Business Team

Compare & Choose Appropriate Coverage for Your Car Insurance Policy

While purchasing a car, nobody plans on getting involved in accidents. Such incidents are unpredictable and can come to us like a shock. On top of it, if you’re not prepared to face the consequences, then it can lead you to bigger troubles. No matter who is at fault, the damages caused can cost you a lot of money, along with injuries caused to people.

Everybody makes mistakes, but make sure they do not strain your finances or put your family under stress. All of this can be avoided if you purchase four wheeler insurance and secure your vehicle beforehand. Such policies are specially made to offer protection from unforeseen risks. It also comes with the benefit of protecting you against cases like theft and burglary. When your vehicle is already insured, you need not worry about things like the costs of repairs, legal liabilities, cost of replacing car parts, etc. as all of these are taken care of by the insurance company you’ve opted, based on the coverage your policy has to offer.

The coverage that you might receive on buying the following policies are:

  1. Third-Party Liability Cover

If you get involved in an accident by any chance and it turns out you were at fault, then the third party car insurance liability cover plays a vital role. It offers protection to not only the damages caused to the third-party property but also the person injured during the incident. In case there is a death of a third-party during the accident, the legal matter will also be handled by your insurer. As per the Motor Vehicles Act, 1988, it is mandatory to purchase at least a third-party insurance cover, so you cannot skip it or penalties will be charged.

  1. Comprehensive Policy

The second type of cover you can select is comprehensive car insurance. This policy also covers third-party liability, i.e. any kind of damage to third-party property or bodily injuries to a person. Along with that, it also provides coverage for own damage. In case the accident has damaged your car as well, or it got destroyed from natural or man-made calamities such as earthquakes, riots, floods, terrorism, etc. then the insurance provider will offer you with coverage for the same.

  1. Own Damage Cover

As mentioned in the previous point, this policy can cover risks occurring from natural events like earthquakes, or manmade ones such as theft, damage caused in transit, etc. However, the car insurance companies may offer the Own Damage cover as a separate Standalone Policy, as per the Insurance Regulatory and Development Authority of India (IRDAI), effective September 1, 2019.

Keeping your requirements as well as your budget in mind, make an informed decision. If you’re someone who often hits the roads and travel to far-away places, then a comprehensive policy is suggested, with an add-on cover of 24×7 Roadside Assistance, so you can contact the insurer in case you get stranded in the middle of nowhere. Whereas, if your car is not used frequently, you can settle for a third-party policy. No matter how proficient a driver you are, you cannot trust the other person on this. Therefore, always prepare yourself for the worst. Also, before you purchase, make sure to compare car insurance online and look for the features, benefits, etc. that it has to offer. Do not buy the very first policy that you come across.

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