Dear All,
I have done some homework in field of Vehicle insurance & came to know good things which i want to share with you all:

Presently in Karachi, only 3 companies are offering FULL COMPREHENSIVE INSURANCE of any model car/motor bike ,any brand of car/motor bike.
other companies do not do comprehensive insurance if car is older than 5 years old model( except for existing customers)
KHI city situation was worst due to Bhai log (Now better after recent Karachi's operation) so insurance for your valuables/mobile/jewellery & vehicle(inc. car/bike) is must in Karachi

when my poor cousin saved his money in 15 years and after 15 years he is able to manage 200K for buying 93 model old khyber, good companies like efu,adamjee refused to do insurance but even then in Karachi there r some companies who do insurance of older cars & bikes

1.Crescent star insurance (comprehensive at rate of 2.25%)
Crescent Star Insurance Limited - Your Security - Our Policy
We got Khyber 93 model insured in Rs. 7,000

2. Picic (comprehensive at rate of 2.5%)
PICIC Insurance

3.Alfalah insurance (comprehensive at rate of 2.75 %)
Alfalah Insurance Company - Our Products - Motor Insurance

on personal experience, i would like to recommend crescent better amongst all 3 insurance companies and you will also find staff cooperative ( dont experience of claim so dont know what happen when claim will be submit)
but at least they provide some relief to low income people or people having old cars