Reasons Why Just Third-party Car Insurance is Not Enough?
Many Indian car owners purchase policies because the law requires them to do so. They don’t understand that an insurance policy’s primary function is not to shield you from severe fines. It is to provide safety in the event of an accident.
A third-party insurance for car protects you against third-party liabilities. Remember that misfortune strikes without warning and can have devastating effects on the driver and the covered vehicle.
That’s why it’s crucial to safeguard oneself with enough coverage, like comprehensive car insurance. You may check car insurance online to understand the policy offerings of various insurance companies. There can be many perks included in a comprehensive plan that third-party insurance does not provide. It’s an added layer of defence against the possibility of harm.
Third-party car insurance, the most basic type of auto coverage, may never be sufficient because it won’t cover the policyholder in the event of an accident. Let’s understand the difference between third-party and comprehensive insurance:
- Third-party insurance: If someone else makes a claim, you can seek compensation through mandatory third-party car insurance. Third-party liability insurance covers both property damage and injuries for the third person.
However, it may not pay for damages to either you or your vehicle. It would cover only damage to a third party’s property or vehicle (not your own). Because it won’t reimburse you for vehicle repairs in the event of an accident, this might be a significant drain on your finances. *
- Comprehensive auto insurance: Comprehensive car insurance protects you and the other driver against any financial loss resulting from an accident.
Several choices are available to further customise the coverage for your needs. It’s a comprehensive policy that takes care of your damages and the liabilities of others. It may be useful in situations where it is beyond your control, such as natural or man-made disasters. *
Why is comprehensive auto insurance preferable?
Let’s understand the advantages of comprehensive vs third-party insurance for your car and see how it impacts your coverage. You must keep in mind that third-party insurance does not offer these benefits.
- Extensive protection in case of damage: Comprehensive auto insurance covers all types of vehicle damage. This comprehensive coverage may protect you from costly repairs in an accident.
In addition, the cover offers protection against damage brought on by riots, strikes, and other man-made and natural disasters. Although a comprehensive policy has a slightly higher premium than third-party auto insurance, it offers much better coverage. You may check the premium difference yourself using a car insurance premium calculator. *
- Peace of mind: A comprehensive auto insurance policy allows you to relax and enjoy your vehicle without worry. In the event of an accident, it enables you to make a claim for benefits even if the other driver was at fault.
With comprehensive insurance, you can avoid going to court for any third-party damages and ensure that your family may be compensated in the event something happens to you in an accident. *
- Optional riders: A comprehensive policy has numerous optional riders that provide additional coverage for an additional premium. You can purchase add-ons for personal accident insurance, daily cash allowance, engine protection insurance, passenger insurance, and a lot more basis your requirement. *
- Quick and convenient service delivery: With comprehensive auto insurance, the company’s extensive distribution network is of the highest assistance. In the event of some accident, you can quickly access roadside assistance, which can help you remain composed and stress-free under pressure. *
- Protection from theft: You may believe your insurance coverage may compensate you if your car gets stolen. Well, this may happen only if you have comprehensive car insurance, as third-party insurance does not cover theft. *
Not having the proper policy coverage can be expensive and stressful. Third-party insurance can never provide the same comfort of protection as a comprehensive 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.
