Comprehensive car insurance, also known as a full coverage policy, is an all-inclusive car policy that offers extensive coverage to protect your car from unexpected damage and expenses.
It is always recommended that new car owners buy comprehensive car insurance for better coverage. These policies act as a financial safety net to reduce your financial burden. In this blog, we explore the numerous benefits of comprehensive car insurance.
Comprehensive Car Insurance Benefits
● More Coverage
Comprehensive car insurance offers extensive coverage. It provides support in case of events such as total or partial loss of the insured car due to theft, natural disasters, accidents, burglary or fire.
It also provides financial reimbursement or compensation to third parties in case of liabilities incurred by accidents leading to bodily injuries, property damage, disability and other costs.
● Reduced Financial Strain
A car insurance policy is a customised agreement between the insurance provider and the insured. The insured party has to pay premiums in order to receive all the stated benefits from their policy.
Part of the contract states that the insurance provider is supposed to offer financial relief in return for premiums. Suppose the insured car goes through an unfortunate event resulting in damage or loss. In that case, the policy providers will offer financial coverage (as long as the concerned event is covered under the policy).
● Additional Coverage
Most reputed insurance providers like Tata AIG offer a range of additional covers, also known as riders or add-ons. Policyholders can customise their policies by adding certain add-ons to increase their protection.
The best comprehensive car insurance offers add-ons such as zero depreciation, roadside assistance, key replacement, engine secure, tyre secure, consumable expenses, return to invoice, daily allowance and loss of personal property.
These add-ons enhance the protection offered by the car insurance policy, making it further beneficial for your beloved car.
● Cashless Repairs
Insurance companies have a network of garages all around the country. Whenever needed, policyholders can visit these network garages for repairs and restoration of their vehicles.
Once the policyholder enters the network garage, they need to show their comprehensive car insurance ID or papers. After that, as the name suggests, you do not have to pay for your repairs. The mechanic or garage personnel will contact the insurance company, and the claim will be settled between them.
● Cumulative Bonus
A cumulative bonus, also known as a no-claim bonus, refers to the premium discount offered by the providers for not filing a claim in the policy year. What this means is that if you do not raise a claim in a policy year, you get to enjoy a discount on your premium amount after policy renewal.
This bonus motivates policyholders to drive carefully and avoid raising unreasonable claims. Your premium amount is reduced on policy renewal, and you also gain credibility in the policy provider’s eyes.
● Deductible Amount
Deductibles are another feature that allows you to benefit financially from the car insurance policy. At the time of policy issuance, the policyholder and provider agree on a certain amount of money. When the insurance company settles the claim raised by the insured, the policyholder pays the agreed amount of money.
When you choose deductibles in your policy, the insurance company offers a discount on your premium, making the overall policy highly beneficial.
● Personal Accident Cover
Comprehensive car insurance offers a personal accident cover to protect the owner-driver. If the policyholder suffers from any injury, severe treatment, disability or death after an accident, the policy will offer financial coverage.
This coverage provides financial relief to the insured and their family even after the injury, disability or death.
● Peace of Mind
All the above benefits offer a sense of relief, security and safety. When your vehicle, its repairs, your finances and you are financially secure, you have very little to worry about. The peace of mind enables safe driving, less anxiety and more safety.
Final Thoughts
A comprehensive car insurance policy combines third-party and own damage coverage under one plan. If you customise your comprehensive car insurance policy optimally, you can maximise its benefits and features while paying an affordable premium. Opt for the best comprehensive car insurance, customise and optimise your policy and enjoy the perks!
