If you are a first-time insurance policy buyer, then the whole process can be intimidating. This is mostly because you have so many options to choose from. From the type of policy to the company, you should ensure that you are making an informed decision. The best policy for you is the one that suits and fulfills all your needs. These could be vehicle-specific, driver-specific, or even third-party-specific.
In India, all vehicle owners must have vehicles insured with the basic policy. This ensures that all the parties on the road are safe to an extent. At the moment, there are two types of insurance policies you can choose from- Third-party insurance and Comprehensive insurance. You should ensure that the insurance policy you choose covers all your needs. To know which type of car insurance will suit you the best, read on!
Third-Party Insurance
Third-party insurance is an insurance policy that protects you against damages caused by a third party. This policy insures you against damages that you may cause to others. This type of insurance policy is mandatory for all vehicle owners to have.
One of the major benefits of having this type of insurance is that it covers any legal liability that may arise owing to the death or injury of any other person or property. You are protected against paying any legal fees to a third party in simpler terms if you are at a fault.
This type of insurance does not cover damages caused by theft or any other damages caused to self.
Features of this policy
- Affordable- This policy is affordable as the premium amount liability is low.
- Protects against damages- As mentioned above, this policy gives you protection against damages.
This type of insurance is suitable for you if your car is old or if you are just looking to comply with the law.
Comprehensive Insurance
A comprehensive car insurance policy is that type of insurance that gives you and your car overall protection. You are not only protected against damages caused by a third party but are also protected against damages that are caused due to natural causes like a flood, fire etc. and theft.
Benefits of Comprehensive Insurance
Some of the benefits of this policy are-
- Overall Protection- Under this cover, you are protected against various situations that are not covered under third-party insurance.
- Roadside assistance- If you find yourself to be stuck in the middle of the car due to some problem in the car, then you can reach out to your insurance provider and avail of roadside assistance.
You can also add certain extra features to this policy to ensure protection in all situations. Some of the add ons are- Zero Depreciation Cover, Personal accident cover, etc.
This type of insurance cover is suitable for you if you have a brand new car. You would want to give your car overall protection to ensure that it has a long lifetime and the performance of the car is not affected.
The decision of choosing the best car insurance should be an informed one as the cost of paying the premium for such a policy is high. It would be a wasteful expenditure if the decision you take is not correct! Moreover, in a time of need, you may find out you don’t have the right coverage to save you the financial burden.To know more about car insurance, click here!
