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How to Upgrade to a Comprehensive Car Insurance Policy?

Wish

Written by Sharad Bajaj

Updated Oct 15, 2023

Third Party Insurance Plan is compulsory to own but offers insufficient coverage. Hence, let’s discuss how you can upgrade your third party plan to a comprehensive insurance policy and things you should know before making the switch.

As per the Motor Vehicles Act of 1988, a car insurance policy is a must-have for all vehicle owners. Having a motor insurance policy is as necessary as having other essential documents like a car registration certificate, pollution under check certificate, and others. Furthermore, there are three different types of car insurance policies - third-party car insurance, comprehensive car insurance, and standalone car insurance. While third-party car insurance has been made compulsory for all, the other types of car insurance can be bought depending on the individual needs. So, in case you are planning to upgrade your car insurance plan to a comprehensive car insurance policy, then here’s how you can do so. 

How to Upgrade to a Comprehensive Car Insurance Policy?

Comprehensive Car Insurance Policy

A comprehensive car insurance policy is a type of car insurance plan that provides coverage for both third-party liability and in case any damage happens to the car. This means that with a comprehensive car insurance policy, policyholders can get the benefits of both third-party car insurance and standalone car insurance under one roof. This is the prime reason why many individuals often prefer to upgrade their existing car insurance plan to a comprehensive car insurance plan. 

How To Upgrade To A Comprehensive Car Insurance Policy

Upgrading your existing car insurance policy to a comprehensive car insurance policy is a simple process. You just need to do the following for the same:

  • First, visit the official website of your car insurance provider.
  • Then, navigate to the car insurance section and click on the car insurance tab.
  • Next, enter your car registration number as prompted.
  • Then, select the comprehensive car insurance policy and proceed with the purchase.
  • Select the IDV or Insured Declared Value of your car and then select all the necessary add-ons with which you want to upgrade your car insurance plan.
  • Finally, after reading all the terms and conditions, proceed to the payment page.
  • After successfully completing the payment process, you will receive a notification over your registered email address about the same. 

Reasons To Upgrade To A Comprehensive Car Insurance Policy

Some of the common reasons to upgrade to a comprehensive car insurance policy are listed below:

  1. A third-party and standalone car insurance policy provides limited coverage. For instance, with a third-party car insurance plan, you can only get coverage in case a third party is injured and a standalone car insurance policy provides coverage only when the car is damaged. 
  2. A comprehensive car insurance policy provides complete coverage. For instance, whether your car is stolen or damaged due to any natural calamities, with a comprehensive car insurance policy, you can get complete coverage.

Things To Keep In Mind While Upgrading To A Comprehensive Car Insurance Policy

There are certain things that you need to keep in mind while upgrading to a comprehensive car insurance policy such as the following:

  • Cost: First and foremost, whenever you plan to upgrade to a comprehensive car insurance policy, you need to be very careful of the cost of the car insurance plan. You should always be mindful of your budget because in case you fail to pay the premium on time, then your upgraded comprehensive car insurance policy may lapse in the future. Always note that the cost of a comprehensive car insurance policy is higher than the other types of car insurance.
  • Insured Declared Value: It is the Insured Declared Value or IDV that determines the premium of any car insurance plan. So, it is very important to set the right Insured Declared Value to get the best benefits from your car insurance plan.
  • No Claim Bonus: You must ensure whether your insurer is providing you NCB or No Claim Bonus.  The NCB is a discount that is awarded to every policyholder at the time of policy renewal for making no claim in a policy year against the comprehensive insurance plan.

Conclusion

So, make sure to keep the above-mentioned things whenever you are planning to upgrade your existing car insurance plan to a comprehensive car insurance policy. You can always contact us in case you need any help during the process.

Wish

Written by Sharad Bajaj

Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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