IS FOUR WHEELER THIRD PARTY INSURANCE ENOUGH?
■ There are two kinds of motor insurance plans you can purchase for your car, third party insurance and comprehensive insurance. Third party insurance is the most basic kind of cover – it doesn’t even cover damage or loss of your vehicle. Despite this, many motorists opt for this form of insurance. This is because it covers the basic legal requirement and it is also extremely affordable. However, is 4 wheeler third party insurance enough? Let’s find out!
■What does third party car insurance cover? As the name suggest, these plans provide coverage to third parties (other motorists and pedestrians) against damage and injuries arising due to an accident in which you are involved in or at fault. These plans also provide personal accident cover – a component of protection that offers compensation up to Rs. 15 lakh in case of an accident that leads to total and permanent disability or death. ■However, besides these two forms of cover, 4 wheeler third party insurance offers nothing else. It does not offer any coverage for your car either. Therefore, in the event of an accident, third party insurance will cover the damages occurring to other motorists, but not to your own car!
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What if I want cover for my own car as well? In this case, you could have to purchase comprehensive car insurance. These plans are made of two components – third party insurance and own damage insurance. Therefore, these plans provide everything a third party insurance policy does, but also take it a step further by covering damages and loss of your car as well. What’s more is that, besides accidents, these plans also cover damages and total loss of your vehicle due to numerous other unfortunate events such as theft, acts of nature and man-made calamities.
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Another thing you can’t do with 4 wheeler third party insurance is purchase addons. Add-ons are extra components of protection you can add to your policy that provide coverage against specific events such as the theft of your belongings from your car, damage to your car’s windshield, damage to your car’s engine, and so on. So is third party insurance enough? Well, it depends completely on your needs. If you want car insurance that’s affordable and that is enough to cover the legal requirement, then third party car insurance is for you. However, if you need protection for your car, wish to include add-ons to your policy and want complete peace of mind on and off the road, it makes sense to go for a comprehensive plan. Sure, these plans can be a little more expensive, but the protection they provide makes them worth it. Not only that, there are numerous ways to reduce the cost of comprehensive car insurance, in fact, just not making a claim against the policy can help you get handsome discounts. We hope article has been helpful. If you are still confused about which plan you should get for your car, just contact one of the many insurance providers – they will be more than happy to guide you and clear your doubts. Good luck and drive safe!
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