While it is legally required for every motor vehicle to have atleast a Third Party insurance cover, most pundits will tell you that it is advisable to have a Comprehensive Cover for your car, especially for the first 5-6 years of it’s life. Let’s look at both options for you:
As the name suggests, this policy offers overall and comprehensive protection against damages to both parties involved in an accident. This policy coverage is exhaustive, and it covers damages to car, theft, legal liability to third-party, and personal accident cover. The policy coverage can be further improved by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This coverage is highly popular since it offers end-to-end coverage and hence ensures less stress for the policyholder. Without a comprehensive insurance cover, the insured risks paying expensive repairs or damages following an accident from their pocket. Same is the case if the car is stolen, the insured will lose their investment while purchasing the car. Comprehensive car insurance in India is often costlier than standalone third-party insurance cover. However, it provides a lot more benefits to the insured compared to standalone third-party covers. Comprehensive car insurance often includes coverage for: theft, fire, natural disasters like a hurricane or a tornado, vandalism, falling objects, Damage done to your car by animals, civil disturbance, like a riot that results in damage or destruction of your car.
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