Before you look for the answer to “Is it worth getting comprehensive car insurance?” let’s first try to understand the meaning of this category of motor insurance policy.
What Is Comprehensive Car Insurance?
In India, owning a car is an entirely different feeling. It allows you to embark on adventurous trips with friends, easily commute to a distant office or navigate through the city. However, do you know that driving a car comes with various risks? What if someone collides with your vehicle? What if it gets stolen from the parking lot? Even a fleeting thought of these scenarios can make us anxious. But with comprehensive car insurance, you can bid farewell to these worries.
Comprehensive car insurance features a combination of a liability-only policy and own damage insurance. It covers the repair costs if your insured car gets damaged by a natural disaster, fire or a malicious act by humans.
Even with extensive coverage, many ask if this policy is worth it. Let us find out.
Is It Worth Buying Comprehensive Car Insurance?
Buying comprehensive four-wheeler insurance in India is a wise decision. Here, we present the reasons behind this.
A comprehensive motor insurance policy offers extensive coverage. In other words, this car insurance policy in India offers a wide-ranging safety net for your vehicle. It fulfils the legal requirement of third-party liability coverage and goes above and beyond to protect your car from various risks.
This category of car insurance policy provides safety for high-value cars. For owners of new or expensive cars, this insurance is highly beneficial. It safeguards your substantial investment, covering repair or replacement costs in case of damage.
You can add flexible add-ons that widen the scope of your policy. You can invest in zero depreciation, engine protection and roadside assistance, to name a few add-ons you can opt for and customise your plan. This gives you the flexibility to tailor your policy to your specific needs.
A policyholder who invests in a comprehensive motor insurance plan can gain benefit from the No Claim Bonus of the policy. By maintaining a claim-free record, you can accumulate NCB. This leads to premium discounts in subsequent years. We may say that comprehensive coverage encourages responsible driving habits and rewards you for them.
A comprehensive policy offers protection in high-risk areas. In other words, this policy becomes even more valuable if you reside in an area with a higher risk of accidents or vehicle-related crimes. It shields you from the financial burden of unexpected incidents.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.