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What Is A Comprehensive Auto Insurance Policy In I...

08 March 2016, 12:02 PM

With opportunity comes the risk; these words seem true in regard with a car. Every individual wants to buy car so that he can comfortably live his life and maintain a good social status. But there are few consequences that you have to deal with and avoid any other risk associated with your car; you are recommended to buy a suitable auto insurance policy for your car.

Comprehensive auto insurance policy in India gives coverage for theft, glass damage, vandalism, damage sustained from hitting a bird or animal, Fire, damage from falling missiles or objects, damage sustained due to severe natural or weather disaster such as the wind storm, hail, floodwaters, hurricane, tornado, etc. In simple words car insurance is a contract signed between the car owner and the insurance company under which the car owner agrees to pay a pre-specified sum as insurance premium to the insurance company and in return the insurance company promises to cover any risk occurred due to above written causes.

There are two types of insurances; life and non-life. Vehicle insurance is a non-life insurance which covers all the material risks associated with a vehicle. When you buy a new car through cash or car finance transaction, then you can opt for insurance. Normally you are given first year's insurance included in your car's price. If you opt for car finance then the respective company purchases a car insurance for your car to cover all the future probable losses. Till the time you keep paying your installments, the insurance cover continuous, after that you can either continue it or stop it, but it is always recommended to keep your car insured so that you can eliminate the chance of any probable loss.

If you opt for vehicle insurance from any company, then normally you are given two options, you can either opt for lesser premium or higher premium. If you opt for lesser premium payment, then the ideal value of your vehicle is valued slightly less in comparison to the case when you opt for higher premium payment. So whenever you decide to buy car, you can have a look at possible options given to you by the insurance company.

When you decide to buy car, you are given three options by the company, first is third-party only (TPO), second is third-party, fire and theft (TPFT) and the third one is comprehensive auto insurance policy in India. The advantages that you get under the third type of policy are higher than the other two options. Comprehensive auto insurance policy in India  provide extra protection in comparison with TPFT or TPO, so people think that it is more expensive than other two, but it is completely wrong. When you compare the price that you have to pay in comprehensive insurance and the advantages that you are offered, you will come to know that it is worth its cost.

There is a tight competition going on in the market among all the companies, hence no matter if you buy car through cash mode or you opt for car finance, in both the cases you can get benefits of comprehensive car insurance policy at a very reasonable rate. There are n numbers of options available for all the car owners; hence they can decide the best among all the options. So whenever you opt for a vehicle insurance in future, don't forget to tally all the available options and then choose the best options among them.

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