The choice between
"comprehensive" vehicle insurance and "third-party"
insurance is a toss-up when it comes to choosing car insurance coverage. Here
is a quick analysis of the advantages and disadvantages you should consider as
well as the differences between the available solutions before you buy car insurance online.
How Does Comprehensive Insurance Work?
Simply put,
comprehensive auto insurance provides significant coverage for both your own
vehicle's damage and obligations to third parties. Although it is not mandated
by law to obtain comprehensive auto insurance, many buyers prefer it because of
the advantages it provides.
Third-Party Insurance: What Is It?
The losses that the insured four-vehicle causes to a
third-party vehicle, person, property, etc., are covered and compensated, as
the name implies, by third-party auto insurance. It is the most simple and
cost-effective type of automobile insurance available in India.
Benefits And Drawbacks Of Purchasing Comprehensive
Auto Insurance
It provides broad
coverage. And by that, we mean that, in contrast to third-party coverage, it
will also pay for your own damages. Your vehicle is protected against theft,
fire, natural disaster-related damages, and man-made disasters
(riots/vandalism).
Additionally, you
may upgrade your protection package by purchasing add-ons like engine and
gearbox covers and zero depreciation. Additionally, no-claim benefits are
offered through lower premiums in years when the owner doesn't file a damage
claim.*
Comprehensive car insurance costs slightly more than standard
third-party insurance but provides extensive long-term protection for your
vehicle.
Benefits And Drawbacks Of Purchasing Third-Party
Insurance
Third-party
insurance has lower predetermined IRDAI-approved premium rates than
comprehensive insurance. However, customisations are not offered, and the owner
is not protected against damage to his own vehicle.## #
Third-party
insurance policies do not qualify for any bonuses or reductions. Although the
policy covers third-party damages, one is still liable for "own"
damages, making it the most straightforward and fundamental car policy
available in India.*
What Type Of Insurance Should You Get For Your Old
Car?
Purchasing
third-party insurance will be a sensible choice for you if you are buying an old
automobile in India, you drive safely, or you don't use your car frequently.
You won't need to be concerned about paying high premiums with this approach.
Selecting the
correct insurance policy for your car is a vital decision that requires careful
consideration. It is crucial to assess your individual needs and budget, as
well as the coverage options provided by different insurance companies, before
you buy car
insurance online. Factors like the value of your vehicle, your driving
record, and the level of risk you are willing to assume should also be taken into
account.
Thorough research
and professional advice may help you choose a reasonably priced insurance
policy with sufficient coverage. Make sure you renew your
car insurance
on time.
*Standard T&C
Apply
#Visit the
official website of IRDAI for further details.
##All savings are
provided by the insurer as per the IRDAI-approved insurance plan. 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.
0 Comments