When you search for
car insurance, you mainly come across three policy types: third-party policy, own-damage policy, and comprehensive car policy. The comprehensive policy offers holistic coverage and protects you against the damages that both parties sustain in case of unexpected events like accidents.
Therefore, the damages to the car, self and the third party that is involved in the incident/accident are covered under the comprehensive car policy. This article explores the coverage that a comprehensive car plan offers to its policyholders.
What Does Comprehensive Car Insurance Cover?
Damage Caused Due to Accidents
Accidents can happen anytime, so it is best to be prepared for this eventuality with a policy coverage that offers protection to your vehicle.
Comprehensive car insurance offers coverage for the costs related to repairing your car if it gets damaged due to an accident.
Car Theft
If your car is stolen from places like parking lots, roadside parking, etc., you will get coverage for the loss based on the IDV declared at the time of purchasing your comprehensive car policy.
Effect of Natural and Manmade Calamities on Car
Your comprehensive car insurance cover also protects your vehicle from natural calamities, including floods, earthquakes, landslides, cyclones, etc. Coverage for your car is also provided if it gets damaged due to manmade disasters, such as strikes, vandalism, riots, and the like. Any damage that is caused to your car due to such calamities will be repaired by your insurer so that your finances are not affected.
Coverage for Personal Accident
In case you get physically injured in an accident involving your car, this car policy will provide financial coverage for any physical loss, like loss of limb or eye. It will also provide financial compensation if the accident results in death, the coverage amount of which is up to 15 lakhs.
Third-party Liability Coverage
Any loss to a third party, be it physical injury or property damage, will be compensated on your behalf by your insurance company under this car policy. This third-party liability coverage is not only financially beneficial for you but is also mandatory as per the Motor Vehicles Act (1988).
Comprehensive Insurance Coverage - Benefits
- Discount on Premium through NCB - This insurance policy gives you the advantage of availing of the No Claim Bonus discount after a claim-free year. This discount begins at 20% on your policy premium amount and can go up to 50% after 5 consecutive claim-free years.
- Add-ons to Enhance Car Safety - When you opt for full comprehensive car insurance, you can include add-ons to your policy for extensive coverage. All these add-ons give extra protection to your car and come at a cost.
- Cashless Garage Feature - This policy comes with a cashless garage option, in which you take your car for repair to the nearest network garage (authorised by the insurer) and get the repair work done without having to pay anything, as the insurer settles the claim amount with the garage.
Conclusion
Comprehensive coverage under this car insurance policy also includes protecting your car when it is in transit by rail, air or road and damages caused to your car due to self-ignition or explosion. All these benefits and extensive coverage make it a popular choice for car policy among policyholders.