Insurance for your car is the first and foremost important thing to do after buying a new car. Now that there are quite a few number of insurance available for car, choosing one that best suits your financial needs and protects your car as well as the insured is necessary. One such insurance that covers all of the above is called comprehensive car insurance.
How to select Car Insurance provider?
Full Cover Comprehensive car insurance
Comprehensive full coverage car insurance covers any damage to your car other than a car accident or collision in cases like theft, stolen, fire, weather& natural disasters, falling objects, street riots, animal damage and other perils. You must always check with your insurance agents before agreeing to any term, what all perils are included in the comprehensive car insurance policy.
Benefits of comprehensive car insurance
- The comprehensive car insurance covers any damages to your car, the passengers in it as well as the third party in a single policy.
- If your car is worth a lot of money then its better you opt for comprehensive car insurance to pay off for the damage, replacement and repair you will have to encounter after an accident.
- Comparing the monthly premium rate against the maintenance cost your car will have to incur during an accident; having a comprehensive car insurance will make you tension free thinking that your losses or damages are covered in an accident.
- If you have bought your car against a loan or lease, then its better you cover your car with comprehensive car insurance so as to protect the value of your car against any damage.
- With comprehensive car insurance, you can claim compensation from the insurance provider when your car encounters any damage that was completely your fault other than collision.
Disadvantages of comprehensive car insurance policy
- Comprehensive car insurance costs more than Third Party insurance or Third Party Fire &Theft insurance for the insured and the car.
- Comprehensive car insurance is not a good choice, if your car does not cost you a fortune or is cheap.
- You will need to pay a higher premium every month for comprehensive car insurance.
- The insurance does not cover wear and tear or mechanical breakdown or any damage to tyres unless the vehicle is also damaged.
When making a choice consider
If you are in a dilemma on which insurance to choose, it might be wise for you to consider these points; the value of car in the market, your residential location (higher theft or vandalism demands more protection), affordable premium that fits your budget.
Recommended Read : Third party vs Full Cover Car Insurance
