Comprehensive car insurance is the most preferred type of insurance because of the extensive coverage it provides. When you buy a comprehensive car insurance plan, you not only get covered for third-party damages caused by your vehicle but also for your own damages.
Although it is most popular among new car owners, it is equally important for the owners of older cars. But if you are still sceptical about whether or not to purchase a comprehensive car policy for an older four-wheeler, you are in the right place.
This blog will discuss why comprehensive car insurance is recommended for older vehicles. Keep reading!
What Is Comprehensive Car Insurance in India?
Comprehensive car insurance, as the name suggests, is a type of car insurance policy that offers coverage for both parties involved in a car accident. In other words, when you have a comprehensive car plan, you will get coverage for your personal and third-party damage in case of an unforeseen event like a road accident or fire.
For instance, suppose you own a Toyota car which meets with a road accident and causes severe damage to another four-wheeler. In this case, if you have third-party insurance, then it will only compensate for the damages done to the third party. But, if your car needs any repairs, you will have to pay for it by yourself.
In this scenario, having a comprehensive Toyota car insurance plan can be a huge help because it will not only compensate for the loss of the other party but will also pay for the repairs made to your car after the accident.
Do I Need Comprehensive Car Insurance for an Older Car?
Although comprehensive car insurance is not compulsory for older cars, it is excellent to have. As mentioned above, a third-party car insurance scheme offers financial support for third-party liability, including damages to property, injury, and death.
However, when it comes to protecting your older vehicle from accidental damage, it becomes inefficient. This is where the need for comprehensive car insurance comes into play. Here are some benefits of having comprehensive insurance for old car:
- Compensates for Third-party Damages :
When you have a comprehensive car insurance policy, it will compensate for the third-party liability caused by your insured vehicle.
- Offer Financial Support for Personal Damages :
An older vehicle is more likely to sustain damages during accidents. And repairing those damages can be extremely expensive. A comprehensive car plan can offer much-needed financial support in such scenarios. It enables you to get cashless claims by getting your vehicle repaired at the network garages. This is one of the key benefits of having comprehensive insurance for car that is older.
- Offers Cover Against Theft :
Losing a personal vehicle is one of the worst things that can happen to anyone. This is true for all vehicles, whether new or old. Thankfully, there is comprehensive car insurance available, which compensates you in case your four-wheeler gets stolen.
- Availability of Several Add-ons :
The original value of a four-wheeler is subject to depreciation. It means when you file a claim, the insurer will offer reimbursement only for the depreciated value of your car. But if you have a comprehensive car policy, you can buy add-ons like zero depreciation, which allows you to get more compensation as per the original value of your vehicle.
Where to Buy the Best Comprehensive Car Insurance India?
Most trusted insurance providers in the country, like Tata AIG, offer comprehensive insurance policies that offer several benefits. You can purchase the best policy online by visiting their official websites. You can even compare multiple comprehensive travel insurance plans to find the most suitable one for yourself. This method is easy and takes very less time. But if you want, you can also purchase the insurance policy offline by contacting any trusted insurance agent or visiting their physical location.
Comprehensive car insurance is important for both new and old vehicles as it provides a higher degree of financial and legal protection as compared to third-party insurance. So, it is high time if you have not already purchased comprehensive car insurance for your old car. We hope this blog helps you make an informed decision.