Purchasing a new four-wheeler is always a great milestone in our lives. With the four-wheeler, we can carry out long, and short distance travels in comfort. Along with this, they are also optimal choices for the road trips that you plan with your friends and family. Unfortunately, however, car accidents have increased with the rise in car owners on the roads.
Therefore, you must take proper precautions before driving your two-wheeler on the road. Among the best ways to protect your car from damages is getting a suitable motor car insurance plan. As per the IRDAI, it is a legal compulsion for all car owners to get a third-party car insurance plan before driving their car on the roads in India.
What is Third-Party Car Insurance?
A third-party car insurance plan is the basic insurance coverage you can buy from your insurer. As per the IRDAI, every car owner must own a third-party car insurance plan for their vehicle. With a third-party insurance plan, the insurer will provide financial assistance to deal with the repair costs for property damages, physical injuries or the death of third parties if your car was the cause of these events.
Getting third-party car insurance for your car is quite optimal to ensure you have financial assistance in case of damages or injuries caused to third parties. However, it is not enough to have third-party insurance, as the policy’s insurance coverage is limited to third parties and does not extend to your vehicle. Along with this, there are a few more reasons why third-party coverage will not be sufficient for you.
Reasons Why Third-Party Car Insurance Isn’t Sufficient
Given below are some reasons why a third-party car insurance plan is not sufficient:
- Insurance coverage in the event of damage: The biggest benefit of comprehensive car insurance is that it provides coverage for damages caused to your vehicle. Your car can get damaged by different events like accidents, third-party liabilities, riots, etc. Getting the proper insurance coverage for dealing with the damage repair costs can be quite helpful for you.
For example, a third-party insurance cover will provide you coverage only for the damages a third party has faced because of your vehicle. Therefore, getting a suitable comprehensive car insurance plan will help you get financial support for the damage repair costs of your vehicle.
- Security: When you own only a third-party insurance plan for your four-wheeler, you will constantly be concerned about the well-being of your vehicle on your road trips. However, when you own comprehensive insurance coverage for your vehicle, you will be at peace knowing that you will be covered for any damages caused to your vehicle. Along with this, if you pass away due to an accident, your comprehensive policy will provide your family with a comprehensive cover.
- Coverage for car theft: Car theft is quite common in metropolitan cities. While you can add appropriate anti-theft devices to your vehicle, there are a lot of skilled thieves and robbers. In addition, when you own only a third-party insurance plan for your car, you will not get any financial assistance if your vehicle gets stolen. However, with a comprehensive car insurance plan, you will get the IDV of your vehicle as stated in the car insurance plan if your vehicle is stolen.
- Quick and easy services: With a comprehensive car insurance plan, you can access a wide network of garages that the company has onboarded to help you. If you visit any of these garages, you can deal with the damages to your vehicle through a cashless claim process. You will have to provide the information about your policy, and you will get the required assistance to deal with the damages.
- Riders: If you own a third-party insurance plan, you cannot enhance the coverage of your car insurance plan. However, with a comprehensive car insurance plan, you get to enhance the coverage through the help of riders. You can include riders in the car insurance plan to get additional coverage for specific situations. For instance, a roadside assistance rider will help you get assistance in the event your car breaks down unexpectedly while you’re travelling.
If you wish to get a suitable comprehensive cover for your car, it will help if you go online to find one. Most insurers like Tata AIA have launched their official websites to help customers. Along with this, you can also carry out the car insurance claim and the car policy renewal online. When you renew the car insurance policy online, you can keep the policy active from the comfort of your home.
After reading the third-party plan’s coverage, many individuals wonder, ‘is third-party insurance enough in India?’. This is because the policy’s coverage does not extend to the damages caused to your car. Therefore, it is better to go for a comprehensive car insurance plan, as you can cover third parties and own damages under the same plan.