The fact is that different countries follow different policies when it comes to getting car insurance. Compulsory Third Party Liability (CTPL) insurance is mandatory for car owners in different countries, including the United States, Thailand, Philippines, China, Malaysia, and many others.
Here are some other important car insurance types that are beneficial:
1- Liability coverage
Liability coverage is demanded in most US states as a legal imperative to drive a car. Liability insurance may help cover damages for injuries and property damage to others for which you become lawfully liable, occurring from a covered accident.
2- Collision insurance
Collision insurance may cover damage to your car after an accident involving another vehicle. It also helps to repair or replace a covered vehicle.
3- Comprehensive insurance
Comprehensive insurance can provide an extra level of coverage in the instance of an accident involving another vehicle. It may help pay for damage to your car due to incidents besides collisions, including vandalism, certain weather events, and accidents with animals.
4- Personal injury protection insurance
Personal injury protection insurance may cover certain medical expenses and loss of income resulting from a covered accident. Depending on the limits of a policy, personal injury protection could cover as much as 80% of medical and other expenses stemming from a covered accident.
5- Gap insurance
Car value can depreciate instantly, so an auto insurance settlement might not be enough to cover the cost of a loan. Gap insurance may help certain drivers cover the amount owed on a car loan after a total loss or theft.
6- Classic car insurance
Classic car insurance provides specialized coverage designed for the unique needs of vintage and classic car collectors.
Even if you buy a car lease or swap the lease through leasing companies, the company will ask you for insurance details. Therefore, it is better to insure your car before time.