What is the purpose of comprehensive car insurance?

What is the purpose of comprehensive car insurance?

Comprehensive Car Insurance is a type of insurance that gives you cover for damage to your car and damage caused to other vehicles and property, as well as cover for theft, fire and malicious damage.

What are the benefits of comprehensive insurance?

It covers lawsuits, including legal fees brought against you as a result of an accident. Peace of mind and financial protection. Offers financial aid in case your car is written off. Unlike third-party insurance, it covers from damages caused to your own car during an accident.

What is comprehensive motor insurance?

Comprehensive insurance is an extensive car insurance policy that covers risk related to your own damages. It provides comprehensive coverage against third party liabilities and loss or damages of the car from accidents, vandalism, fire, falling objects or floods.

Is comprehensive insurance mandatory?

While having a comprehensive insurance policy is optional; having a third-party vehicle insurance policy is mandatory. Note- The policyholder can opt for additional riders and avail customized insurance coverage.

Is comprehensive car insurance compulsory?

Every certified vehicle has to be covered by CTP insurance, whereas comprehensive car insurance is optional. CTP insurance only protects you from the personal injury liability that might arise if you injure anyone involved in an accident you caused.

What includes in comprehensive car insurance?

As the name suggests, a comprehensive insurance policy offers complete protection to both the parties involved in an accident. So, the damages to self, car, as well as the other party involved in the accident are covered by the comprehensive policy, up to the maximum coverage amount.

What are the things covered in comprehensive car insurance?

Comprehensive coverage helps pay to repair or replace your car if it’s stolen or damaged by something other than a collision. Comprehensive typically helps cover theft and damage from vandalism and natural disasters, falling objects, fire, hail, flood or animals.

Why is motor insurance compulsory?

Car insurance is mandatory to help the family of the deceased who might lose their life in a car accident. The compensation under the Motor Tribunals Act was introduced to ease the burden on the families.

What type of insurance is mandatory for a vehicle?

In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least ‘third party liability’ motor insurance cover even when opting for the basic insurance plans.

What happens if I don’t have comprehensive car insurance?

If you don’t add comprehensive and collision, your vehicle will have no coverage under your car insurance policy. If you’re at fault in an accident, collision coverage is the only way to make a car insurance claim for your vehicle’s damage or total loss. Without it, you’ll have to pay out of pocket yourself.

What is considered comprehensive coverage?

Comprehensive coverage helps cover the cost of damages to your vehicle when you’re involved in an accident that’s not caused by a collision. Comprehensive coverage covers losses like theft, vandalism, hail, and hitting an animal.

What do you need to know about comprehensive car insurance?

What is Comprehensive Car Insurance? Comprehensive Car Insurance is a type of insurance for private cars that provides all-round protection to the vehicle from all kinds of risks, such as accidents, theft, third party liabilities, natural calamities, etc.

What kind of insurance do I need for my car?

A comprehensive insurance policy provides extensive coverage to your car from a variety of adversities. Take a look at the list of covers available under comprehensive car insurance: Accidental Damages – If your car suffers from any loss or damages following an accident, this car insurance plan will cover it for you.

Which is better comprehensive or third party insurance?

True to its name, comprehensive car insurance offers more benefits than third-party insurance. It protects the policyholder against, theft, accident, damage, and repair. It covers offers third-party liability as well. Insurance experts recommend buying a comprehensive insurance in order to enjoy adequate insurance coverage.

What happens to your car with car insurance?

It helps to repair or replace your car in case any unpredictable mishap occurs resulting in its loss or damage. With this insurance, you will be entitled to receive financial aid from your motor insurance company to get your car repaired or replaced in case of a partial or total loss of your car.