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When it comes to Car Insurance, there are two popular options for you to choose from - Third-party Insurance and Comprehensive Insurance.

🔸What is Comprehensive Car Insurance?

➡️Comprehensive Car Insurance offers extensive coverage that covers Third-party Liabilities and Own Damage. Buying this type of policy is not mandatory by law, however, due to its enhanced coverage, it is the preferred choice for many car owners. Comprehensive Car Insurance is a policy that covers third-party liabilities and damages to your vehicle arising from accidents, natural calamities (floods, cyclones, etc.), manmade calamities (riots, vandalism, etc.), and fire. For example, if your vehicle gets damaged due to flooding, this policy shall cover the repair cost as per the applicable terms. It also covers vehicle theft. And you can even buy add-on covers to increase your coverage.

🔸What is a Third-Party Car Insurance?

➡️As per The Motor Vehicles Act, third-party car insurance is mandatory while driving a vehicle in India. It reimburses the third-parties for losses/damages caused by the insured four-wheeler. Third-party Car Insurance is the most basic and compulsory insurance plan for your car. It provides financial and legal assistance if you injure a third party or damage their vehicle/property. For example, if your car was involved in an accident that damaged a third party’s car, this plan shall cover their repair cost.

Choosing the right kind of insurance for your vehicle is crucial in India. After all, having at least a basic insurance that covers for third party is part of the law. Not having one can lead to traffic violations fines and can even lead to the disqualification of your driving licence!

Source: Acko, godigit
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