Have You Found Comprehensive Car Insurance Misleading? 

The comprehensive car insurance plan might seem like a confusing and complicated policy but it sure is not misleading for any individual who wishes to buy or renew the car policy. If you have ever found comprehensive car insurance misleading, then this article will clear all your doubts about it.

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  • Covers damages to third party property
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Bajaj Allianz

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₹ 2,094

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  • Covers damages to third party property
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₹ 2,094

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National Insurance

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₹ 2,094

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  • Covers damages to third party property
  • Covers damages to third party person

New India Assurance

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₹ 2,094

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  • Covers damages to third party property
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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

Third party car insurance is easy to understand as it comes with a single benefit towards coverage for third party liability. Also, there are only a few exceptions that affect the claim settlement. Since third party car insurance is mandatory to buy as per the Motor Vehicles Act 1988, many people just focus on the feasibility. 

What makes the comprehensive plan attractive is the term itself, since third party insurance comes with limitations on the policyholder's side, a comprehensive plan eliminates that limitation by offering dual benefits. 

As per the name, the common belief is comprehensive means the insurance policy will provide protection against every damage. However, this is not the case.

Before that let's understand the basic meaning of 'comprehensive' in car insurance. It is a contract between an insurance company and you (the car owner) wherein, you will pay the premium and the insurer will provide coverage for the third-party liability as well as your own damage.

Let's discuss some common factors that make comprehensive insurance look misleading:

What is Covered Under Comprehensive Car Insurance Policy?

Now that we are aware that the term 'comprehensive' means slightly different in context with insurance, it is now time to check what kinds of damages are covered under this plan.

  • Damage caused due to natural disasters like lightning, flood, storm, earthquake, hail, falling of trees, etc.
  • Damage caused due to man-made disasters such as vandalism, riots, explosions, etc.
  • Damage caused due to accident on the road.
  • Damage or loss due to theft. 

The following list is about what is not covered under the comprehensive car insurance:

  • Damage caused to the vehicle by the policyholder
  • Self-injury caused by the policyholder 
  • Repair or replacement of the insured car due to an accident.
  • Damage caused to the policyholder due to an accident or crash by an uninsured vehicle.

Also, to enhance the coverage of your comprehensive insurance plan, you have an option to customize it via buying add-on covers.

The common add-on cover insurers offer are zero depreciation cover, engine protect cover, NCB protect, passenger protection cover, and consumables cover.

Make an Informed Decision

The best car insurance plan is the one that provides sufficient coverage at the time of need without charging extra money. When people pay more for their damage even after having a comprehensive insurance plan, they tend to find it misleading.  

It tells us how easily we jump to conclusions!

The above scenario happens when people overlook the terms and conditions of the policy and also overbuy or under buy the add-on covers. Hence, this is a sign of an uninformed decision. 

You can get the right coverage from your comprehensive plan when you only spend on the right add-on cover and factor in the terms and conditions at the time of purchase.

A comprehensive plan can also appear to be misleading because of the fraud. As a wise policy buyer, you must keep the following factors in mind to avoid fraud:

Avoid Buying the Policy from Suspicious Agents

Sometimes it gets difficult to identify the credibility of the agents as they appear to be suspicious. You might get a call from someone who would use the name of a specific company trying to sell the car insurance plan to you. You must not get convinced with them. All the insurance companies operate digital nowadays, you can directly buy any car insurance plan online from Policybazaar or the Insurer and compare different policy options and choose the one that meets your requirements. 

Also, all the insurance providers follow the guidelines provided by the IRDAI which eliminates the chances of suspicion. 

*You can check the IRDAI guidelines for car insurance policy from IRDAI’s official website. 

Always Ask for The Payment Receipt

Any credible insurer will always provide the receipt for the insurance premium you've paid. In case you happen to have a policy from the fraudulent insurer with the help of a receipt you can legally fight them. Also, make sure to make the payment by cheque or via online modes. This will help you raise the issue in case of need because you will have proof of payment.  To avoid any such issue its advisable to buy it online from our site, make quick comparison, and pay the premium in a secured manner. 

T&C is Important

As a wise policyholder, it is vital to go through the terms and conditions provided in the policy document. The terms and conditions vary from insurer to insurer and so do the policy benefits. Details like Insured Declared Value, No Claim Bonus, Deductibles are mentioned in the policy document and play a vital role at the time of renewal or claim settlement. 

The more aware you will be of your terms and conditions, the easier it'd become for you to raise the claim. This will also eliminate the misleading part from the comprehensive car plan because everything is clearly mentioned in the policy documents. 

Check for The QR Code

If you find anything suspicious during the purchase of a car insurance policy, you must ask for the policy QR Code. As per the Insurance Regulatory and Development Authority of India (IRDAI), a QR code is mandatory for every insurance plan. You can scan the code and verify the authenticity of the plan and the insurer. You must not buy a policy if the insurer denies to provide the QR code.

Believe in Realistic Benefits

The fraudulent or suspicious agents will always offer unrealistic benefits associated with the comprehensive car insurance plan. This creates a myth in the mind of a policy buyer and eventually makes it misleading.  

You must remember that any insurer will not provide coverage beyond their policy terms. It is advisable to compare the car insurance plans online before buying one. 

The Final Word

It is vital to educate yourself before buying a car insurance policy, after all, you are buying it to protect your vehicle against any uncertain damage. The comprehensive car insurance policy is not misleading. You can make the most out of this plan by making an informed decision. Consider the factors mentioned above while buying a car insurance policy.

Written By: PolicyBazaar - Updated: 26 August 2021
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