Once thought as a distant dream by many people in India, buying a car is not as difficult these days. You need not save a substantial amount of earnings every month for a long time to be able to buy the car you have always fancied. With easy financing options, it is easy to buy a car these days. What is more important is to safeguard this possession from possible harms.
Just imagine yourself meeting with an accident while driving your new car, even when it isn’t your fault. Not all those with whom it happens are financially capable of bearing the expense of car damage repair. Next to the incident, they are bound to pay for bigger bills and face debt.
To be on the safe side, you are advised to buy car insurance from a renowned insurer. It protects you from paying for the expenses incurred in case of a road accident, car theft and similar other situations.
Here are some of the prime benefits of car insurance that you need to know:
- It covers bills of vehicle damage repair in case of an accident.
- It offers coverage in case of theft, fire or even natural calamities.
- It can cover lawsuits against you filed in an accident.
- You need not pay for penalties when caught by the road traffic police in your city.
More About the Types of Car Insurance Policies
While buying car insurance, you will find two types of car insurance policies:
- Third-party car insurance policy, which is mandatory by law and covers damage caused to a third-party individual or property
- Comprehensive car insurance policy, which includes third party insurance along with the benefit of coverage for accidental loss or damage to the car and many others
It is up to you to decide if you want to buy only a third-party car insurance policy or a comprehensive one. But you should know that there are numerous advantages of a comprehensive car insurance policy.
Why Buy Comprehensive Car Insurance?
Coverage Against Natural Disasters
Unpredictable weather in the form of storms, floods and similar other natural disasters are occurring more frequently than ever before in India. Take the case of Assam floods this year. Because of the heavy rainfall, the entire state was flooded, which has undoubtedly caused damage to the cars owned by people in the state.
In such situations, a comprehensive insurance policy can be of great help. It offers coverage for your car against floods, earthquakes, typhoons and similar other unexpected calamities.
Coverage Against Man-made Calamities
Similar to natural calamities, human-made acts such as burglary or theft, terrorist activities or riot can cause damage to your car. You can avoid facing substantial financial burden in such events with the help of comprehensive car insurance.
Third-Party Insurance Coverage
By default, you get third party coverage on buying a comprehensive insurance policy for your car. Take the case of Tata AIG’s comprehensive car insurance policy, in which there is no limit on the liability covered for third-party injury or death. Plus, it has third party property coverage of INR 7.5 Lakhs as set by IRDAI.
Wide Range of Add-ons to Choose From
One of the most significant benefits of buying comprehensive car insurance is that you can choose as many add-ons as you want for additional benefits. Some popular add-on covers include depreciation waiver, personal accidental, engine protect, roadside assistance along with many others. With these add-ons, you can get end-to-end protection for your car.
With all these benefits, you would undoubtedly prefer buying a comprehensive insurance policy for your car. As per law, you cannot avoid paying for third party insurance. Why not spend some more money and buy comprehensive car insurance instead?