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Comprehensive Car Insurance

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About comprehensive car insurance

Comprehensive car insurance combines third-party car insurance and own damage insurance into a single policy. As per the Motor Vehicles Act, it is mandatory for all motor vehicles plying on Indian roads to get a third party liability cover. But such a cover does not pay for any damages that your car may sustain in an accident. Therefore, you must opt for a comprehensive car insurance policy for complete financial protection in the aftermath of an unforeseen event. A comprehensive car insurance will also protect you from losses due to car theft, or any damage to the car resulting from causes other than traffic collisions. As buying a car is a big investment, it is prudent to insure the same to safeguard your investment.

What is comprehensive car insurance?

A comprehensive car insurance policy covers losses/damages to you and your car in addition to protecting you against third-party liabilities. You should opt for this type of car insurance if you wish to get financial protection from losses caused due to accidents, theft and natural disasters. The comprehensive plan is recommended by experts for all-round financial protection.

The premium for such a policy consists of both a third-party premium and an own-damage (OD) premium. While the third-party premium is decided upon by the insurance regulator, OD premium varies based on the car’s make-model, age of the car, engine capacity, and geographical zones.

In case you do not already have the requisite Personal Accident Cover (PAC), you can also opt for the same along with your comprehensive car insurance. The government of India mandates that all drivers on Indian roads have a PAC of at least ₹15 lakh sum assured.

Why comprehensive car insurance?

While it is mandatory that you get at least a third-party liability car insurance, it is better to invest in a comprehensive car insurance as it would also provide you with:

Cover against natural calamities

The weather conditions have become highly unpredictable. A sudden downpour can lead to flash flooding almost in any city in India. Such a flood could also cause damage to your vehicle. This is where a comprehensive car insurance can come in handy and help you save on repairs.

Cover against man-made acts

But natural calamities are not the only risk your car faces. It could also be stolen or be subject to other malicious acts. A comprehensive car insurance policy would also protect you from the financial implications of such an act.

A third party liability insurance

A comprehensive car insurance includes a third party liability cover by default.

Access to add-on covers

Not everyone has the same car insurance needs. You can customize your car insurance policy through add-on covers that provide protection under specific conditions that are more likely to affect you. Some of the more popular add-on covers include zero depreciation cover, engine and gearbox cover and return to invoice cover.

Benefits of buying comprehensive car insurance

If you are still not convinced, here are a few more benefits of buying a comprehensive car insurance policy:

  • 1. All car owners run the risk of falling victim to car theft and hijacking. Buying a car is a substantial investment, if it gets stolen would you be able to replace it out of your pocket? Can you afford to buy the same make and model again? You may have taken out a car loan, and you would still have to repay it even if your car is stolen. A comprehensive car insurance will cover you against these eventualities by paying out the insured declared value of your car in case of a theft.
  • 2. Your car would usually be parked out on the road. A random passer-by may decide to scratch it out of some malice or there may be a protest on the road and your car may get damaged by the protestors. A comprehensive car insurance will pay for repairs in such scenarios as well.
  • 3. If you are in a collision with a third-party and they are at-fault, then their car insurance will pay for any damages that your car sustains. But what if you collide with an animal on the road? Your car would still sustain damages and dents. A comprehensive cover would pay for these damages as well.
  • 4 . Car fires are devastating and can even lead to your car being unrecoverable. With a comprehensive car insurance policy, you can at least be assured that the financial hit from such an incident would be contained.

Some of these scenarios may seem a little far-fetched, but they are within the realm of possibilities. While you cannot predict when an accident may happen, it is best to be prepared for all eventualities when a large investment is involved.

Why ICICI Lombard for comprehensive car insurance?

When you buy an insurance cover from ICICI Lombard General Insurance, you join a family of over 4 crore satisfied customers. You can reach out to our team any time of the day, from anywhere in the country for assistance with your car insurance policy. You can just call us and we would guide you through the simplified claims process ensuring faster settlement.

You also get access to our vast network of cashless garages. You can get your car repaired at these garages without having to shell out even a single rupee from your pocket for the covered damages. The claims are settled in a completely hassle-free manner and the payment made directly to the garage. Our strong online presence allows you to not just buy and renew policies online, but you can also file claims completely online making the process much simpler than ever before.

ICICI Lombard also offers a large bouquet of add-on covers through which you can customize your coverage to your specific requirements.

Frequently Asked Questions On Comprehensive Car Insurance

What is comprehensive car insurance policy?

What are the types of comprehensive car insurance policy?

Comprehensive car insurance policies can be classified based on the policy period. You can opt for an annual car insurance policy or a long-term car policy with a term of three or five years. You could also opt for a bundled policy where the TP component is long-term while the own damage component is annual.

Which insurance is best among comprehensive & third party?

Unless the value of your car has depreciated to a level as low as ten times the own damage car insurance premium, it is better to opt for a comprehensive car insurance. A comprehensive car insurance always includes third party liability cover by default and offers coverage against own damage in addition.

Is comprehensive car insurance is compulsory for car owners?

No, only a third party liability car insurance and a personal accident cover are compulsory.

Does comprehensive car insurance covers natural disasters?

Yes, a comprehensive car insurance provides financial protection from natural disasters. Please refer to the policy document for the exact coverage provided.

How comprehensive car insurance claim is settled?

Once you have filed a claim against your comprehensive car policy, the insurer would assign a surveyor to assess the damage and estimate the cost of repairs. Once your claim is verified as genuine and approved, the costs would be reimbursed to your bank account or paid directly to the garage in case of a cashless settlement.

What is the validity of comprehensive car insurance?

Comprehensive car insurance can have a policy period of one, three or five years. Please refer to your policy documents to find out the exact validity.

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