Table of Contents
- Comprehensive Car Insurance
- Third-party Liability Insurance
- Uninsured Motorist Protection
- Personal Injury Insurance
- Collision Coverage
Let’s examine a few of the auto insurance options that Indian consumers can choose from:
Comprehensive Car Insurance
For your four-wheeler, this is the most comprehensive and all-inclusive auto insurance package available. Comprehensive auto insurance also includes coverage for Own Damages (OD) costs, which include flooding, burst pipes, explosions, burglaries, and more, in addition to Third-party Liability. With a comprehensive auto insurance coverage, you have the option to select optional features that enhance your vehicle’s protection and come with a long list of advantages. Engine and tire protection, consumables coverage, personal baggage, zero depreciation, return to invoice, accessories coverage, and more are a few of these add-ons. Principal Advantages consist of
- Personal Damage Costs
- Liability to third parties
- Add-ons in accordance with the insured’s choices
Third-party Liability Insurance
This is the most fundamental type of vehicle insurance that is legally required for your four-wheeler. When you purchase third-party auto insurance, your insurance provider assumes all legal responsibilities that might develop from an accident in which you cause property damage or bodily harm to a third party. Your insurer will compensate for the financial losses you incur due to your accident that could be death, injury, disability, or damage to third-party’s life and property. Key Benefits include:
- If you are at fault in an accident, you are not liable for any damages. In the event of injury, death, or disability, the insurance company would pay your bills.
- Pays for the expense of replacing or repairing the damaged property (or third-party property).
- Pays for the third party’s medical expenses resulting from hospital stays or medical procedures.
- Third-party property damage, injury, or death will be covered by liability insurance.
Uninsured Motorist Protection
This kind of insurance is helpful if you are struck by another automobile and the driver who caused the collision does not have enough insurance to pay for your injuries or repairs. Generally, the at-fault driver’s motor insurance should pay for any repairs or medical expenses. These kinds of costs are protected from by an uninsured motorist insurance policy.
- Sometimes the insurance coverage provided by the third party is insufficient to suit your needs.
- To reduce your exposure, you can add an extra rider, such as underinsured or uninsured protection.
- The insurance provider will cover the whole or additional cost, making it easier for you to pay for repairs or medical expenses.
Personal Injury Insurance
In the event of an accident, this coverage safeguards both the passengers and the owner-driver. The insurance pays for the hospital stays and medical expenses regardless of who was at fault. Having third-party auto insurance is required and pays for costs that must be reimbursed to third parties. But what about the costs you personally have to pay for medical care? Both drivers’ and passengers’ whole medical costs are covered by this policy.
- Personal injury protection will cover all the costs associated with the accident.
- The medical bills of the driver and other passengers will be covered by the personal injury protection.
Collision Coverage
This solely pays for repairs to your car in the event of a collision, which includes those costs. This, in contrast to comprehensive coverage, only protects the car in the event of an accident and not under any other conditions.
- The collision coverage should be purchased in accordance with the age of your car. Be sure that collision coverage is included if you are purchasing an insurance policy for a brand-new car.