Insurance companies in India offer two types of policies – comprehensive and third-party. While the third-party cover is cheaper and covers only third-party damages, the comprehensive cover offers wider coverage and is hence, slightly expensive.
What is the difference between comprehensive and 3rd party insurance?
In general, a comprehensive car insurance policy will cover you for a wide range of damages, injuries, and loss to your passengers, your vehicle, and other property. Third party car insurance is more restrictive, covering damage to other vehicles and their passengers, but typically not much else.
Which type of car insurance is best?
Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else’s car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.
Is comprehensive or third-party cheaper?
Even though they offer a higher level of cover, you might find that comprehensive insurance actually works out cheaper than third-party policies. This is because, traditionally, a lot of high-risk drivers tended to go for third-party cover as a way of lowering their insurance costs.
Which policy is better comprehensive or third-party? – Related Questions
Is it worth getting fully comprehensive car insurance?
Fully comprehensive car insurance policies offer the most coverage out of all your options for cover. It offers protection against injury and damage for you and your vehicle, as well as any third-parties involved in a claim.
Why is third party insurance more than comprehensive?
It’s all based on stats and, as it stands, more claims are made on third-party policies than fully comprehensive ones because of the type of driver that buys them. Yet there is another reason why third-party only policies can be more expensive, and that’s because fewer providers offer them.
Is comprehensive insurance better?
A comprehensive car insurance is one of the most preferred types of car insurance policies, as it covers for not only third-party liabilities and losses but, also covers for damages caused to you and your own car.
Can I drive someone else’s car if I’m fully comp?
No. There was a time when many fully-comp policies automatically gave you third-party insurance to drive any car, but those days have gone. So even if you’re fully covered for your own car, don’t assume you’re insured to drive other people’s cars otherwise you risk breaking the law.
Which type of car insurance is cheapest?
Minimum liability insurance is the cheapest type of car insurance and lowest level of coverage required by most states. Additionally, most car insurance quotes also include full coverage quotes for those who need a higher level of protection.
Is comprehensive insurance more expensive than third party?
Not only could comprehensive insurance be cheaper than paying for third party cover, but if you get into an accident, your insurance company may pay for the damages to your vehicle. You may receive compensation when the fault can’t be proven too.
Is third party insurance enough for police?
Take a look at the documents that a traffic cop may ask you to show: Registration certificate (RC) of your car. Pollution Under Control (PUC) certificate of your car. Valid car insurance policy document with at least third-party insurance coverage.
What are the benefits of third party insurance?
What is third party insurance? It protects you against any legal liability, accidental liability, or property damage in case of an unfortunate event. This policy also covers medical expenses in case a third party is injured in an accident or dies.
Can you convert comprehensive to third party insurance?
You can change the third-party car insurance policy to comprehensive car insurance policy after getting the inspection done and paying the required premium for the comprehensive car insurance policy.
Does third-party insurance cover damage to my car?
Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death. Third-party insurance does not provide any compensation, if: The accident was caused due to drunken driving.
What does fully comprehensive insurance cover?
In a nutshell, comprehensive car insurance cover – sometimes known as fully comprehensive cover, pays out if you damage your car, someone else’s car or injure someone in an accident, regardless of who is at fault. Comprehensive car insurance also covers you against fire and theft.
What is covered in comprehensive car insurance?
Comprehensive insurance is insurance coverage that pays for the repair or replacement. Comprehensive car insurance typically covers third-party liabilities, damage from an accident, fire, natural calamity, theft, etc.
What is not covered under comprehensive coverage?
What damage is not covered by comprehensive coverage? Comprehensive coverage does not cover damages caused by hitting another vehicle or object. These incidents are covered under collision coverage. It will also not cover normal wear and tear on your vehicle.
Why should you buy a comprehensive car insurance policy?
Comprehensive policy covers damage to the car due to accidents, car theft, losses to a third party, damage to the car due to natural damages, personal injuries or death caused in an accident, damages caused in a fire. Comprehensive car coverage is full coverage.
Does comprehensive insurance cover personal accident?
As per the India Motor Tariff 2002, personal accident cover is issued compulsorily with every car insurance policy. Therefore, it is granted as part of the comprehensive policy as well as the third-party liability-only policy.
Are passengers third party?
(MP), held that passengers are third party who are compared with other third parties in the matter of liability to compensation as provided in the provisions of the Act of 1939. A similar’Second party’ the insured.