The car, especially when it’s the first one, is very close to our heart, and we do all those things for her whatever are possible. The list obviously starts from the safeguarding her financially, i.e., insuring the car against any accidental event. Here are a few things that you must consider while protecting your car.
Type of the Car Insurance When types of vehicle insurance are considered, you have two options to choose from- either a comprehensive policy or standalone third-party insurance. Let’s see what the significances of both the types are- Comprehensive Car Insurance Policy When you are looking for getting complete protection, the comprehensive policy covers all the accidents and road-mishaps. The word comprehensive itself defines the policy as it provides cover for theft, damages to the car, third-party liability, and even the personal accident coverage. Personal accidental coverage is nothing but life insurance for you which covers all your medical expenses occurred due to the event of an accident. Your car is getting insured, why wouldn’t you? That’s the basic idea behind it. However, you are not entitled to claim for any event occurred apart from a car accident. Standalone Third-Party Insurance Third party liability insurance is also life insurance offered for the people (third party) who become a part of the accidental event. In short, the injuries and the damages caused by the insured vehicle are covered. Standalone third-party coverage is a provision for those who don’t want to get their car insured. For example, if the car is so old and the resale value or IDV of the car is not significant, you can avoid purchasing insurance for your vehicle and get only the third-party cover. As per the motor vehicle act, buying a third-party liability cover is mandatory. Life is precious, and we must always be aware of the uncertainties. Be it to you or any other; the unfortunate events may hit anytime, and the life insurance must have to be purchased to overcome all the possibilities. Make sure that the policy you buy is eligible for zero depreciation, which will offer you a full amount of the car (ex-showroom price, without the additional cost of accessories) when the claim is made. Today, the market is full of many life insurances as well as vehicle insurance policies from which you can choose the best suitable one. It is always better to be secure than facing the events.
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April 2022
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