Some of the new and innovative auto insurance policies are briefly discussed below.

Pay what you drive

This is an interesting motor coverage policy that falls under the category of comprehensive insurance. It is basically intended for people who do not spend a lot of 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 what you drive’ scheme, they would pay an amount that is proportional to the time they normally spend on the road. Since the chances of accidents are low when a person does not drive a lot, they would also be paying a lesser amount of insurance under this policy.

Xtender motor

Aside from driver error, many accidents are also caused by a faulty mechanism. Therefore, routine vehicle maintenance is extremely important for passenger safety. Motor Xtender is a policy aimed at keeping the vehicle in good condition. It is almost like a health insurance policy issued for the car. The policy helps the vehicle owner pay for repairs and maintenance checks on the vehicle at regular intervals. A vehicle that is kept in good condition would also ensure the safety of the occupants.

These and other flexible policies help road users find a motor coverage policy that is perfectly tailored to their individual needs, as well as the needs of their vehicles.

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