While a third-party car insurance policy is mandatory in India, many car owners have started opting for comprehensive car insurance due to the benefits offered by it. These policies include coverage from third-party liabilities and damages to the insured car for various reasons. When you start looking for comprehensive car insurance in India, you have many providers to choose from. To find the best policy, you must compare features and services along with claim settlement processes. For example, the Tata AIG car insurance claim settlement ratio in FY2020-21 was around 98% indicating a focused approach by the provider to settle claims within the agreed timelines. Today, we will be talking about comprehensive car insurance and take a look at the benefits it offers to urban vehicle owners.
Benefits of Comprehensive Car Insurance to Urban Vehicle Owners
Comprehensive car insurance coverage includes third-party liabilities and damages to the insured car due to accidents, fire, natural disasters, man-made disasters, and theft. While comprehensive policies are costlier than third-party liability-only policies, here are the benefits that urban vehicle owners can derive from them:
● Urban areas are accident-prone
In urban areas, roads are congested, with a sizeable number of vehicles on the roads at all times. Hence, traffic jams are common. This leads to road mishaps and accidents. While some accidents are minor, causing little damage to the vehicles involved, others can lead to severe vehicular damage and injuries or death of the people involved. When you opt for full coverage comprehensive insurance, you can manage all these expenses without breaking the bank.
● Damage due to water
In most cities in India, water logging is one of the most common problems. This poses a huge risk to cars as waterlogged roads can damage them. The biggest problem arises when the water gets into the engine and causes damage. With comprehensive car insurance, you can opt for an engine protection add-on cover to repair your car without having to worry about costs.
● Car theft
In cities, car thefts are a big problem too. Even if the entire car is not robbed, thieves tend to take off with expensive car parts. As an urban vehicle owner, this is one risk that you need to protect yourself from. With a comprehensive policy, you get coverage for such thefts. However, make sure that you go through the terms and conditions carefully before buying.
Over the last two decades, riots and terror have increased worldwide, especially in urban areas. When such incidents occur, vehicles can get caught in them and suffer damage. With comprehensive car insurance policies, you can get coverage for damages to your car as a result of riots or any man-made disaster.
As you can see, urban car owners have specific requirements for a car insurance policy. A comprehensive plan offers features and benefits that make it ideal for these car owners. Also, comprehensive policies are highly cost-efficient, easily available, and offer a range of add-on covers that allow you to customise the policy as per your needs.
While comprehensive car insurance policies offer many benefits, it is important to remember that they cost more than third-party liability policies. Therefore, it is important to assess your insurance needs and consider your use of the car before choosing the policy. Also, there are many insurance providers offering a range of plans. Make sure you research the market, compare providers and plans, and thoroughly review the policy wordings before signing the dotted line. Good Luck!