Coverage under car insurance policy
The significant insurance coverage which is available to a car owner are as follows:
Liability Coverage:
The financial liabilities arising out of injury or death involved in a road accident. It also covers the medical costs of the injured party.
The compensation is payable for the damages caused to the property of a third party due to road accident.
The third party insurance coverage is compulsory under traffic laws in India.
Coverage for Collision:
The cost of damages in case of collision will be borne by the insurance company
The cost of repairs or reimbursement will depend on the value of the insurance coverage undertaken by the car owner.
In case the car is on lien it is advisable to opt for the collision insurance coverage.
Coverage for Personal Injury:
The car owner can include personal injury coverage in his or her car insurance policy.
This car insurance coverage will take care of all his or her medical bills or the cost of hospitalization resulting from a road accident.
This insurance coverage offers benefits to the car owner regardless of who is responsible for the road accident.
Protection from Uninsured Car:
In case the car is involved in a road accident with an uninsured car the third party benefits will be missing. In such a scenario the insurance company will bear the costs of damages and the medical bills in case of injury.
The car involved in a road accident with uninsured car the third party benefits will be missing. In such a scenario the insurance company will bear the costs of damages and the medical bills in case of injury.
Comprehensive Coverage:
A comprehensive car insurance policy offers insurance coverage to the car owner from any eventualities.
This may include damages to your car, driver of the car, pedestrians, other cars, other car passengers, third party property to name a few.
This insurance policy also covers damages from civil disturbances, natural calamities, theft, fire, etc.
The cost of the insurance coverage will depend on the number of benefits a car owner includes in his or her car insurance policy.
These are some of the insurance coverages that you will get from a car insurance policy.