Comprehensive Car Insurance
About comprehensive car insurance
Comprehensive car insurance combines third party car insurance and self-damage insurance into one single policy. As per the Motor Vehicles Act, it is mandatory for all motor vehicles operating on Indian roads to get third party liability protection. However, such protection does not pay for any damage that your car may suffer in an accident. Therefore, you should choose a comprehensive car insurance policy for complete financial protection after an unforeseen event. Comprehensive car insurance will also protect you from losses due to car theft or car damage due to causes other than traffic collisions. Since buying a car is a big investment, it is wise to insure it to protect your investment.
What is comprehensive car insurance?
A comprehensive car insurance policy covers loss/damage to you and your car and protects you from third party liability. You should choose this type of car insurance if you want to get financial protection from losses from accidents, theft, and natural disasters. A comprehensive plan is recommended by experts for all-round Financial Protection.
The premium for a policy like this consists of a third party premium and a self-damage (OD) premium. While third party premiums are determined by insurance regulators, od premiums vary by car make/model, car age, engine capacity, and geographic zone.
If you do not yet have the necessary Personal Accident Protection (PAC), you can also opt for it together with your comprehensive car insurance. The government of India requires all drivers on Indian roads to have a PAC of at least ?15 lakh as collateral.
Why choose comprehensive car insurance?
Although it is mandatory for you to have at least third party liability car insurance, it is better to invest in comprehensive car insurance because it will also provide you:
Protection against natural disasters
Weather conditions have become very unpredictable. Sudden torrential rains can cause flash floods in almost every city in India. Such flooding can also cause damage to your vehicle. This is where comprehensive car insurance can help and help you save on repair costs.
Protection against human actions
But natural disasters aren't the only risks your car faces. Your car can also be stolen or become a victim of other malicious acts. A comprehensive car insurance policy will also protect you from the financial implications of such actions.
Third party liability insurance
Comprehensive car insurance covers third party liability protection by default.
Access to additional protection
Not everyone has the same car insurance needs. You can customize your car insurance policy through the addition of protections that provide protection in certain conditions that are more likely to affect you. Some of the more popular protection additions include zero depreciation Protection, Engine and gearbox protection, and invoice refund protection.
Benefits of buying comprehensive car insurance
If you're still not convinced, here are some other benefits of buying a comprehensive car insurance policy:
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1. All car owners are at risk of becoming a victim of car theft and robbery. Buying a car is a big investment, if your car is stolen, Will you be able to replace it from your pocket? Can you afford to buy a car of the same make and model again? You may have taken out a car loan, and you still have to pay it off even if your car is stolen. Comprehensive car insurance will protect you from these possibilities by paying the insured value of your car in case of theft.
2. Usually your car will be parked on the street. Strangers passing by may decide to scratch it out of annoyance or there may be a protest on the street and your car could be damaged by the protesters. Comprehensive car insurance will pay for the repair costs in such a scenario as well.
3. If you are involved in a collision with a third party and they are at fault, then their car insurance will pay for the damage your car has suffered. But what if you collide with an animal on the road? Your car will still have damage and dents. Comprehensive protection will pay for this damage as well.
4. A car fire is a devastating thing and can even cause your car to be unrecoverable. With a comprehensive car insurance policy, you can at least be sure that the financial impact of such an incident will be under control.
Some of these scenarios may look a bit absurd, but they are within the scope of the possibilities. While you can't predict when an accident will happen, it's best to be prepared for all eventualities when it involves a large investment.
Why choose ICICI Lombard for comprehensive car insurance?
When you purchase insurance coverage from ICICI Lombard General Insurance, you join a family of over 4 crore satisfied customers. You can contact our team anytime, from anywhere across this country for assistance with your car insurance policy. You simply contact us and we will guide you through a simplified claims process to ensure a faster settlement.
You also get access to our extensive network of cashless repair shops. You can repair your car at these workshops without having to spend a single rupee out of your pocket for covered damage. Claims are settled very easily without any hassle and payment is paid directly to the workshop. Our strong online presence allows you not only to purchase and renew a policy online, but you can also file a claim online, making the process much simpler than before.
ICICI Lombard also offers a wide array of protection additions through which you can customize your coverage to suit your specific needs.
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