What Are The Benefits Of Buying A Comprehensive Motor Insurance Policy?

Posted on: Feb 19, 2019 | | Written by:

What Are The Benefits Of Buying A Comprehensive Motor Insurance Policy?

Published on February 19, 2019. EST READ TIME: 3 MIN

A car insurance policy is as essential as any other safety measure in a vehicle. Not just for the sake of the law, you must purchase a suitable and affordable car insurance plan to ensure personal safety and avoid hefty repair expenses. Since having third-party insurance is mandatory, many people tend to question why they need to pay more for comprehensive car insurance. To ensure that your cherished car is protected from risks of loss or damage, it is wise to invest in comprehensive car insurance policies.

Comprehensive car insurance explained

The comprehensive car insurance policy ensures that your car is protected from the risk of damage during an accident along with damage to third-party life and/or property. Comprehensive car insurance policies need to be renewed periodically to ensure that your vehicle always remains insured.

Comprehensive Car Coverage

Comprehensive car insurance provides 360-degree coverage. This means you get to avail both your own damage and third-party losses or damages. Not just accidental damages but several other conditions are covered which include:

• Own damage component of the plan covers the following risks:

• External accidents

In case your car or the person driving the insured car suffers injury or damage due to a third-party person or property on the road, your insurer will cover the medical cost and car repair.

• Theft and burglary

If the insured vehicle gets stolen, the policyholder has to file an FIR and raise an insurance claim. If the vehicle is found, the repair cost will be borne by the insurance company. However, if you lose the vehicle, your insurer will compensate you as per the Insured Declared Value of your vehicle.

• Fire, explosion, self-ignition and lightning

Conditions like fire or explosion or self-ignition in the vehicle can cause huge damages. Such costs are also covered by the insurance company.

• Terrorism, riots and malicious acts

Damages to your insured vehicle, due to terrorist acts, are covered under comprehensive car insurance.

• Natural disasters like earthquakes, floods, landslides and storms

Natural disasters like earthquakes, floods, landslides, etc. may damage your car or even cause complete loss. In such a case, your insurer will either bear the expenses of car repair or compensate you for the total loss of your car.

• Personal accident

Personal accident component covers the cost incurred due to the medical treatment of the driver. Other occupants can also be covered at an additional premium.

• Third-party liability

The component covers third-party liability including accidental death and damage to third parties and damage to property owned by third parties. The coverage for a third-party loss is decided by IRDAI (Insurance Regulatory and Development Authority of India).

• No Claim Bonus

NCB discount is offered as a reward to comprehensive insurance customers at the end of one year of claim-free driving as a way to incentivize safe and responsible driving. The NCB DISCOUNT is deducted on its own damage component from the renewal amount that needs to be paid as a premium at the end of the year.

Why Do You Need Comprehensive Car Insurance?

There are different types of car insurance policies available. So, which one should you pick for your vehicle and why? When it comes to a comprehensive car insurance policy, this why becomes easier to explain. This is because comprehensive car insurance means wider coverage with higher base covers and add-on options.

A comprehensive car insurance policy is the most suitable for people who drive frequently, have luxury or hefty cars or have recently purchased a new vehicle. In all such situations, the policyholder can benefit a lot from the plan.

How Does Comprehensive Car Insurance Work?

A comprehensive car insurance policy works like every other vehicle insurance plan. The difference is that the policyholder enjoys maximum base coverage under a comprehensive plan. You need to pay a sum premium and keep renewing the plan before the end of the policy tenure to keep availing of the benefits. If you need to raise a claim, you must first inform your insurance company and then do as the rule follows. For accident cases, you will have to file an FIR and take a copy of it along with other documents to raise a claim. Most of the policy claims can be raised online on the website of HDFC. The insurer will review your claim and try to approve it soon and release the admissible amount.

Benefits of Comprehensive Car Insurance

There are many other benefits that customers are privy to when they purchase comprehensive car insurance policies at HDFC ERGO.

• Attractive discounts

Get great deals and discounts on comprehensive car insurance prices

• Easy online purchase:

Online purchase of car insurance is easier than ever on HDFC ERGO's webpage!

• Cashless claim service:

With a wide network of more than 6400+ garages, claim settlement is a breeze!

• Instant policy documentation:

Hassle-free policy documentation at the click of a button.

• Round-the-clock support:

24x7 customer support to ensure smooth and hassle-free claim settlement!

With so many benefits, these policies are a must-have for you! Look no further than here for all your car insurance needs!

Conclusion

Road safety must be your utmost priority once you take out your vehicle. However, not always can you control the situation on the road and this is why a car insurance policy like a comprehensive car insurance policy is highly recommended. There are several benefits of having all-around coverage for your vehicle. However, it totally depends on your preferences and the requirements of your vehicle. So, if you haven't yet purchased a plan, now is the right time to take a step ahead for it.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before going ahead with the purchase.

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