In the present times, managing our hectic schedules can be quite stressful and overwhelming. On top of this, relying on public transportation for our transportation needs can be exhausting. To make your life stress-free, you can rely on your personal mode of transportation.
Out of the different modes of transportation available, opting for a car can be one of the best ways to carry out our transportation needs. With a car, we can conduct long-distance travels, deal with our commutes and enjoy comfortable rides. However, it is important to ensure our four-wheelers stay protected. One of the best ways to ensure our car’s protection is by getting comprehensive car insurance.
Comprehensive car insurance plans are insurance policies that help you make sure you get financial assistance if your vehicle gets damaged, stolen, or involved in an accident. With car insurance, you will not have to worry about any damages to your vehicle. Car insurance plans come in two types- third-party insurance plans and comprehensive insurance plans. A third-party insurance plan will only protect third parties. However, with a comprehensive four-wheeler insurance plan, you get protection for third parties, your car and many other features.
While you can purchase only the third-party plan, it’s prudent for you to get comprehensive car insurance coverage. Listed below are a few reasons why.
Here’s why purchasing a comprehensive car insurance plan can be beneficial
- Protection against natural calamities: Natural disasters like earthquakes, floods, etc., can damage your vehicle. These unpredictable events can lead to severe havoc on the roads, leading to significant damage to our vehicles.
For instance, floods are quite common in Bangalore. They have caused severe damages to many cars. However, if you had purchased comprehensive car insurance in Bangalore, your vehicle would be protected from the impact of flooding and waterlogging.
- Provides protection against man-made acts: Apart from natural calamities, man-made events like theft, riots, terrorist activities, etc., are also quite unpredictable. These events can also lead to heavy damages to our vehicles. However, with a comprehensive car insurance plan, your vehicle will be protected from these events. Therefore, if your vehicle is damaged due to these events, you will be financially protected from dealing with the damage repair costs.
- Offers third-party insurance: A comprehensive car insurance plan includes third-party insurance along with own damage insurance. With third-party insurance, you will be protected from the financial liabilities arising from an accident if you have hurt any third parties or damaged any third-party properties.
- Personal Accident Cover: You can avail of a personal accident cover of up to Rs 15 lakhs with comprehensive car insurance plans. This cover protects the owner-driver against the medical expenses arising from injuries caused by an accident. Additionally, if the owner-driver passes away in the accident, the beneficiary will receive the sum assured.
While getting a comprehensive insurance plan can be quite beneficial, you must ensure to conduct thorough research, compare plans and purchase a suitable plan for yourself.
How to choose comprehensive car insurance?
You can follow the steps below to choose good comprehensive insurance for your car:
- Compare plans: One of the best ways to make sure you make an informed decision is by looking through the different plans. You can go online and look through the different plans available for you. Once you have all the insurance plans available in front of you, you can compare them easily. It would help to compare them based on the insurer’s reputation, the insurer’s claim settlement ratio, the coverage the plan offers and the premium amount. Comparing the plans using these factors and your requirements will help you ensure you purchase an optimal plan for yourself.
- Calculate IDV: Insured Declared Value or IDV is your car’s current market value. It is the maximum amount you will get if your car is damaged beyond repair or gets stolen. You will have to set an IDV for your insurance plan during the purchase. While setting a low IDV can help you reduce your premium amount, it may lead to a low claim settlement amount. Therefore, it is important to set the correct IDV of your car.
- Premiums: Affordability is a crucial factor that you should consider when purchasing a comprehensive insurance policy. You must compare the coverage and the funds you will have to pay as a premium and select the one suitable for you.
Buying a comprehensive car insurance plan is a safe method to ensure your vehicle stays protected. With a comprehensive plan in car insurance, you get to improve the coverage for specific situations through add-ons. You are also protected if your four-wheeler is damaged from events like natural calamities or man-made disasters. However, your insurance policy’s coverage will only depend on the plan you purchase. Thus, you must purchase the insurance coverage carefully.