Switch from third-party to comprehensive car insurance for better coverage

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14 Jul 2023

Understanding the Benefits of Comprehensive Car Insurance Over Third-Party Coverage

Having car insurance is mandatory by law in India, and because of this, many people end up buying third-party car insurance. If you're also among those people, you need to know that third-party coverage is only to comply with the law and is of no use, especially for you. Because in the event of an accident, if your car gets damaged heavily, you won't be able to get reimbursement for the damage to your vehicle.

Now, you might have understood why shifting from third-party to comprehensive coverage will be good. Continue reading to learn the steps to switch from third-party to comprehensive car insurance.

What is comprehensive coverage?

Comprehensive car insurance coverage in India is a type of insurance policy that offers protection to car owners against a wide range of risks and damages that may occur to their vehicles. This type of insurance coverage provides protection against damages caused due to accidents, theft, natural disasters, fire, and other unexpected events.

The coverage includes third-party liability, which means that it covers damages or injuries caused to a third party, including property damage, bodily injury or death, and legal liability. In addition to that, comprehensive car insurance also covers damages caused to the own vehicle due to accidents, theft, fire, natural calamities, or any other unforeseen events.

The policy may also provide additional benefits such as personal accident cover for the driver and passengers, roadside assistance, towing, and more. It is important to note that comprehensive car insurance coverage is not mandatory by law in India, but it is highly recommended to protect your vehicle against various risks and damages.

Steps to switch from third-party to comprehensive coverage

Well, switching from third-party to comprehensive car insurance requires no effort and is very easy. From the above section, you might now understand why switching from third-party to comprehensive car insurance is a better idea. Now, here are the steps on how to switch:

  • Visit your third-party car insurance provider and navigate to their car insurance page.

  • Enter your car number and leave the previous policy number blank.

  • Proceed to buy a comprehensive policy that offers protection against a wide range of risks and damages.

  • Set the Insured Declared Value (IDV) of your car, which is the maximum amount the insurer will pay you in case of a total loss or theft of your vehicle.

  • If you require additional coverages or add-ons, such as personal accident cover or roadside assistance, you can buy them at this stage.

  • Make sure to read all terms & conditions of the comprehensive car insurance policy carefully before making payment.

  • If your insurer requires a car inspection, you will be asked to select a date for the inspection. However, the inspection may not be required on each renewal.

  • Once your payment is processed, and your policy is accepted, you will receive your car insurance policy in your inbox within a few days.

You can also visit your insurance provider or agent and ask them to convert your third-party insurance into a comprehensive one. They will ask you a few questions, paperwork, and inspections to complete the process.

Conclusion

Having car insurance in India is required by law. But when considering the law, make sure that you don't forget about yourself. Therefore, if you're purchasing car insurance for the first time, make sure that you don't end up buying third-party car insurance coverage. However, if you already have it, you can easily switch from it to comprehensive car insurance coverage by following the steps discussed.

Buying car insurance online in India is the easiest and most convenient way to secure your vehicle against various risks and damages.


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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.