There are two major types of car insurance plans available in India – the third party cover and the comprehensive cover. The third party cover, which is also known as the regular car insurance cover, is compulsory. It provides compensation for damages sustained by a third party in a motor accident involving your vehicle. A comprehensive car insurance plan also covers these damages. In addition, it also covers the damages sustained by your own vehicle. There are some very valid reasons why you must opt for a comprehensive car insurance cover over a regular cover as there are many drawbacks of a regular cover. Read on to know more.
Issues with regular car insurance and how to overcome these problems
- Own vehicle damages not covered: This is the biggest problem that you face when you opt for only a third party car insurance plan.. Your car is extremely precious to you and quite obviously, you like to keep it safe and secured. If you have a basic third party cover, you will not get any compensation for the damages your vehicle sustains in an accident. You will have to bear the costs yourself to fix your car. And since car repairs can cost a lot, you may not even be able to afford the bills. To keep all such plausible problems aside, it is highly recommended for you to buy a comprehensive car insurance plan and stay covered in a more wholesome manner.
- Theft/vandalism not covered: Picture this – you park your car on the street outside your house and retire for the night. Next morning while leaving for work you come outside and find your vehicle missing. What do you do? File an FIR and then even after trying hard to locate, there is no trace of your car. You are forced to abandon the search and look to buy a new car. But when you call your car insurance provider for compensation, you are told that no claim can be made for theft or vandalism. You are forced to buy the car with your own money thereafter. To prevent such a situation from arising, opt for comprehensive car insurance plan. Under the clauses of a comprehensive cover, you will get compensation if your car is stolen or damaged beyond repair.
- Natural calamities: Let us face it – driving a car in India is no mean task! From terrible road conditions to strange weather conditions, as a driver, you face many challenges every day. And while you drive in all earnestness, at times the situation is not in your control. Natural calamities such as floods crop up. A regular car insurance plan doesn’t provide any help if your car breaks down due to a natural calamity. To get a better protection over such issues, opt for a comprehensive car insurance plan.
- Riders unavailable: Riders are add-on covers that you can add to a base insurance plan and make it more flexible. It is in fact advisable for every policyholder to buy a few riders as per one’s requirement, along with every insurance policy. A regular car insurance plan barely has any provisions for riders. To be able to buy and use all the available riders, it is sensible for you to move to a comprehensive car insurance plan.
- Insufficient cover: As we clearly saw from the previous points, a third party car insurance or a regular cover is significantly insufficient in a majority of the departments. To make your car insurance policy really work in your favour, you must get a comprehensive car insurance online plan. You will see a positive difference as soon as you make the switch.
Good Benefits of Car Insurance Plans
The benefits of a good, comprehensive car insurance plan definitely outnumber the benefits offered by a regular plan. Thankfully, the difference in cost is not exorbitantly high between the two types of motor insurance covers. So be wise and look at the benefits you get when you buy a comprehensive motor insurance policy and make a wise choice. A few thousand rupees that you invest in your motor insurance plan today can go a long way and fetch you many advantages in the future when a claim needs to be made.