What Is a Comprehensive Car Insurance Policy?
It is a type of Insurance policy that benefits complete protection for the insured vehicle against all accidents, risks, third-party liability, natural disasters, etc.
How does the Comprehensive Car Insurance Policy?
The insurance provider comes up with compensation if repairing or replacing the car in case of damage, complete or partial loss. This type of car insurance policy provides coverage for the policyholder’s car damages and third-party damages. Hence the comprehensive policy would cover the third party disability, death, and property damages. Not stopping here, the policy also covers the personal accident cover to the owner-driver of the car.
Benefits of Comprehensive Car Insurance Policy
Third-party insurance cover is half protection, whereas the comprehensive policy is a complete protection package. Here are a few benefits you enjoy by purchasing this policy.
Economical: Buying a complete protection package in a single deal is great.
Worry-free rides: With comprehensive insurance, people can enjoy a stress-free trip.
No Claim Bonus: The policyholder can benefit from a No-claim bonus add-on. Hence, you can get a discount on the renewal premium amount after a successful no-claim period.
Who should buy a Comprehensive car insurance policy?
New car buyers: There would be a lot of financial investment in a car; hence it would be an ideal idea to buy a Comprehensive car so that the protection is 100%.
Road trip lover: If you are a person spending the majority of your time traveling, then for sure, you opt for a comprehensive policy.
Metro city residents: In metro cities, people are exposed to huge traffic scenarios frequently; therefore, the possibility of accidents is high.
Accident risk regions: Vehicles are prone to accidents in regions like hill regions. To be on the safer side, car owners in such regions are recommended to purchase comprehensive policies for their vehicles.
Fancy cars: Fancy car is a huge possession for its owner. If these vehicles suffer damage, the repair charges would be huge. Therefore, a comprehensive policy would be a great cover.
Exclusions of Comprehensive car insurance policy
- The benefits will be rejected if the driver is found drunk during damage/ accident.
- If the car’s value is depreciated, the depreciated value wouldn’t be accounted for during the claim.
- The policyholder should take care of the expense when the insured vehicle suffers a mechanical or electrical breakdown.
- The claim request is rejected when the driver is found driving without a license.
- If the damage is due to regular wear and tear.
- Claim request is rejected even if the driver holds an invalid license.
If the damages happen due to reasons like war, nuclear weapons, etc.