![]() ![]() It leaves you vulnerable to a multitude of risks and can cause regret when you will have to shell money from your own pocket in the event of own damage.Īlthough the premium amount may be higher than a third party insurance cover, it justifies the surplus coverage it offers. In addition to this, you can also benefit from the NCB or NoĬlaims Bonus during your yearly renewal in case of no claims filed. Manmade acts like theft, vandalism, fire etc are also a part of the coverage. It gives you coverage against natural calamities like earthquakes, cyclones, storms etc. You can rest assured that you are covered in case of any damage to a third party, whether a person or property. Yes, it allows the customization of IDV or Insured Declared Value as per your needs thereby significantly reducing your premium amount. Yes, you have the liberty to opt for add-on covers to further boost your existing car insurance policy No, you cannot opt for any add-on covers under this policy. It is the most basic insurance cover and is mandatory in India.Ī comprehensive car insurance plan on the other hand reduces the risk factor significantly as it covers both own damage as well as third party liabilities. Third party insurance, as the name obviously suggests, covers you only against any third party liability. Third-party liability car insurance is a must and even the most basicĬar insurance plans are required to provide this form of coverage. The importance of car insurance is made clear in the Motor Vehicle Act of 1988 which stipulates that car insurance is a legal requirement for all car owners to possess. With damage sustained to the respective cars of policyholders. As a result of this payment, car insurance providers pay for some, if not all, the costs associated As opposed to having to pay out-of-pocketįor any of these damages that the vehicle might sustain, policyholders are required to pay an annual premium to their car insurance company. ![]() The value of car insurance lies in the fact that it provides coverage in the event that the policyholder’s car is damaged in an accident or natural disaster or if it has been stolen or vandalised. Cars are convenient forms of transportation as they allow people to get from one place to another in a reasonable amount of time.Īn important aspect of owning a car today is owning an accompanying car insurance policy that helps protect the owner of the vehicle. In today’s day and age, several individuals choose to get around town with the aid of their own car. ![]()
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