Which Type of Car Insurance Should You Prefer

Wednesday, June 29, 2016

Which Type of Car Insurance Should You Prefer

Due to persistent dangerous conditions on the road, even if we do not plan on landing up in an accident, we are prone to adverse conditions on the move. Hence, investing in a good insurance plan for your vehicle is very essential. More so, third party insurance is mandatory as per law in India. You need insurance to cover for damages done to third person or property.

What should you opt for?

Many of us think that since only third party liability coverage is compulsory, our job is done when we purchase stand-alone third party insurance plans. However, it is more sensible to opt for comprehensive coverage. Comprehensive insurance plans not just constitute of a third party liability policy, but also cover for damages to self.

Avail the 2 in 1 benefits of comprehensive car insurance plans and keep all the risks at bay. Any unforeseen situations of storm, earthquake or natural calamities can cause grave damages to your vehicle. Your vehicle can also be subject to theft or acts of vandalism. At such times, holding just third party insurance will not cover the damages to your car.
Why should I consider upgrading to comprehensive coverage?
·         Comprehensive coverage is not just an additional protection; it is an essential shield against unforeseen damages and covers for damages done to your car.

·         Receive more benefits and full-proof protection 

·         Avoid out of pocket payments for repairs done to your cars due to natural and man-made calamities

·         When you find that your vehicle is damaged and is not able to determine whose fault it is, comprehensive insurance plan comes in handy. For example, when you have parked your car at a shopping mall and return to find that it is hit or damaged.

·         If you are at fault and cause any accident, the third party insurance plan will pay for damages done to the third party but not for yourself. You can claim for such damages under a comprehensive plan.

·         Comprehensive plans may look expensive to you. However, in the long run, it is very beneficial. Do not compromise on the coverage just to save few bucks; you might end paying a significant sum of money when you are left to fork out for massive repairs yourself.

·         Third party insurance plan does not offer complete value for money. At times, the premium of the third party policy tends to be the same as a comprehensive insurance premium since it has been on the rise now and as demand grows, the cost goes up.

Ultimately it all comes to the value of the car you own. If you feel that your vehicle is too old and spending too much is not worth, then go for third party insurance plans only. However, for cars with higher value, a comprehensive plan is a must. 

Your car is very dear to you. Opting for a comprehensive insurance plan that provides you with the optimal coverage is a wise decision. You can be rest assured to have peace of mind and stay safe on the move.

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