Purchasing four-wheelers helps us simplify our lives immensely. Be it long-distance drives or daily commutes; our four-wheelers help us deal with all sorts of travels. But the roads are filled with too many motor vehicles these days, and accidents have become normal on crowded highways. Therefore, we must take the right steps to ensure our vehicles are protected from unprecedented events. One of the best methods to ensure our vehicles are protected is by getting 4 wheeler insurance.
Car insurance plans will provide you with financial coverage to deal with the damage repair costs if your vehicle was involved in an incident or was damaged. When you decide to purchase car insurance in India, you are provided with three options:
- Third-party car insurance plans
- Standalone own-damage cover plans
- Comprehensive car insurance plans
Third-party car insurance plans offer you coverage for protecting third parties. For example, if your car were involved in any damages to third parties or third-party properties, the third-party plan would help you deal with the damages. However, while the third-party plan can be beneficial, it won’t help you protect your vehicle. Alternatively, standalone own-damage covers only offer protection against the damages caused to the insured vehicle and do not cover third-party claims.
This is why most individuals opt for a comprehensive car insurance plan that includes own-damage protection as well as third-party claims, along with a personal accident cover.
What Are Comprehensive Car Insurance Policies?
A comprehensive car insurance plan will include coverage for both third parties and own damage. With a comprehensive car insurance plan, you get to protect your car from damages and the third parties involved in the accident up to a maximum coverage amount. Along with injuries and damages, the comprehensive car insurance plan provides coverage for different instances like
- Natural disasters
- Falling objects
Comprehensive car insurance will work in your favor if any third parties have damaged your vehicle or if your vehicle was damaged because of some incidents. However, the coverage you get will depend on the plan you purchase. Therefore, if you’re planning to purchase a comprehensive car insurance plan, you must consider a few factors.
Factors You Must Consider Before Buying Comprehensive Car Insurance
- Risk involved: You must purchase insurance for your four-wheeler based on the risks you may face. For instance, four-wheelers have a higher chance of being involved in accidents if they are frequently driven through risky routes or on long weekend trips than the vehicles parked most of the time.
So, first, you must identify the type of risks you will be exposed to while driving your vehicle on your normal routes. Then, once you have identified the risks you will be exposed to on your usual routes, you must look for a plan that will protect you from these risks.
- Add-ons: Add-ons are additions to your insurance policy that help you enhance your plan’s coverage. With the inclusion of add-ons in your car insurance plan, you get coverage for specific situations. For instance, the Roadside Assistance add-on will help you get roadside assistance if your vehicle breaks down unexpectedly on the road. With roadside assistance coverage, your insurer will send a mechanic to fix the issue on the spot or transport your car to the nearest garage based on the extent of the damage.
Therefore, including add-ons can be quite beneficial for your plan’s coverage. However, it would help if you chose only the necessary add-ons for your insurance policy. Each add-on has its own unique cost, and including a set of add-ons to your insurance policy will lead to a rise in your premium amount.
- Deductibles: Deductibles are small amounts you have to pay when filing a claim at the time of filing a claim. There are two variants of deductibles available, voluntary and compulsory. Compulsory deductibles are pre-fixed and voluntary deductibles can be adjusted as per your requirements. If you opt for voluntary deductibles over compulsory, your premium amount will be lowered based on the amount.
- Insurer’s credibility: There are numerous insurers in the market. You must choose a credible insurer for your 4-wheeler insurance policy. A credible insurer will help you with your queries and assist you in different situations, like renewing your plan or filing a claim. Claim settlements are quite stressful times, and you need a supportive insurer during that time.
To pick a credible insurer for your insurance policy, you must read about different insures and the reviews left by other customers. You can also visit your insurer’s social media page to get an idea about their services.
- Comparison of insurance plans: When planning to purchase car insurance, you must begin by identifying your requirements from the insurance policy. Once you have identified your requirements, you must begin looking through the different insurance plans available in the market. When you have a decent idea about the different policies available in the market, you will make an informed decision. It would help if you listed down the plans that matched your requirement and compared them based on the coverage they offer. Insurers like Tata AIG offer insurance calculators on their websites to help customers purchase online car insurance policies. You can use the calculators to compare car insurance plans available for you.
Purchasing comprehensive coverage can be quite helpful for your car’s protection. With a suitable comprehensive car insurance policy, you can be at peace knowing that your four-wheeler is protected from unprecedented dangers. However, your car’s coverage will depend on the policy you purchase. Therefore, you must be mindful while purchasing the plan and consider a few factors like your requirements, the insurer’s credibility, deductibles, add-ons, etc.