ATK
New Delhi [India], March 28: From having essential documents like a car insurance copy and vehicle registration certificate to going for regular car maintenance, car ownership comes with many responsibilities. In India, it is in fact mandatory to have at least a third-party car insurance to drive legally and avoid getting fined. So, if you too have been planning to buy a new car insurance plan to adhere to motor laws, then you should know about the different types of car insurance. There are basically three types of car insurance: Comprehensive, Third-party, and Standalone Own-damage Car Insurance. In the section below, we will talk about the differences between third-party and comprehensive car insurance.
Defining Third-party Car insurance
Third-party car insurance is mandatory as per the Motor Vehicles Act of 1988. Whether you are buying a new car or bike, you are bound to buy a third-party car or two wheeler insurance online respectively at the same time. A third-party car insurance, as the name suggests, provides coverage for any damage to a third-party or third-party property due to the insured car. For instance, if your car damages someone else's car in an accident, then third-party car insurance will provide financial assistance to cover the damages to the third-party.
Some of the exclusions of third-party car insurance are as follows:
* It does not provide coverage if your is stolen or lost
* Any damage to your vehicle is uncovered
Defining Comprehensive Car Insurance
A Comprehensive Car Insurance plan provides complete coverage in case of any damage to the insured vehicle or a third party. It covers both standalone own damage and third-party damage and thus has a higher premium rate than other plans. Unlike other types of car insurance, you can also include a number of add-ons such as No Claim Bonus Protector Cover, Zero Depreciation Cover, Roadside Assistance Cover, etc, at additional premiums. Furthermore, here is a list of exclusions in Comprehensive Car Insurance:
* Normal wear and tear
* Depreciation
* Any electrical or mechanical breakdown
* Any damage when the driver is found to be driving without driving license or car insurance copy or under the influence of alcohol
* Any damage due to a nuclear attack
Third-party vs Comprehensive Car Insurance
Let's take you through some of the differences between Third-party and Comprehensive Car Insurance plans:
How to Buy Car Insurance with Acko?
To buy a car insurance plan with Acko, here are the steps that you need to follow:
* Go to the car insurance option on Acko's website or mobile app
* Enter your vehicle registration and other details
* Next, you will be able to view a list of car insurance plans
* Select the right plan and include add-ons if necessary
* Proceed with premium payment
* Finally, when the payment is approved, you will receive policy details on your registered email id
Why Should You Buy Car Insurance with Acko?
There are many benefits of buying car insurance with Acko such as the following:
* No Paperwork: With Acko, you can buy car insurance without any paperwork. You just have to submit a few documents online and eliminate the offline process that requires tedious paperwork.
* Quick Process: When you buy car insurance with Acko, you can do so in a few minutes.
* Maximise Savings: As no agents are involved in buying car insurance with Acko, you can maximise your savings.
Take Away
Now that you are aware of the difference between a Third-party and Comprehensive Car Insurance plan, you can decide which one to choose.
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