There are some key factors that are essentially considered when vehicle insurance online buyers start the process of comparing different products that are relevant to their needs. The most important factor of consideration is the type of vehicle insurance that should be purchased. The challenge relates to deciding on a comprehensive vehicle insurance versus a third-party liability vehicle insurance plan. In India, it is common to find numerous insurance companies selling these two types of coverage. Given the plethora of options in the offering, it is certainly confusing to freeze your choice on one.
Through this article, we aim to enlighten you about the best type of vehicle insurance that should be considered by you while purchasing one online. In addition, what follows will also throw light on the need for buying vehicle insurance at the earliest. Read on for more.
Which is the Best Type of Vehicle Insurance?
Comprehensive motor policies are designed to offer protection for third-party liabilities and personal damages alike. It is essential to make note of the fact that third-party vehicle insurance plans are not eligible for covering personal damages. Given this scenario, you may want to check out the features, benefits, and various coverage options of both these types of vehicle insurance categories to ascertain the best deal for yourself. Insurance comparison and aggregator sites of the likes of Coverfox.com go a long way in helping vehicle insurance online buyers like you get the best coverage at the least possible costs.
Comprehensive Vehicle Insurance Online Coverage
What is a Comprehensive Vehicle Insurance Plan?
A comprehensive vehicle insurance online policy offers overall protection for safeguarding both the parties involved in any accident that takes place after its purchase. Though this plan is extensive in itself and requires a lot of research in terms of understanding the scope of coverage, add-ons and riders, terms and conditions, and the many benefits of purchasing the same, it certainly gives wholesome results. You will get adequate coverage in the event of damages to the vehicle, personal accident cover, theft, or legal liabilities to third-party individuals and property.
Add-ons for Enhanced Coverage
The policy coverage is likely to be improvised by opting for add-ons like engine protector, accessories cover, medical expenses, zero depreciation cover, etc. By paying the requisite premium for a comprehensive plan, you can get end-to-end coverage and therefore ensure lesser stress for all concerned.
Benefits of Comprehensive Vehicle Insurance
In case you do not invest in a comprehensive plan, you will end up paying for expensive repairs from your pocket post any accident. Even though such plans are costlier than standalone third party insurance plans in India, they provide 360 degrees cover for natural disasters, theft, fire, vandalism, civil disturbance, falling objects, or any other kind of damage inflicted on your vehicle – choose accordingly.
Third-party Vehicle Insurance Online Coverage
Third-Party vehicle insurance online is obligatory in India as per the Motor Vehicles Act, 1988. It provides coverage against all financial and legal liabilities arising to third parties when you are at fault in the event of any accident. There is no maximum limit for liability coverage related to injuries or death caused to third parties; however, the liability coverage for damages inflicted to third-party property is a maximum of INR 7.5 lakhs.
Why Should You Buy Vehicle Insurance?
Third-Party vehicle insurance online is unavoidable under all circumstances in India and has to be purchased nevertheless as soon as you buy a four or two-wheeler. Apart from this component of vehicle insurance, it is beneficial to include certain add-ons at a price to enhance the coverage value and include protection for zero depreciation, vehicle accessories, No Claim Bonus, etc. Additionally, by purchasing comprehensive vehicle insurance in time, you can be assured of getting timely treatment for bodily injuries caused by an accident at cashless network medical facilities located all across India.
It is necessary to buy vehicle insurance online in a timely fashion to compensate for the monetary losses coming your way in the event of any eventuality taking place. When you have your car repaired after an accident, only the value of the vehicle after depreciation will be paid for by the insurance company to the cashless networked garages. The original value of your car will not be paid for and the differential loss has to be borne by you. This is a fair deal as you will get compensated for the condition of your car at its current declared value.
The value of the vehicle insurance online coverage amount can be increased by adding on covers like personal accident cover, devaluation cover, medical expenses cover, hospital cash cover, and receipt value cover – go for them all by logging onto Coverfox.com – you will be glad you did!