July 19, 2024
Image default

Key Benefits Of Availing A Comprehensive Motor Insurance Cover

All vehicles registered in the country are mandatorily required to have motor insurance policy. The minimum requirement is of third-party policy. It insures you against any legal as well as financial liabilities in case of an accident.

But there are a few limitations to third-party vehicle insurance that are limited in terms of no coverage for own damage. To compensate for these shortcomings of a liability only or third-party policy, you can purchase a comprehensive motor insurance.

Here are some of the benefits of purchase a comprehensive car or two wheeler insurance policy:

Most secure form of insurance policy

When compared to a third-party insurance cover, a comprehensive insurance cover offers a higher coverage by compensating in times of damages to your vehicle during an accident. When you opt for comprehensive coverage, you can either claim reimbursement or repair using the cashless facility at a network garage.

Death or disability compensation

Comprehensive plans insure the policyholder for any damages that may be caused due to death or disability during an accident. The insurance company pays the entire amount of compensation to the nominee if such an event takes place. Moreover, different policies specify different terms for payment of the claim in case of partial or permanent disability.

Coverage for legal and financial hurdles

A comprehensive two-wheeler or car insurance not only insures the damages to your vehicle, but also provides coverage for third-party liabilities. Thus, every comprehensive motor insurance includes third-party coverage.

Protection against fire perils

Comprehensive policies include coverage for the damages that may be caused by all types of fire-related accidents. However, the policy does not provide for mechanical damages but includes damage due to overheating. The insurance company pays the IDV or insured declared value in case of an accident that damages your vehicle.

Protection against theft

Comprehensive plans are handy when your vehicle or any of its components are stolen. The insurer covers the entire amount of loss by providing the IDV at the claim. You must note the maximum amount of loss that shall be compensated by the insurer is limited to the IDV declared at purchase or renewal date.

Protection against natural perils

Comprehensive insurance policy acts as a financial safety net for damages to your vehicle. It not only insures against accidents, but also perils of nature. Unfortunate events like earthquakes, floods, hailstorms, etc. destroy life form as well as property. During such times, your vehicles can get damaged and at times, even beyond repair. So availing a comprehensive vehicle insurance online or offline can help to add a financial safeguard for these damages.

Protection against vandalism

Unfortunate events like civil disturbances or riots may cause damage to your vehicle. A comprehensive insurance policy will act as a saviour to provide reimbursement for the cost of repairs of your vehicle.

Although the law prescribes third-party motor insurance policy as the minimum requirement, a comprehensive cover is an all-round policy that ensures maximum coverage. Furthermore, these comprehensive plans can be customised with add-ons to increase the scope as per need.