Comprehensive Car Insurance
What Is A Comprehensive Car Insurance Policy?
A comprehensive car insurance plan is a package policy that offers coverage for the loss and damage sustained by both parties involved in the accident/mishap. It includes comprehensive insurance coverage for the damages incurred by the insured vehicle as well as third-party liabilities. It is an all-inclusive comprehensive insurance coverage plan.
Policyholders can enhance the coverage of a comprehensive policy with the help of a number of add-on covers such as zero depreciation cover, NCB cover, Bi-fuel kit cover etc., which are available with it. Although a comprehensive car insurance policy is not mandatory by law unlike a third party only car insurance policy, it is nonetheless recommended.
What All Is Covered Under A Comprehensive Car Insurance?
- Own damages incurred by the insured vehicle in any road accident, natural/man-made calamity, theft, fire or any other mishap.
- Third party bodily injuries as well as death.
- Third party property damage
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What All Is Not Covered Under A Comprehensive Car Insurance Policy?
- Depreciation/wear and tear of the vehicle.
- Mechanical or electrical breakdown of insured vehicle.
- Accident which occurred when the vehicle was being driven without a valid driving licence.
- Accident which occurred when the driver was under the influence of intoxicants.
- Any loss or damage due to mutiny war, or nuclear attacks and other events that are beyond compensation.
Comprehensive Car Insurance Vs Third Party Car Insurance
Comprehensive Car Insurance
Third Party Car Insurance
Comprehensive car insurance policies offer compensation for damage caused to the insured vehicle as well as the injury/death of a third party. It also offers coverage up to a maximum cap of Rs 7.5 lakh in case of third party property damage.
The third-party Car insurance plan offers compensation for injury/death of a third party( as decided by a court of law) and third party property damage (up to Rs 7.5 lakh).
A number of add-on covers such as Zero Depreciation Cover, Consumables Cover, etc. are offered along with a comprehensive car insurance policies against extra premium.
No such add-on covers are available for purchase with the third-party policies.
Comprehensive plans are comparatively costlier due to extensive coverage.
Third-Party policies are compared cheaper to comprehensive policies due to its limited coverage.
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Comprehensive Car Insurance FAQ
What is comprehensive car insurance?
A comprehensive car insurance is a type of policy that provides financial protection against the liabilities that you may incur towards a third party. This plan also provides coverage for own-damages sustained by your own car arising due to an unforeseen incident.
How to choose comprehensive car insurance?
Comprehensive car insurance must be selected by considering various factors such as coverage offered, insurance company's strength of network garages, cash settlement ratio, claim process etc.
is it worth getting comprehensive car insurance?
Yes, it is beneficial to opt for comprehensive car insurance as it offers a dual coverage of standalone own-damage as well as third party cover. To know more about comprehensive car insurance click here.
Which company is better for car comprehensive insurance renewal?
There are various factors that must be considered for selecting a company for renewing a comprehensive car insurance policy. Some of them are Insured Declared Value (IDV), availability of add-ons, network garages, claim settlement ratio. On the basis of claim settlement ratio following are some good car insurance companies: IFFCO Tokio General Insurance Company (96.44%), Royal Sundaram General Insurance (94.07%), Oriental Insurance Company (93.16%), Universal Sompo General Insurance (92.45%) and New India Assurance (92.23%).
Is it compulsory to have comprehensive insurance for a new car?
No, it is not mandatory to have a comprehensive insurance policy for a new car. However, it is an advised car insurance policy for good coverage.
What is the difference between a comprehensive car insurance plan and a zero depreciation car insurance?
The main difference between the two plans is under a comprehensive car insurance plan, policyholder needs to bear the depreciation expenses of the car. Whereas, under a zero depreciation cover, car's depreciation expenses are borne by the insurance company. You can read in details about the two plans here.
Which insurance is better for a car - comprehensive or third party car insurance plan?
A comprehensive car insurance is better than a third party plan as it offers wider coverage.
What is the difference between comprehensive and third party car insurance?
Comprehensive car insurance policy is not a mandatory policy whereas third party car insurance is a compulsory cover. Another difference between them is that the comprehensive cover offers coverage for third party liabilities as well as own-damages of your car, whereas third party plan only covers the liabilities related to third party.
Can I convert 3rd party car insurance into comprehensive?
Yes, you can convert third party car insurance into comprehensive car insurance by opting for a standalone own-damage cover with it.
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