Everyone wants to own their dream car and have sufficient resources to maintain it. The likelihood of accidents has increased as a result of the growing number of active automobiles on Indian roads. Due to this, obtaining an automobile insurance policy is essential to safeguard a vehicle from harm or damage.
Two common types of car insurance policies are readily available on the market and frequently used. The first is the mandatory third-party policy, which protects the person or property of a third party from losses or damage. The next one is a comprehensive one, including coverage for own damage in addition to third-party liability. *
Recently, laws requiring third-party liability insurance have encouraged many people to purchase it. Another factor is that third-party auto insurance plans may be less expensive than comprehensive ones. Many people do not understand that it does not cover any harm to themselves.
Continue reading for a list of the many benefits of purchasing comprehensive car insurance:
- Liability Insurance for Third Parties is Included
Investing in a comprehensive plan is advantageous because it offers protection against damage to your car and third-party liability. Since you don’t need to buy different coverings, this could prove to be both affordable and valuable.
- Protection Against Manufactured Activities
A comprehensive vehicle insurance coverage will pay out your car’s Insured Declared Value (IDV) if it is damaged due to specified human activities like fire, explosions, transportation accidents, theft, etc. *
- Protection Against Natural Disasters
The weather is erratic, and if you are caught off guard, natural disasters like earthquakes and floods can seriously harm your car. Therefore, a comprehensive auto insurance policy is beneficial since it provides protection against both natural as well as manufactured disasters. *
Comprehensive auto insurance enables you to add several extra coverages to your policy (add-ons). These do increase your premium, but some are entirely worthwhile. You can select from the following add-ons. *
- Depreciation-Free Protection
If you choose this coverage, you will receive the market value of the insured car parts without taking asset depreciation into account when determining the amount of the claim. *
- Cover for Key & Lock Replacement
Consider purchasing this add-on if you frequently need help finding your car keys. You are compensated under this coverage for the price of a new key and, if necessary, a lock replacement. *
- 24-Hour Roadside Assistance
If you enjoy taking long road trips, you will need this addition. Call your insurance for assistance if your car breaks down and you need immediate help.
- Accident Defense
Obtain personal accident coverage for any passengers riding in your vehicle. Additionally, coverage is provided for any physical harm or demise of an insured person.
- Engine Safety
Your engine is protected from things like water intrusion and oil leaks. This cover protects your engine in the event that it sustains damage from flooding.
- Consumer Goods Cost
This add-on covers the price of replacing consumables like brake fluid, oil, coolant, etc. Keep in mind that these add-ons come at an additional cost; therefore, before choosing any, think about your needs.
In the long term, it may be advantageous to slightly increase your budget and buy a comprehensive auto insurance policy to broaden your coverage. Additionally, you can benefit from the no-claim bonus (NCB) during car insurance policy renewal by driving safely and refraining from filing claims for relatively minor occurrences during the course of your policy.
With each claim-free term, NCB is compensated as a percentage concession on the premium amount. Therefore, avoid filing unjustified requests and pay for minor repairs out of pocket. *
Above all, always follow the rules of the road when you’re driving. For more information on purchasing car insurance, check online and put safety first!
* Standard T&C Apply
‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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