{"id":5742,"date":"2020-10-07T19:58:31","date_gmt":"2020-10-07T19:58:31","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5742"},"modified":"2020-10-19T11:17:13","modified_gmt":"2020-10-19T11:17:13","slug":"conventional-or-takaful-insurance","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/conventional-or-takaful-insurance\/","title":{"rendered":"Conventional or Takaful insurance"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><strong>Following the Conventional or Takaful Motor Insurance?<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Car insurance helps you against physical damage to your automobile in case of an accident. In the densely populated metropolitan of Pakistan and long highways which connect borders, traffic accidents are part of daily routines. That is why there is a need for car insurance. Motor insurance is not limited to vehicle damage. They also cover personal accidents. Find the best <a href=\"https:\/\/cometinsure.com\/pk\/motor-insurance\">motor insurance in Pakistan<\/a> that best suits your needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are two broad types of insurance available in Pakistan Takaful Insurance and Conventional Insurance. We have seen many established insurance companies where there are limited Takaful Insurance providers as they provide Shariah-compliant alternative that do not compromise our religious beliefs for security and safety of our vehicle. The insurance offers similar benefits, but this mode seems to appeal more to customers and seem like an altruistic approach. Takaful sector is expected to cross 25 $ billion by 2021 compared to conventional insurance, which is currently in trillion dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional car insurance is still a larger car insurance service because it&#8217;s a simple model premium computed on the car&#8217;s model and build level and level of service required.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even the most long-standing insurance providers have understood that today&#8217;s consumer prioritizes convenience over price. So companies have created products keeping in view the convenience and flexibility of the customers. Some companies even offer customized plans. This one of the plan&#8217;s customized ones is being offered to customers at appealing costs that won&#8217;t just grow like cane every day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many different insurance plans available that cover the consumers&#8217; various needs regarding car insurance or vehicle insurance. The Takaful plans vary based on cars and models. There is one additional aspect of this some companies offer plans for old and new cars both whereas some offer only for new models. Old model is one which is over five years old, whereas the new models are those who are under five years old.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Third-party coverage is the most basic and mandatory requirement by the government of Pakistan for all the vehicles that are on the road. Third party insurance, commonly known as TPC, means if God forbid there is an accident and both parties have third party insurance, they can both get their damage cover through each other insurance. This vehicle owners can have 3T services from their insurance providers that cover theft, Total loss and third party loss. One of the famous car insurance service providers is TPL in Pakistan which offers a premium on insurance ranging from 0.99%\u00a0 % to 3.25 % depending on the service and left of coverage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s look at the rates offered by various insurance providers in Pakistan if we were to insure one of the most selling car in Pakistan Corolla or Honda with an approximate value of 2.5 million PKR, one would get premium ranging from 47,750 to 62500 PKR per annum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The plan with a price tag are based on 15 % discount offered by the insurance providers. If we remove these discounts, almost all the plans, conventional and takaful, are the same for this car price.<\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/conventional-or-takaful-insurance\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,31],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conventional or Takaful insurance | Blog | Cometinsure<\/title>\n<meta name=\"description\" content=\"Car insurance helps you against physical damage to your automobile in case of an accident. 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