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Unlike third-party car insurance, comprehensive car insurance also covers you against damages caused to your car that aren’t a result of an actual collision with another vehicle.
Apart from liabilities to third parties, these instances also include:
Thus, having a comprehensive insurance cover is a matter of convenience!
In one simple word, Yes.
Paying for the damages to property and injuries to people involved in an accident could be quite cumbersome. Considering that you are already paying for an insurance that provides cover for third-party damages, it makes sense spending a little extra to cover a whole list of possible accident situations. Moreover, to make claim on your comprehensive car insurance for damages to your own car is less complicated than you imagine.
But do keep in mind, there are still some instances NOT covered under a comprehensive cover. These include:
Zero Depreciation: This is one of the most popular add-ons considering vehicles and its parts are subject to depreciation. You can read more about zero depreciation here.
NCB Protect: Insurance companies offer you a bonus for every year you don’t make a claim, this is known as a No-Claim Bonus (NCB). But the year you make a claim, NCB falls back to zero. With NCB Protect, you can claim without affecting your NCB.
Engine and Gearbox protection: This covers damages caused to engine parts and the gearbox of your car. They may occur due to leakage of lubricating oil, water seepage, etc. to name a few.
What are the key factors affecting premium calculation?
Following is a list of standard aspects that may affect your premium calculation:
Should I opt for a comprehensive car insurance or just a third-party policy?
As per the Indian law, it is mandatory for all vehicles operating on public roads to have Third Party Liability Insurance. However, a comprehensive car insurance policy covers injury and damage costs, both to your vehicle as well as to the other/third party involved. So, the latter is advisable.
What coverage limits meet my needs?
Third party liability insurance covers the following: unlimited coverage of injuries and up to a sum of Rs. 7.5 lakhs as property damage cover. You also have an option to limit the third-party property damage coverage to up to Rs. 6,000. This leads to a lower “Liability Only” premium, letting you avail further discounts on your premium.
Are there any discounts that can lower my premium?
Apart from the NCB or No Claim Bonus, there are discounts available under ‘own-damage’ premium for the following instances:
What is a deductible or excess?
This is the amount payable over and above the claim amount. It is the amount of money you may have to pay for repairs before your insurance claim covers the rest. There is standard excess for most vehicles, ranging from Rs. 50 for two-wheelers to Rs. 500 for private and commercial vehicles.
How are claims under comprehensive car insurance settled?
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, such as the claim form, vehicle registration, FIR (if applicable) and so on, to the insurance company. Some insurance companies also allow online claim registration.