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Save on Your Car Insurance Premium with TP Fire Theft Insurance

Save on Your Car Insurance Premium with TP Fire Theft Insurance

In the fourth episode of Policybazaar's Podcast series-Insurance Insights, Utpal Raman Sharma, Head, Motor Insurance, Policybazaar.com discusses saving your car premium by buying third party+ Fire+ Theft Insurance Cover. 

So far, the most popular car insurance plans have either been third-party insurance which is a mandatory product or comprehensive insurance which has third-party as well as own damage component into it. Comprehensive plans are meant to provide cover in case of damages to your car. However, in today’s scenario, most of us have been hardly using our vehicles as commute to work remains cancelled due to the lockdown. It is likely to stay the same for a while now. Considering this, chances of road accidents have reduced significantly. With people hardly taking their vehicles on road, it does not make financial sense in buying a comprehensive motor insurance policy. A good alternative for this is third party+ Fire+theft insurance which covers damage due to fire and theft of the vehicle. 

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Even when the car is sitting idle in your parking lot, one can not rule out the possibility of any unfortunate event such as fire or theft. A lot of people working in metro cities have moved to their hometowns while their car is parked in the city. Given that the financial burden in fire and theft cases is huge, it is recommended to have coverage for them.

The best part is these plans come at a significantly lower price as compared to comprehensive plans. The plan gives your vehicle-required coverage at affordable prices – 50% less than regular comprehensive plans. For a 1200 CC car, with an IDV of Rs 5 lacs, a comprehensive plan may cost anywhere between Rs 12,000-18,000, TP+Fire+Theft Insurance will cost Rs 6,000-7,000 only. 

At the time of buying, you need to choose an adequate and fair Insured Declared Value (IDV) for your vehicle. This is the maximum value given at the time of claim. 

These plans are exclusively available on Policybazaar.com and we have integrated with many insurers such as Digit, United India, Future Generali. You can compare prices and buy in a seamless manner on our website. 

Significant uptake has been observed for these plans. There was 100% growth in the last month with lockdown restrictions being imposed in many parts of India. If this continues, Sharma said that we will expect more demand in the future.

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