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    Here’s how a standalone comprehensive car insurance cover can help upgrade your third-party plan

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    Here’s how a standalone comprehensive car insurance cover can help upgrade your third-party plan

    Why get a Comprehensive Car Insurance?

    Buying a car is not just a delightful experience, but it is also a matter of pride. And if you are someone who made the decision to spend lakh of rupees to buy the car of your dreams, you must also consider spending a few thousand rupees more to ensure the car doesn’t push you into spending a fortune on it in case of an accident. Yes, we are talking about getting a car insurance policy.

    Having a contingency plan for your vehicle is crucial when you consider the fact that India accounts for about six per cent of the total global road accidents despite having just about one per cent of the global vehicle population [1]. Moreover, over 1.5 lakh people die in the country every year due to road accidents while around 4.5 lakh get injured [2].

    It is surprising then that over 60 per cent of vehicles in our country are uninsured [3]. This is despite the fact that having third-party insurance is mandatory under law. While one can comply with the law by simply purchasing a third-party cover, an ideal car insurance policy is one that also covers damages caused to you and your car not only in case of an accident, but even in other possible scenarios like theft, natural calamities, etc. So, we recommend that you upgrade your third-party plan with a standalone comprehensive cover while renewing your car insurance online.

    Let us understand a few details.

    What does third-party insurance offer

    This policy only covers the cost of the third-party damages that may arise due to an accident -- where you are the first party, the insurer the second party, and the person/vehicle involved in the accident with you is the third party. Such policies offer limited coverage as it does not cover the risk of damage to your own vehicle. While this cover is cheaper than a comprehensive plan, it is normally suitable for only very old vehicles or vehicles of really low value.

    While being the cheaper alternative, third party car insurance comes with its limitations and might not provide adequate coverage under certain circumstances to the car owner. This is where a comprehensive policy comes in.

    What does a standalone comprehensive car insurance offer

    A comprehensive car insurance policy offers complete protection against damages to all parties involved in a road mishap including your own vehicle, the driver and passenger, as well as the third-party vehicle and its driver. Moreover, by upgrading your policy to a comprehensive cover, you also get protection against events like theft and damage to your vehicle due to natural or man-made disasters.

    You can also customise a comprehensive car insurance plan using riders such as a personal accident cover, zero depreciation cover, insurance for engine and accessories, and so on. These can further enhance the protection to your vehicle, which in turn means keeping you free of financial stress in case of any unfortunate eventuality involving your car.

    More reasons to upgrade to comprehensive car insurance

    If that is not enough, these are some situations that could be covered in a carefully customised comprehensive car insurance plan and not in a third-party cover:

    ● Broken windshield and windows

    ● Theft of your vehicle

    ● Damage due to hitting an animal or bird

    ● Injury or damage from a falling object

    ● Fire incidents

    ● Vandalism

    ● Damage due to floodwater

    ● Lost keys

    ● Roadside breakdown

    Summing Up

    There is no doubt that if you really love your car, getting a comprehensive car insurance policy seems like the obvious choice. When you buy a policy just for the sake of complying with the mandated law, you and your car essentially remain underinsured. So make the right choice and upgrade to a comprehensive cover during car insurance renewal, even if it costs a little extra.

    You could choose comprehensive car insurance policies from Bajaj Allianz General Insurance that lets you choose from a variety of add-on benefits such as zero-depreciation cover, breakdown assistance, and many other features allowing you to customise your policy as per your requirements. Not only that, with Bajaj Allianz, you can remain worry-free as this leading insurance company has advanced claims servicing process and fast settlement record with their “Motor On the Spot” feature offering claim settlement in 20 minutes. If you only have a third-party car insurance policy, consider upgrading to a comprehensive policy soon. On the other hand, if you already have a comprehensive policy, you should evaluate if your existing insurance provides adequate cover to you. Remember that being underinsured could also result in tremendous financial stress. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.  

    Sources:

    [1] - https://www.statista.com/statistics/746887/india-number-of-fatalities-in-road-accidents

    [2] - https://ncrb.gov.in/sites/default/files/ADSI-2019-FULL-REPORT.pdf

    [3] - https://sites.ndtv.com/roadsafety/60-of-vehicles-in-india-are-not-insured-and-most-of-these-are-two-wheelers-3027

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