Whatever car insurance plan you choose, make sure you’re protecting your car well. Know more about the types of car insurance in India
Comprehensive Car Insurance Policy
A lot of people buy an insurance because it is mandated in India and you can’t drive without it. But thankfully most of the people realize that insurance is for their own good. And such people take a Comprehensive Insurance only. The main difference between a Comprehensive Car Insurance Policy and a Third-party Liability Only is that a Comprehensive Insurance covers ‘Own Damages’ as well. Own Damages means the damages to one’s own vehicle. So let’s see what all does it cover:
· All the benefits of Third Party Insurance i.e. damage to a third-party’s property or vehicle and also any personal damages to a third-party like hospitalization, death or disability.
· Plus damage to own vehicle due to accidents, fire or natural calamities.
· Plus personal damages like Injury to Owner Driver.
· Plus Theft & Total Loss of Vehicle.
Third Party Liability Only Car Insurance Policy
People who are either very tight on their budget or do not really value the benefits of insuring their own damages, go in for a Third-Party Liability Only Car Insurance. Let’s see what all it covers and what it doesn’t:
· Damage to Third Party vehicle or property. The limit of liability in such a case is up to 7.5 lakhs.
· Any personal damages like injury to someone else. In such a case, there is no limit to the liability.
But it does not cover the below:
· Damage to own vehicle due to accidents, fire or natural calamities
· Theft or Total Loss of Vehicle
· Injury to owner driver
· Add-ons like Return to Invoice, Zero Depreciation etc
Also, a lot of customers feel that the process to claim under the Third-Party Liability is tedious as first the third-party has to file an FIR and case against the insured person regarding the accident and only after that does the insurance company come into the picture.
Note: We recommend a Comprehensive or Standard Policy to most customers. But in some cases Third-Party Liability only may not be a bad idea. In case you have a car which you don’t driver at all or you have a car which is too old, in such cases a third party car insurance is enough for maintaining a basic protection.