FAQs on Comprehensive Vs Third-Party Insurance
Why is buying Comprehensive Car Insurance a smarter choice?
Buying Comprehensive Car Insurance is a smarter choice because it offers the dual benefit of third-party coverage as well as Own Damage cover. Plus, you can choose add-ons that will further enhance the scope of your insurance policy.
Can I switch from a Third-party Policy to a Comprehensive Policy on renewal?
Yes, you can change the type of your car insurance policy. Your car will be thoroughly inspected before your policy approval. So, just make sure to get those pre-existing dents on your car repaired before the inspection.
Why is comprehensive car insurance more expensive than third-party policy?
Comprehensive Car Insurance is more expensive than Third-party Policy because a Third-party car Insurance Policy covers only the damages caused to the third-party person or property. It offers the most basic coverage.
On the other hand, a Comprehensive Car Insurance Policy pays for the damages caused to your car along with compensating the third-party. This extended coverage makes Comprehensive Car Insurance more expensive than Third-party Policy.
FAQs on Comprehensive Insurance Plan
What are the best add-on covers for a Comprehensive Car Insurance Policy?
The best add-on covers for a comprehensive policy are:
Zero Depreciation
Engine Protection
Roadside Assistance
Key Replacement Cover
Outstation Emergency Cover
Consumables Cover
Return to Invoice Cover
No Claim Bonus Protect
Buying an add-on cover totally depends on your personal requirements. So, it is very important to assess them before choosing the right cover and not overspend on car insurance.
Will the insurance premium go up if I buy two add-ons with my comprehensive insurance cover?
Yes, each add-on comes at a cost. The more add-ons you include in your Comprehensive Cover, the higher will be the final payable premium.
FAQs on Third-Party Car Insurance Plan
Why is buying third-party car insurance mandatory in India?
Buying a Third-party Car Insurance Policy is mandatory in India as per The Motor Vehicles Act. It ensures that the third-parties involved in an accident involving your car will be compensated for the loss.
Can I choose the IDV in a Third-party Policy?
No, the concept of IDV does not apply in a Third-party Policy. IDV comes into the picture in case of own Damage, which is not offered by the Third-party Policy.
Is it legal if I drive a car with only a Third-party policy?
Yes. Buying at least a Third-party Car Insurance Policy is necessary if you want to avoid fines. However, opting only for a basic policy will expose you to financial liabilities if your car suffers damage.
What does a paid driver mean in car insurance and can I add a paid drive in a Third-party Car Insurance Policy?
The professional appointed to drive your car is a paid driver. You can add them to your car insurance policy. This will allow you to claim in case of major injuries to the driver. Yes, a paid driver can be added to a Third-party Car Insurance Policy under the Personal Accident Cover.
What are some major exclusions of Third-party Car Insurance?
Exclusions are situations that are not covered under your car insurance policy. Here is a list of some important exclusions of car insurance plans.
Any damage to your car is not covered under a Third-party Policy.
Misinformation
Fraudulent claims
Please go through your car insurance policy for a full list of exclusions.
FAQs on Car Insurance
Which is the least expensive car insurance plan?
A Third-party Liability Policy is the least expensive car insurance plan. It also provides the least amount of car insurance coverage to the car owner.
What types of car insurance plans are available at ACKO?
ACKO offers both types of car insurance plans — Third-party Liability Insurance and Comprehensive Car Insurance. Additionally, you will find specially customised plans like Zero Depreciation - Super Saver, Comprehensive - Super Saver, etc. These provide extensive coverage while saving some extra bucks.
What if there is a mistake in the policy emailed to me by the insurance company? Will I be required to purchase the policy again or is there a mechanism to rectify the mistake?
Usually, minor errors in the policy document can be rectified by a process called Policy Endorsem*nt. You must inform the insurer about the mistake and they will rectify it and send a new policy document.
I drive slowly, follow traffic rules, and have never been involved in a car accident. Do I still need to buy car insurance?
You need to buy car insurance irrespective of how good you are behind the steering wheel. The compulsory aspect of a car insurance policy has more to do with covering third-party liabilities. For exhaustive coverage, you can buy a Comprehensive Plan.
What is an example of fraudulent activity while claiming car insurance?
Raising a claim to make a profit from the insurance company is considered as a fraudulent activity. For policyholders, insurance is for reducing losses and not maximising profit.
