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Car insurance policy is a vital protection for vehicle owners, offering various types of coverage to suit different needs. In India, the primary types of car insurance include Third-Party Liability Insurance, Own Damage Insurance, and Comprehensive Insurance.
Car insurance, also known as auto insurance, is a policy you purchase to protect your car or vehicle from unexpected or accidental risks. It provides financial protection against losses you might incur due to unavoidable incidents such as accidents, theft, natural disasters, or third-party liabilities. Essentially, car insurance acts as a safety net, giving you the confidence to drive without worries.
Car insurance policy is a vital protection for vehicle owners, offering various types of coverage to suit different needs. In India, the primary types of car insurance include Third-Party Liability Insurance, Own Damage Insurance, and Comprehensive Insurance.
• Coverage: Mandatory in many countries, this insurance covers damages to third-party vehicles or injuries to third parties.
• Benefits: It is the most basic form of car insurance policy and covers damages done to a third-party in an accident by your car. Also, having a third-party car insurance will make sure you do not receive any traffic fines.
• Limitations: Does not cover damages to the policyholder's vehicle.
This type of four-wheeler insurance covers both, third party and stand alone car insurance. It gives you all round financial protection for your car. You can customize a comprehensive vehicle insurance policy with “add-ons” to further protect your car. It covers any damages done due to theft, fire, natural disasters, accidents or mishaps.
• Coverage: Offers the highest level of protection, covering third-party liabilities, damages to the policyholder's vehicle, theft, and natural disasters.
• Benefits: Provides extensive financial security and peace of mind.
• Limitations: Generally more expensive than third-party insurance.
A standalone damage four-wheeler insurance policy covers damages done to your own four-wheeler. It covers any damage done to your car only, in case of an accident, mishap, theft or natural disaster. Damages done to third parties are not covered under this car insurance policy, hence it is generally clubbed with an existing third-party car insurance.
• Coverage: Covers repairs to the policyholder's vehicle in case of an accident.
• Benefits: It is cost effective, you can choose third-party car insurance from different insurers and own-damage four-wheeler insurance from another.
• Limitations: Does not cover third-party liabilities.