Buying a vehicle in an Indian household is a festival itself in a family. It is welcomed in the family as a family member. Insurance firms in India provide a myriad of automobile insurance policies to meet the individual demands of purchasers, but selecting the proper coverage can be difficult.
There is a range of different types of insurance policies provided by insurance companies in India -
Third-party Insurance
It is a specific kind of car insurance policy with restricted coverage. It provides protection against harm or injury to the person or property of other parties, as the name would imply. The owner or the insured vehicle are not covered by third-party insurance for injuries sustained by them. All car owners in India are mandated by law to carry third-party insurance, at the very least.
According to the Motor Vehicles Act, having third-party auto insurance is required in order to operate a vehicle on the roads. The sum assured should be appropriate for the driving conditions and sufficiently large to eliminate out-of-pocket expenses on your part.
Benefits of Third-party insurance
Provides legal protection and financial aid in the event of a sudden and unfortunate incident, such as an accident.
Provides peace of mind when dealing with traumatic situations.
cost-efficient and advantageous in terms of premiums.
Simple online renewal is available.
Provides financial assistance to a third person that was involved in the accident.
Comprehensive Insurance
This is a type of car insurance policy that provides the bare minimum of coverage for third-party losses. It also provides protection against injuries to the automobile owner in the event of an accident as well as losses or damages to the covered vehicle. It also covers potential theft-related losses and damages, as well as natural disasters like floods, earthquakes, and tsunamis, as well as man-made disasters like rioting and vandalism.
The vast range of coverage provided by Comprehensive Insurance makes it quite helpful, and car owners are urged to obtain this insurance when acquiring a new automobile, even if the rate is slightly more.
Benefits of Comprehensive insurance
Provides financial security in case of an emergency.
Covers litigation involving legal bills filed against the policyholder as a result of an accident.
Provides comprehensive coverage that includes both the policyholder and the vehicle.
Comprehensive Insurance covers damage to the vehicle caused by the policyholder.
Covers damages caused by fire, extreme weather, and man-made disasters.
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