Decoding Insurance

Importance and Benefits of Comprehensive Car Insurance Policy

We all invest a significant amount of time and effort to research the best suited car for ourselves, reviewing latest  models, comparing colors, and exploring various features. While you're planning to buy your vehicle, you're filled with pride and excitement. Given this, it's understandable that you would take additional care of your car, and even a minor hit or dent can affect you. However, every car that drives on the road every day is prone to a range of dangers. Moreover, considering how traffic congestion, road mismanagement and rash driving are quite frequent in India, it's common for your vehicle to get damaged, for that one has to  pay a decent amount of money at each level of repair and safety.

Hence, to safeguard yourself from the financial damage in India, the Motor Vehicles Act of 1988 makes it mandatory to insure a vehicle. The law states that all vehicles on the road have third-party liability insurance as a minimum level of protection.  

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The Need for Comprehensive Car Insurance

The third-party insurance covers third-party damages caused by your car which isn’t sufficient to protect your vehicle completely as it does not cover damages to the insured's vehicle, natural calamities, or thefts. Also, one should note that vehicles are machines, and quite expensive at that one. Thus, it's crucial to protect your property and yourself from the costly consequence of accidents, whether it's a little scratch caused by a careless motorcycle rider, an unexpected accident on the highway, or a robbery.  As a result, getting the correct insurance policy, such as comprehensive car insurance, is essential for complete financial protection and would  be the right choice in the event of any unforeseen occurrence.
 
Benefits of  comprehensive car insurance policy

Comprehensive motor insurance policy provides you with a wide range of coverage options to ensure your safety. It covers many various risks including  the car, its passengers, any property or valuables in your vehicle, as well as any damages caused to a third-party vehicle and its passengers.

1. Third party liability insurance

 The comprehensive coverage protects the car owner from third-party legal liability claims in the event of an accident. As a result, if a vehicle with this coverage is involved in an accident in which a third party is hurt or killed, the insurance policy will compensate the third party/beneficiary. 

2. Own Damage Coverage 

The comprehensive car insurance plan, under this option provides adequate protection for the insured vehicle. It protects the car from natural disasters such as severe weather conditions, floods, lightning, earthquakes, and so on. It also protects the car from man-made disasters such as theft, riots. Additionally, under this cover any damage being done to the car while it's being transported is also covered. 

3. Personal accident cover 

As previously stated, vehicles are prone to accidents especially in India considering the road situation and the rash driving, which can occasionally turn into tragedies that not only ruin your vehicle but sometimes your life. A comprehensive vehicle insurance coverage will provide adequate compensation if an accident in your car leaves you with injuries or permanently disabled.

To sum it up, 

Comprehensive motor insurance, which includes varied coverage, is a better option than the state-mandated third-party liability policy. Additionally, the peace of mind provided by this sort of insurance policy is absolutely invaluable, since it provides the highest layer of safety for your vehicle and keeps you financially protected in case of a mishap. 

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