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November 27, 2021

If you are a car owner, you would be well aware that having a car insurance is mandatory to drive in India. But if you are someone that has done a bit of research about traffic regulations in the country, you will know that only a certain amount of insurance coverage is mandatory.

According to the Motor Vehicles Act, 1988, any vehicle that drives on Indian roads should be covered under at least a third-party car insurance policy. This is because the policy is aimed to cover you against any legal or financial liabilities in the case of an accident. More precisely, if your car ends up causing physical harm or property damage to a third-party, they are entitled to compensation that can be too much to bear for you. Hence, the insurance provider will cover you for it. However, a third-party policy is a minimum requirement. This means there is always more coverage that you can go for.

The other option you have is to go for is a standalone policy. It is the opposite of a third-party policy. Where a third-party policy only covers liabilities, a standalone policy only covers own damages. Hence, if you buy a standalone policy, you will have to cover the liabilities of an accident. Moreover, you might be fined for not having liability coverage by traffic authorities. Hence, what you need is a holistic coverage option. One such option is a comprehensive car insurance policy. Here is why you should select comprehensive car insurance:

Highest form of coverage

Out of all the car insurance coverage options, a comprehensive policy offers the highest degree of protection. It gets its name for the 360-degree coverage that it offers. Firstly, it offers the coverage of a third-party policy. This means that coverage for legal financial liabilities is included. Adding to that, the policy covers own damages. This means it offers compensation to you in the case your vehicle suffers any damages or loss due to an accident or any other mishap. You can either claim reimbursement of all the money you spend on repairing your car or you can make a cashless claim and have your insurance provider cover the repairs. The latter out of the two is often preferred. If you want holistic coverage for your car, you should immediately use a car insurance calculator to get an idea of how much a comprehensive policy will cost you. * Standard T&C Apply

Compensation for death or disability

A comprehensive car insurance policy provides coverage for physical injuries and/or death of the driver /owner of the car. In case, the policyholder suffers from a partial disability, permanent disability, or death, there will be a fixed amount that will be paid out to the parties concerned. In the case of a disability, the policyholder will receive the amount. In the case of death, the amount will be given to a nominee of the policy. * Standard T&C Apply

Protection from natural calamities

Usually, at the time of car insurance claims, the damage to be repaired is due to a road accident or vandalism. However, that is not the only way your car can get damaged. Sometimes, you could have simply parked your car and an earthquake, or a flood could do major damage to your car. A comprehensive policy covers your car against damages caused by natural calamities. In the case that your car gets damaged beyond repair, you will receive a pay-out as compensation for the car. * Standard T&C Apply

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.

Garth Gregory

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