Why Should You Consider Buying Comprehensive Car Insurance Over Third-Party Policy?
It is common knowledge that car owners need to comply with insurance requirements apart from registration and PUC certificate. It isn’t enough to buy just once, but instead ensure its consistent renewals for each period. With the facility to purchase and renew the policy online, it has become even more convenient to ensure the right car insurance coverage is always available.
There are two types of insurance policies that can be purchased – third-party or comprehensive plan. A third-party policy is the one that covers any injury or damages to third person or its property. While this plan is limited to such liabilities only, a comprehensive plan is a better option than third-party cover. This article mentions some reasons why it you must opt for a comprehensive policy over a third-party one. Let’s have a look –
The coverage under a third-party cover of a comprehensive policy is the same as basic third-party policy. Here, the policy includes safeguards from any legal liabilities that may arise during an accident resulting in an injury to a third person or causing damage to third-party property. Since this cover include protection from liabilities, it is also known as liability-only cover.
Personal accident cover
A personal accident cover is where the insurance company pays for the costs of medical treatment in the event of an accident or damage. The amount of this coverage was increased to ₹15 lakhs from the erstwhile ₹2 lakhs level thereby offering a higher protection. Under a comprehensive policy, third-party coverage, own-damage cover and personal accident insurance come as standard.
Own damage cover
A comprehensive plan ensures protection to your vehicle too under the own-damage cover. When you purchase a comprehensive plan, any damages or repairs to your vehicle are covered by the insurance company. Car accident is an example where the own-damage cover comes handy, since it isn’t third-party vehicle only which faces the damages but also your car. Next, engine mishaps that may result in explosions, self-ignition is something that is included as part of comprehensive policy. For theft of your car, a third-party policy does not pay any compensation, whereas the same is included as part of standard comprehensive car insurance policy. Further, calamities, either natural or human induced can result in hefty damages to your vehicle all of which is covered under own-damage component of car insurance.
Lastly, a comprehensive policy can be customised to fit your requirements. This is possible using add-ons facility wherein you can opt for optional coverage over and above the standard comprehensive policy’s cover. Zero-depreciation cover, 24X7 roadside assistance cover, return to invoice cover, engine protection cover are some popular add-ons offered by leading insurance companies. Since these covers cannot be purchased as standalone or with a liability-only policy, it is exclusive to a comprehensive car insurance.
Thus, whether you are a first-time insurance buyer or awaiting car insurance renewal, make sure to upgrade your insurance cover to a comprehensive policy. Car insurance calculator is an effective tool that can come handy in deciding which add-ons to select and not choosing a policy solely based on price. Insurance is the subject matter of solicitation.