The first thing to consider when you get your dream four-wheeler home is its safety. You do so by buying car insurance. Buying insurance is not only necessary, but it is also obligatory according to the Motor Vehicle Act of 1988. Your four-wheeler insurance comes to your rescue in many on or off-road situations. Following are some legitimate reasons why you should buy a decent and comprehensive policy for your vehicle:
Covers Against Third-Party Liability
A comprehensive car insurance policy is one in which both the policyholder and the third-party individual get covered. If you end up causing an accident in which the third party gets injured, the insurer bears the damage cost payable to the third party. Additionally, the comprehensive policy also includes the cost of any damage endured by the third party’s vehicle or property.
Damages Endured by Your Vehicle
While third party policies only pay for injuries or damages caused to third party people and their properties, comprehensive car policy also covers the policyholder’s asset. So, if your vehicle gets damaged in an accident, you get the coverage for the same under comprehensive insurance
Coverage Against Natural Calamities
Climate changes are significant concerns that have been plaguing for a long time now. Humankind is witnessing severe natural disasters or ‘Acts of God’ than ever before. Comprehensive car insurance covers your vehicle against natural disasters like storms, heavy rainfall, floods, earthquakes, tornadoes, tsunamis, and more. This coverage does not fall under limited liability policies.
Protection Against Human-Made Nuisance
Vehicle thieves come up with new ways to hardly detect theft, irrespective of the security measures taken. This is regarded as a human-made problem, and your insurer protects you against the same. Besides robbery, your comprehensive policy also covers your vehicle matka against other human-made nuisances such as riots, strikes, terrorist activities, and vandalism, where your car could get damaged.
Customise Policy and Choose Additional Riders
Another advantage of buying comprehensive car insurance online is that you can easily customise it. You can select from a range of additional riders for making sure of overall coverage for yourself, passengers, and vehicle. For instance, you can opt for the emergency roadside cover, which you can encash if your car needs a tow, jump-start, flat tire change, or refuelling. You can also buy personal accident cover, return to invoice cover, zero depreciation cover, and more. This facility is unavailable for limited liability insurance.
Utilise No-Claim Bonus
Comprehensive insurance enables users to avail a discount on their premiums through the no-claims bonus. You can avail of discounts between 10% to 50% for the first five claim-free years. As such, you can avail of discounts on insurance premiums, even though their value might be depreciating. The NCB does not apply to limited liability policies.
Final Word: Opting for comprehensive insurance is always better than limited liabilities policies as you can customise the plan to your needs. So, if you have a limited liability policy, consider converting it into a comprehensive one during car insurance renewal.