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A comprehensive car insurance covers you for damages caused to your own car which could range from: dents caused by another car during a road accident or your windshield getting broken or your car getting stolen. Other than damages, a comprehensive car insurance helps you cover damages/ injuries caused to a third-party. Here are some instances:
Having just a third party car insurance won't cover any of these damages/losses to your own car. Thus, having a comprehensive insurance cover is a matter of convenience.
Price wise, comprehensive covers are more economical and cost-effective than a third party one.
It saves you from a lot of stress in a tough situation, and also ensures you much-needed peace of mind.
Right from theft and fire, to liability to third parties in case of an accident.
A comprehensive cover might seem a bit more expensive than third-party insurance. However, once you compare the damages they cover, the difference in price is negligible.
A third-party insurance does not cover damages done to your vehicle; all claims are in favor of the other party. A comprehensive insurance policy covers your car too.
Buying just a third-party insurance cover limits your coverage options. With a comprehensive car insurance, you can also buy add-ons to enhance the coverage.
The general concept is that comprehensive car insurance policies are more expensive than other car insurance categories like Third Party Liability Only. It may be priced higher than other types of car insurance policies, but it does not hold true always. Therefore, it requires thorough research for car owners and comparison between different types of insurance plans to select one that offers the maximum benefits against low premium. You might just find that a comprehensive car insurance policy might turn out to be a more cost-effective plan as compared to other policies.
As a result of the misconception that third party covers and other car insurance plans are more affordable than comprehensive car insurance, car owners tend to opt for other options, even before thinking over a comprehensive plan.
Before you select a comprehensive car insurance plan, you should be aware of the inclusions and exclusions of the policy to be able to take a well informed decision. Here are the natural and manmade disasters that comprehensive Car Insurance policies usually cover:
There are still some instances NOT covered under a comprehensive cover. These exclusions are:
It's any day advisable to switch from third-party to a comprehensive insurance cover.
If you don’t include comprehensive and collision, your car will have no cover under your car insurance policy. If you end up causing an accident, then collision cover is the only way to make a car insurance claim for your damage or total loss. In the absence of collision coverage, you will have to pay all the amount yourself.
Comprehensive car insurance provides coverage to the insured vehicle, owner-driver as well as the hired individuals who may be present at the time of an accident. Hence, it financially protects the interests of the car owner.
In simple words, a comprehensive car insurance policy will offer coverage for a wide range of damages, injuries, and losses to your passengers, your vehicle, and other property. Third-party car insurance is more restrictive, covering damage to other vehicles and their passengers, but typically not much else.
The most important step is to notify the insurance company at the earliest. You can then proceed to registering an official claim by submitting the required documents. Some of them are claim form, vehicle registration, FIR (if applicable) and so on, to the insurance company. Some insurance companies also allow online claim registration.
Comprehensive car insurance offers coverage to the insured vehicle, owner-driver and hired individuals who might be present at the time of an accident. Thus, it financially protects the interests of the car owner.
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.