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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 insurance won't cover any of these damages/losses to your own car. Thus, having a comprehensive insurance cover is a matter of convenience.
While it's practical and simpler to go for comprehensive cover, it includes a host of benefits to make your decision even easier:
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.
You're already paying for an insurance that provides cover for third-party damages. It makes better sense in spending a little extra to cover a whole list of possible accident situations.
Moreover, claiming on your comprehensive car insurance for damages to your own car is less complicated than you can imagine.
But do keep in mind, 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. Want to know why and what happens when you switch? Check ahead!
Here is why comprehensive cover is a better option over third-party insurance:
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.
Did you know that you could extend your car insurance coverage by opting for add-ons that you need to pay for? The cost of these is added to your premium amount. But they increase your financial coverage substantially.
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.
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. This is both to your vehicle as well as to the other/third party involved. So, the latter is advisable.
Can I switch from third-party insurance to comprehensive insurance? What documents should I submit?
Yes, you can easily switch from third-party to comprehensive car insurance. You can call and inform Coverfox at 022-39178008 or write to us on firstname.lastname@example.org. You also have to submit a copy of your previous year’s policy document and copy of your car’s RC (Registration Certificate).
An inspection team would be sent to inspect your car. After inspection, once approved, you’re eligible to receive comprehensive car insurance. The IDV would depend on the age, condition of your car, and its engine capacity.
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. 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.