The normal insurance coverage on a car in India is a third-party liability insurance policy, which is mandatory under the Motor Vehicles Act, of 1988. This type of policy covers damages or injuries caused by the policyholder to third parties, including their property and person. However, this policy does not cover damage to the policyholder's own car or any injuries sustained by the policyholder. Additionally, comprehensive insurance coverage, which includes both third-party liability and damage to the policyholder's car, is optional but highly recommended. It provides coverage that is more extensive and can protect the policyholder from financial losses in the event of an accident or other unforeseen events.
What is Liability Only Car Insurance Coverage?
Liability-only car insurance coverage often referred to as "liability insurance," provides protection for the damage or injuries you may cause to others and their property in a car accident for which you are at fault, but it does not cover your own vehicle. It consists of two primary components: Bodily Injury Liability, which covers medical expenses, legal fees, and compensation for injuries sustained by individuals involved in the accident, and Property Damage Liability, which covers the cost of repairing or replacing damaged property. Liability-only coverage is a basic and cost-effective option, ideal for those with older or less valuable cars, as it fulfills legal requirements while offering limited protection for your vehicle. However, it may leave you responsible for your own car's repair or replacement costs in the event of an accident where you are at fault or if your car is damaged by other means, such as theft or weather-related incidents.
Who Has The Cheapest Full Coverage Car Insurance?
PolicyBachat offers the cheapest full coverage car insurance can vary depending on your location, vehicle, and personal factors. To find the most budget-friendly option, compare quotes from various insurance companies in India.
What Is Full Coverage Insurance On A Car?
Full coverage insurance on a car is a comprehensive policy that includes multiple types of coverage, typically encompassing liability, comprehensive, collision, and additional protections to safeguard both your vehicle and others in various situations.
What all Does Full Coverage Car Insurance Cover?
Full coverage car insurance in India typically includes liability coverage for third-party injuries and property damage, as well as comprehensive and collision coverage to protect your own vehicle. It may also encompass additional options like personal injury protection and uninsured/underinsured motorist coverage.
Is Full Coverage Car Insurance Worth It?
Whether full coverage car insurance is worth it depends on individual circumstances. It offers comprehensive protection against various risks, making it valuable for new or expensive vehicles. However, it may not be necessary for older or less valuable cars. Consider your needs and budget when deciding.