Famous Car Insurance Companies in Pakistan
Car insurance is a type of financial protection that helps cover the costs if your car gets damaged, or stolen, or if you cause damage to someone else’s property or injure someone in an accident. You pay a premium to an insurance company, and in return, they help cover the expenses related to accidents or damages based on the terms of your policy. In this article we will also help you in choosing the best Car Insurance Companies in Pakistan for your vehicle to tackle emergencies.
Types of Car Insurance in Pakistan
3T Car Insurance
3T Car Insurance is designed to provide comprehensive coverage for both yourself and third parties in the event of unforeseen circumstances. It includes three key aspects:
Total Loss Coverage
This component of the insurance protects you against the total loss of your vehicle due to events such as riots or natural disasters. In such cases, the insurance company will compensate you for the vehicle value.
Theft Coverage
3T Car Insurance also covers the theft of your vehicle. If your car is stolen, the insurance company will provide financial compensation based on the terms of your policy.
Third-Party Liability Coverage
As mandated by the Motor Vehicle Act, this coverage protects you against any liability arising from damage or injury caused to third parties.
If you are responsible for an accident that results in harm to someone else or their property, the insurance company will cover the costs associated with the damages, legal fees, and any necessary compensation.
Comprehensive Car Insurance
A comprehensive car insurance policy offers ample coverage, allowing you to make claims for accidents where you are at fault. It also applies in situations where fault cannot be proven, such as when someone hits your car and flees the scene.
By opting for comprehensive coverage, you avoid the risk of having to personally cover the expenses for repairs. With a comprehensive policy, you gain complete protection and enjoy peace of mind, knowing that a wide range of incidents and damages are covered.
Third-Party Insurance
Third-party car insurance offers coverage for your legal liability towards a third party in case you are at fault. This insurance type safeguards against damages or injuries caused by your insured vehicle to another person or their property.
In Pakistan, having a third-party liability cover is mandatory under the Motor Vehicles Act of 1939. It ensures that you are financially protected in case you cause harm or damage to others while driving.
Best Insurance Companies and Rates in Pakistan
Suppose you have just purchased a new car for your family with UBL Car Loan, it’s time to choose the best car insurance for your vehicle to tackle emergencies. Well, if you don’t know about the best insurance companies in Pakistan, here is a list of the best people-recommended companies.
| Car Insurance Companies | Tracker Fee |
Rate |
|
Askari General Insurance |
PKR 7000 | 1.7% |
| Alfalah | PKR 8800 |
1.75% |
|
Shaheen Insurance Company |
PKR 0 | 1.6% |
|
Salaam Takaful |
PKR 12000 |
2.25% |
| IGI Insurance | PKR 9000 |
1.8% [Varies by Make and Model] |
|
Asia Insurance |
PKR 8500 | 1.7% |
| UBL Insurers Limited | PKR 11000 |
1.65% |
|
EFU General Insurance Ltd |
PKR 15000 | 2.0% |
| Premier Insurance | PKR 7000 |
1.8% |
|
TPL Insurance |
PKR 0 | 2.0%
[Varies by Make and Model] |
| United Insurance | PKR 15000 |
1.5% [Varies by Make and Model] |
|
Pak Qatar General Takaful |
PKR 9000 | 1.75% |
| Jubilee General Insurance | PKR 11000 |
1.75% |
Note: The rates and fees mentioned in the table are for educational purposes and may vary from time to time. Therefore, it is recommended to contact the respective insurance companies directly for the most accurate and up-to-date information regarding their rates and fees.
Why Is Car Insurance Essential?
Legal Protection
Car insurance offers legal protection, covering you from legal fees and financial losses in case of accidents or damage to third-party property.
Peace of Mind
Provides peace of mind, assuring you that you and your vehicle are safeguarded against unexpected events.
Financial Security
Offers a strong financial safety net by providing coverage for repair expenses, third-party liabilities, and legal fees. This ensures enhanced financial security for both you and your family.
Protection Against Theft and Damage
Provides comprehensive protection against theft or damage to your vehicle resulting from unforeseen circumstances, including natural calamities, riots, and other incidents.
Personal Accident Cover
Encompasses personal accident coverage, which effectively manages medical expenses, and hospital bills, and extends coverage to both you and your passengers in the event of an accident.
Legal Compliance
Ensures legal compliance, preventing you from facing fines, penalties, or legal action resulting from accidents.