Looking To Switch From Third-Party Only To Comprehensive Car Insurance? Here’s All You Need To Know
In India, purchasing car insurance online or offline is mandatory. You may have encountered this sentence several times and bought the essential coverage available, third-party car insurance. However, it does not provide adequate coverage and exposes you to the costs of repairing your damaged vehicle. To obtain full coverage, you must switch to a comprehensive policy, which we would discuss in this article, and what you should be aware of before making the big switch.
How to make the transition from third-party to comprehensive car insurance?
It is easy to transition from a third-party policy to a comprehensive one and know the comprehensive car insurance meaning and advantages in detail. When comparing comprehensive and third-party insurance, the policy’s benefits are higher than the former primary type of policy. The following are the steps to transition from third-party to comprehensive car insurance:
- Visit a car insurance provider’s website in India online.
- Go to the car insurance page.
- Enter your vehicle’s licence plate number.
- Leave the previous policy number field empty.
- Purchase a comprehensive policy.
- Set your car’s Insured Declared Value.
- If necessary, purchase additional coverages or add-ons.
- Read the car insurance policy’s terms and conditions.
- Make your payment
If your insurer wishes to inspect the vehicle, you may be asked to select an inspection date. If approved, your car insurance policy would be emailed to you within a few days. Each renewal may not necessitate an inspection. Purchasing car insurance online in India is the most convenient option.
Things to consider before making the switch –
- Policy cost:
A third-party car insurance policy provides minimal coverage. It covers third-party liabilities resulting from an accident with the insured vehicle. Third-party property damage, injuries, legal liabilities arising from an accident, and personal accident coverage are all covered. A third-party vehicle insurance plan does not cover your damage.
When you switch to a comprehensive approach, you can receive damage coverage in addition to all the coverage provided by the third-party liability policy. Because the scope of coverage can expand if you switch, the cost of your car insurance policy might rise as well. The final car insurance prices of the policy would be determined by factors such as the make and model of your vehicle, the cost of additional coverage (if applicable), and the insurance company providing the policy.
- Coverage:
As previously stated, the significant change in your policy can be that coverage for your damage might be included. A variety of factors can cause damage to your vehicle. These factors are vandalism, natural disaster damage, fire, riots, etc. Theft coverage is another valuable feature of a comprehensive car insurance policy. If your insured vehicle is stolen, you must immediately contact the insurer and notify the police.
- IDV:
The insured declared value is your vehicle’s approximate current market value. The price of your car insurance plan can be determined primarily by the IDV of your vehicle. It is the highest amount that your insurer would be obliged to pay if your car is damaged or stolen.
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- Deductibles:
Deductibles are amounts that you must pay when filing a claim. In the world of car insurance, there are two kinds of deductibles: voluntary and mandatory. As the name implies, you can pay the voluntary deductible whenever you want, lowering your policy’s cost.
- NCB:
If you renew your car insurance online or offline and do not file a claim against your comprehensive policy, you may be awarded the NCB or No Claim Bonus. NCB is only available when renewing car insurance, not when purchasing the policy for the first time or when purchasing a third-party liability policy.
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* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.