What Are The Different Types Of Car Insurance?

Car owners in India can choose from a variety of car insurance options. The primary aim is to safeguard car owners from injury and injuries. Knowing the various forms of car insurance and their coverages is a vital step in finding the best policy for you if you're looking for car insurance. 

What Are The Different Types Of Car Insurance?

Here are some of the most popular forms of car insurance, as well as how they operate and what they cover:

1. Comprehensive Car Insurance

A comprehensive car insurance policy protects third-party liability, and any damages borne by the policyholder because of the vehicle being stolen or being involved in an accident. If the policyholder is injured, the personal accident coverage entitles the policyholder to compensation in the event of death or disability because of an accident. 

The advantage of buying a comprehensive car insurance policy is that add-on plans or riders offer extra benefits to the policyholder without forcing the policyholder to buy several policies. As a result, this form of insurance policy provides the policyholder with security and safety in almost any case.

2. Third Party Liability Car Insurance

Every vehicle owner in India is required by law to have third-party liability insurance. These insurance policies cover the policyholder's interests against losses incurred by the policyholder to a property or a person. In a variety of cases, third-party coverage may help reduce the policyholder's risk and liability. It also recommended this coverage for older and less costly cars that are less expensive to repair.

You may also like to read:- Who Should Purchase a Standalone Own-Damage Car Insurance?

3. Standalone Own-Damage Car Insurance

As the name implies, is a scheme that protects only your own vehicle's accidents and losses. This includes deaths and liabilities arising from accidents, natural disasters, fires, and thefts. If you've recently purchased a car and got Third-Party car insurance from another company, you can opt to purchase your standalone Own Damages coverage as well. This will provide coverage for your vehicle against accidents, natural disasters, thefts, and so on, with add-on covers available to broaden the reach of your coverage.

Also Read

Basic Difference Between Third Party and Comprehensive Coverage

Conclusion

As a result, policyholders should carefully read the insurance policy booklet before purchasing a policy to ensure that they understand what is protected.

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.