While this is known to all that a car insurance policy is mandatory in India, very few know that the minimum level of requirement of such policy is a Third Party Car Insurance. However, you can also have more extensive cover through a Fully Comprehensive policy. So don't foret to compare car insurance policies before you buy one.
There are three types of
car insurance policies – fully comprehensive, third party fire & theft and third party. Of these, fully comprehensive car insurance is generally considered to be the most expensive cover as it offers the maximum protection.
Third Party car insurance is comparatively cheaper. But the price difference between these two types of car insurance policies may vary in different cases.
In some plans offered by the car insurance companies, a fully comprehensive car insurance coverage might turn out to be cheaper than third party car insurance policy.
Thus, to get the best deal and the right one as per your need, you should do car insurance comparison and also be sure about the range of coverage you would require. Do not get swayed by rates, for if you meet an accident, you may not be in a position to pay your repair bills or purchase a new car.
Why Compare car insurance Policies?
Did you do your research and tried your bargain skills while buying your car? Then why not while buying your car insurance policy? To compare car insurance policies and checking their policy benefits and premiums before buying is always a best idea.
In the process of third party car insurance comparison you realize that the premium rates for different policies will vary depending on factors like your age, experience, gender, address, occupation and of course the insurer.
A third party
motor insurance protects towards any damage caused by your vehicle to a third party's property. You might be an excellent driver, but you are not the only one driving on road. And you would definitely not wish to be trapped in a crisis like situation in the event of an accident.
Third Party and Comprehensive Car Insurance Policy Compared
Covers
|
Third Party
|
Comprehensive |
Own vehicle damages due to an accident
| No
| Yes |
Own vehicle damages due to natural calamities
| No
| Yes |
Own vehicle damages due to fire
| No
| Yes |
Third party vehicle damages
| Yes
| Yes |
Third party property damages
| Yes
| Yes |
Personal Accident
| Yes
| Yes
|
Third party injuries or death
| Yes
| Yes |
Own vehicle theft
| No
| Yes |
Customized IDV
| No
| Yes
|
Pick-up and drop at door step
| No
| Yes
|
Why Buying a Comprehensive policy is smarter choice?
A comprehensive car insurance policy has all the benefits you need under one policy. Along with third party cover we also need protection for our vehicle.Buying a comprehensive car insurance we can not only comply with government's rules but also make sure our car is protected.
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