What is Covered Under a Comprehensive Car Insurance Policy?
Published on December 26, 2022 | Car Insurance
Mainly, there are two kinds of car insurance policies – Third Party Liability Coverage and Comprehensive Coverage.
Before talking about Comprehensive coverage, first, let’s quickly go through the Third Party Liability Coverage.
As per the Indian Motor Vehicles Act of 1988, every individual who owns an automobile, or any other type of vehicle for that matter, is required to have third-party liability coverage. This coverage offers financial security against losses or damages brought on by the insured’s car to a third party. It pays the third party back for any property loss, physical harm, or unintentional death.
What is a Comprehensive Car Insurance Policy?
A comprehensive car insurance policy protects the insured against both third-party liabilities and their own damages. Since it protects you financially from any damages that may occur unrelated to a collision, it is sometimes known as “other than collision” or “own-damage” car insurance. Any unanticipated events, including accidents, fires, thefts, and natural disasters, are covered by a comprehensive car insurance policy. Thus, both the insured and the third party are covered.
The Advantages Of Purchasing Comprehensive Car Insurance
Any unanticipated occurrence, except collision, is covered by a comprehensive auto insurance policy. It also provides coverage for losses sustained in an accident. Here are some of the many additional advantages of this “other than collision” cover:
It offers your vehicle the finest degree of protection possible
With comprehensive automobile insurance, you may claim damages suffered in such circumstances even if you were at fault in an accident
It covers claims made against you in court, including legal costs, as a consequence of an accident
Financial security and peace of mind
Financial aid if your car is written off
In contrast to third-party insurance, it protects against damage to your own vehicle during an accident
What Is Covered by Comprehensive Insurance?
Comprehensive car insurance covers the 3 following things:
1. Third-Party Liability
Damages caused to the property of the third party.
Death or injuries caused to the third party.
Death of the insured vehicle’s owner.
At an additional premium, the demise of the insured vehicle’s driver is also covered.
At an additional premium, the demise of the passengers travelling in the insured vehicle is also covered.
At an additional premium, the permanent total disability of the insured vehicle’s owner, passengers, and the driver is also covered.
2. Own Damage
Natural disasters like storms, floods, earthquakes, tornadoes, hurricanes, etc.
Damage suffered in an accident involving the insured vehicle.
Explosions, fire, and civil commotions
Stealing and damage
3. Personal Accident Cover
Death of the life insured
Loss of two limbs, loss of vision in both eyes, loss of one limb, or loss of one eye.
Permanent disability due to injuries other than those already mentioned.
What are the Exclusions of Comprehensive Insurance?
If an accident causes damage to your automobile, you cannot file a compensation claim without having comprehensive coverage at the time of the accident. Similarly, several items are not covered by comprehensive auto insurance:
Natural deterioration of the vehicle (wear and tear)
Mechanical or electrical failure
Damages to the car resulting from a driver driving without a legal license
Damage brought on by drunk driving
Damage incurred from intoxicated driving (under the influence of drugs)
Independent tire and tube damage (not due to a covered collision)
Vehicle loss or damage caused by mutiny, war, or nuclear risk
There is no doubt that a comprehensive car insurance policy typically offers broader coverage. However, Please note that each policy is unique, and you must read it thoroughly to understand the inclusions and exclusions.
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