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Driving gives a feeling of liberation. At the same time, it is a big responsibility as you are in control of the vehicle that may cause harm or damage to others or their property. Besides, it is prudent to be aware of the other vehicles around them. Moreover, it is important to drive safely and responsibly.
In India, third-party insurance is a legal mandate. Adversity doesn’t come with prior notice. If you are a vehicle owner ensure to opt for a suitable comprehensive insurance policy. Let us delve into understanding comprehensive motor vehicle insurance.
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In case of an accident having the insurance policy provides financial assistance to the insured in case of accidental damage to the vehicle. A cover will also be provided to the third party for any property damage or any bodily injury.
Having comprehensive motor insurance in place gives the assurance of security for not only the own vehicle damage but the liability of a third party involved in a mishap. The insurer can easily settle the claim in the case of demise as compensation. In case of death because of an accident, the nominee is going to be indemnified by Motor Accidents Case Tribunal (MACT).
In India, third-party insurance is a mandate but having full comprehensive insurance is not. It depends upon the vehicle owner to opt for a plan as per the requirement. Ideally, it is recommended to choose suitable insurance coverage and safeguard yourself financially.
While driving on roads, there are chances that the vehicle may meet with an accident. At times, the extent of damage could be massive. The repairing costs for the incurred damages sometimes might not be that pocket friendly and may take a toll on the finances. Henceforth, going ahead with comprehensive motor insurance should not be neglected
Here's a rundown of the comprehensive coverage:
It is important to note that comprehensive vehicle insurance also covers third-party liability as well. Having a third party cover offers protection against the damages incurred to the third party or their property
In case any damage or loss is incurred due to natural calamity a cover for the same is provided. The calamities generally include storms, floods, etc. The cover may vary from insurer to insurer
In case of a permanent disability or demise of the person the vehicle owner or the driver provides compensation to the third party
One may also enhance the security of the existing motor insurance policy by simply including add-ons to the base policy. You may think of including add-on benefits like a consumables cover , zero depreciation cover, etc.
Regardless of the vehicle you own, it is better to choose a comprehensive motor insurance policy. Being adequately covered lets you remain in peace and not worry about financial obligations.
*This is not an exhaustive list. Please refer to the motor insurance policy wording carefully. Standard T&C applyTo keep any financial liabilities away, it is recommended to opt for comprehensive coverage in insurance. Take a look below to understand the advantages of the same:
Own Damage Cover
Having the comprehensive cover implies that the vehicle remains covered throughout for its own damage that may arise due to an untoward incident. For instance, if in a situation, where you happen to bang the car with a tree, the vehicle will need repair for the damage incurred. Having a comprehensive cover will never leave you financially stranded at any point in time.
Convenience
You can easily avail of comprehensive coverage in insurance online. Buying motor insurance from Bajaj Allianz GIC is simple and quick. Choose a plan that fulfills your requirements. Once the purchase is done, the policy-related documents will be shared with you via mail
Network Garages
The network garages are the service stations wherein you can avail of the service and no money needs to be paid for the vehicle. The repair costs will be settled by the insurance company directly. We have a strong network garage of 6500+ PAN India.
Claim Settlement
We have the best claim settlement ratio in the industry which is 98%*. At the same time, we also offer 24x7 roadside assistance. You may also benefit from our Motor On-the-Spot service which simplifies the process of filing and settling car insurance claims. Any two-wheeler insurance claims under Rs 20,000 and for cars up to Rs 30,000 gets settled within 20 mins* via our Caringly Yours mobile app.
Now, let us also know what remains excluded under comprehensive coverage:
In case the damage is incurred to the vehicle because of normal wear and tear or due to aging leading to consequential loss remains uncovered.
If a mishap has incurred and it is found that the driver was under the influence of alcohol or any other substance no claim will be provided. Driving is a social responsibility and safe driving is imperative.
If you are found driving without a valid driving license in India, comprehensive vehicle insurance will get nullified.
If damage or loss is incurred to the vehicle insured due to war-like situations like nuclear attacks, mutiny, and so forth that is uncontrollable.
*This is not an exhaustive list. Please refer to the motor insurance policy wording carefully. Standard T&C apply
The table below shows the difference between comprehensive coverage and third-party policy:
| Parameters | Comprehensive Insurance | Third-Party Insurance |
Coverage |
It provides coverage to the vehicle insured and third party liability for any bodily injury or property damage |
A cover is offered against any liability arising due to third-party property damage or bodily injury only |
Premium |
The premium here varies from insurer to insurer. Various factors affect the motor insurance premium such as the make and model of the vehicle, aging, geographical location, add-ons, etc. |
The third-party insurance premium is fixed by the IRDAI |
CNG Kit Cover |
It can be availed as an add on |
It remains unavailable |
Depreciation Protection, and Engine Protection |
Both of these are included comprehensive auto coverage |
This remains excluded |
*This may vary from insurer to insurer. Standard T&C apply
With time the value of a car depreciates. So, if you think that the car has paid off you may consider dropping off the comprehensive coverage. However, remaining uninsured is not a wise decision as uncertainty can happen at any point in time. Moreover, there are chances that an old vehicle may lead to an accident or a hit. Or may damage a third-party property. Before, you make a final decision consider the pros and cons of not having a comprehensive motor insurance policy.
Theft is one of the most common threats to motor vehicles. A comprehensive insurance policy will help the policyholder to remain secure against any threat, vandalism, or man-made activities. Besides, the installation of anti-theft devices certified by ARAI will help to avail the benefit at a cost-effective motor insurance premium.
Before you zero down a comprehensive motor insurance policy, it’s important to analyze the requirement. Once you know the requirements choose a plan that rightly fulfills the same and is not heavy on your pocket.
In India, third-party insurance is a legal mandate. However, it is always recommended to opt for an extensive motor vehicle insurance policy. Having a comprehensive plan will also offer a cover for any third-party liability as well.
As per the Motor Vehicles Act, 2019, it is illegal to drive on Indian roads without a suitable insurance policy. The Indian government has made a mandate that third-party liability insurance is compulsory for all motor vehicles running on Indian roads.
It is extremely beneficial to have comprehensive coverage as it provides both own damage and third-party cover. Optimum protection is extremely important and premium differs from insurer to insurer.
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