Comprehensive car insurance is a plan that covers both the policyholder’s own losses and the liability of any third party involved. This policy is also known as ‘own-damage’ car insurance as it protects you financially from the risks of accidents. Comprehensive car insurance covers any unforeseen event, such as an accident, fire, theft or natural disaster.
A comprehensive car insurance policy is the best type of protection you can offer your car. This is one step ahead of the basic third-party car insurance policy that offers protection and coverage only to a third-party. Third-party insurance fails to cover your own vehicle in the possibility of an accident. Comprehensive insurance on the other hand provides comprehensive coverage and provides more services. Here are a few of the benefits you can have with comprehensive four wheeler insurance:
Third-party liability coverage
The comprehensive insurance plan covers all important aspects of car insurance.This also includes damage to third party property or any injury to a third party caused by the insured car. While a third-party policy also offers this coverage, a comprehensive policy offers so much more beyond liability coverage. This means you don’t have to buy separate policies for liability coverage and own damage protection. While car insurance prices for third-party policies are much lower, the comprehensive coverage is definitely worth the higher premium.
*Car accident
A car accident can be a disaster; mentally, physically, and financially. Unlike third-party liability policies, a comprehensive plan also covers damage to your car. This way, if your car is damaged due to an accident, the insurance company will take care of the costs of repairing the insured vehicle.
*Damage from fire
A comprehensive plan covers damage to your car due to a fire. Fires caused by self-ignition, explosion, lightning, etc. are covered under this scheme.
*Car theft
Imagine you parked your car in the mall parking lot and find it stolen when you return. That’s devastating, isn’t it? A comprehensive plan covers car theft. After the claim settlement process, you will receive the insured declared value (IDV) of the vehicle in the event of car theft. This value is generally the same as the market value of the car at the time the policy was purchased.
*Coverage against disasters
These days, cities tend to flood more often than ever before. In such a situation, driving or parking your car can be risky. Moreover, in a country like India, the risk of man-made disasters like riots is always present. Whether it is man-made disasters like riots or natural disasters like floods, the damage to your car will be covered if you buy a comprehensive policy.
*Add-ons
You also have the opportunity to purchase additional cover along with your comprehensive plan. Note that these covers cannot be purchased on a standalone basis or in conjunction with a third-party liability policy. Add-ons are designed to cover instances that are not regularly coveredin the policy and to provide some personalization to your car insurance cover. Here is a list of popular car insurance add-ons:
- Zero depreciation
- Roadside assistance
- Engine protection
- Passenger cover
* Standard T&C Apply
You can use a car insurance premium calculator to know how much an add-on will cost you while upgrading your coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.