Car insurance is a necessity for a car owner. It protects you against any financial loss related to your car and is required to comply with the law. While third-party insurance is mandatory by law, it only covers damage to other vehicles and property in an accident. A comprehensive policy goes above and beyond, offering financial protection for your own car in various situations. It is in fact the best insurance policy for car, to keep yourself and third-parties financially covered.
Read this blog to learn about the benefits of a comprehensive insurance policy for cars.
Advantages of Comprehensive Car Insurance
Before you get a comprehensive car insurance policy, it is important to know some of its benefits. Here are some point of advantages to consider:
● Fulfils Legal Requirement
As per the Motor Vehicle Act of 1988, a car owner must have third-party car insurance. Not having third-party coverage can lead to financial penalties and imprisonment. Therefore, to fulfil your duty as a law-abiding citizen, you must buy car insurance with at least third-party coverage.
● Add-Ons for Greater Coverage
Along with comprehensive car insurance, you get add-ons for further enhancing the coverage the policy offers. You can opt for add-ons such as roadside assistance, engine protection, and zero depreciation.
● Own Damage Cover
With comprehensive coverage, you can financially safeguard your car against damages suffered due to an accident, or natural disasters such as earthquakes and landslides, and damages due to vandalism and riots. If your car is stolen, the loss will be covered by comprehensive car insurance.
● Cashless Facilities
Insurance companies have agreements with garages to provide cashless facilities to policyholders. If you visit a garage which falls within your insurer’s network, you can get a cashless facility at the garage.
● Third-Party Coverage
If a person gets injured or their property or vehicle is damaged because of their driving, a comprehensive car insurance policy will cover all such damages. Claims raised by a third party are covered by a comprehensive car insurance policy.
● Personal Accident Cover
As per law, all car owners must have coverage for injuries, disability, and death which they may suffer while driving the car. A personal accident cover provides this coverage under a comprehensive car insurance policy.
● No-Claim Bonus
A no-claim bonus is a discount on the renewal premium you will get if you don’t raise any claims during the policy period. In other words, you will be rewarded for safe driving in the form of a discount on the premium.
Add-Ons for Comprehensive Car Insurance
Various insurance providers like ACKO provide different add-ons with comprehensive car insurance policies. Here are some of them to have a clear idea:
● Roadside Assistance Cover
It provides 24×7 assistance to you if your car breaks down on the road. Under it, costs for towing the car, replacing tyres, and repairing the engine and other components of the car are included.
● No Claim Bonus (NCB) Protection
With this add-on, you can protect your no-claim bonus even if you raise a claim during the policy period. On renewing the insurance, you can get a discount of up to 50% on the premium.
● Engine Protection Cover
It is an add-on which covers the cost of repairing or replacing the engine, gearbox, or differential assembly of the car.
● Zero Depreciation Cover
A zero depreciation cover cancels the impact of depreciation when it comes to settling a claim.
● Consumables Cover
The consumables cover includes the cost of nuts and bolts, engine oil, gearbox oil, lubricants, AC gas etc. used during the car’s repair.
● Key Replacement Cover
It covers the cost of repairing and replacing the keys and locks.
● Paid Driver Protection
If you have hired a paid driver, this add-on will cover your driver if he or she suffers a serious injury or dies while driving the car.
● Personal Accident Cover for Passengers
It covers passengers of the car up to Rs. 1 lakh per passenger in case they suffer a permanent disability or die due to an accident involving the car.
Bottom Line
Overall, getting comprehensive car insurance provides all-around financial coverage to the policy owner. You must evaluate policies such as those offered by ACKO based on the premium charged, coverage offered, and tenure of the policy. Once you have understood your requirements, you will be in the position to buy the right insurance for your car.