A Slew Of Party Car Insurance Benefits You Need To Know

Purchasing a new car is an exciting prospect for many, but most people end their research after selecting a particular model or brand of the car. While buying a car, the same amount of research must be done in case of selecting the befitting insurance policy as well.

Most of us know that immediately after buying a vehicle, the compulsory third party insurance is mandatory to even bring the car out of the showroom. While most settle on the compulsory third party as suggested by the motor car dealer or the insurance agent present there, they end up buying a very expensive policy without even the essential protection that a policy must cover.

Compulsory third party insurance only covers the bodily injuries or death of the third party caused by your vehicle. Neither it covers the property or vehicle damages of the third party, nor any of your damages, when you are at fault. They are relatively too expensive compared to general third party insurance and comprehensive protection plans. Third party car insurance generally covers the damage you cause to other cars or property and therefore provides additional peace of mind to you. When untoward incidences even as small as a bump to another car can cause thousands of rupees in damage, it’s becomes clear why third party insurance is crucial.

Merits of Having A Third Party Car Insurance:

• Third party insurances offer more protection and cover than mandatory policies.
• While compulsory polices offer protection only against bodily injuries or death of the third party caused by your vehicle, third party insurance covers even the property and vehicle damages of the person affected by your car.
• Compulsory insurance policies are expensive and would cost you more money delivering only bare minimum coverage. On the other hand, third party insurances are less expensive and pocket friendly. They offer further coverage on the car or property damages caused by your car.

Demerits of Third Party Car Insurance:

• Third party insurances do not cover any of the damages caused to your car, neither it covers personal injury or death of any passenger sitting inside your car at the time of the accident. 
• Third party claims do not cover for theft, robbery, natural calamities, manmade disaster or any other kind of damage done to your vehicle.
• The no claim bonus or NCB, a reward received for making no claims during subsequent years of policy renewal is generally very less or no NCB at all in case of third party insurance.

Comprehensive Car Insurance Policy Benefits Over Third Party Insurance:

As third party car insurance fails to cover any damage caused to your car where you are at fault, comprehensive polices are a better option for car owners. Comprehensive car insurance covers just about everything, including accident cover irrespective of who is at fault, theft and fire damage, and helpful extras such as towing after an accident and a replacement of car while yours is being repaired, depending on the car insurance provider and policy.

CONCLUSION:

Third party car insurance is a great deal for value in comparison with mandatory third party policy. The extension of coverage is more, while costs are less. Reputed companies like HDFC ERGO offer some of the finest policies that suites your interest and requirements. These budget insurance policies extensively assure the safety and security of your car up to the maximum extent.