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Is Third Party Car Insurance Enough For An Older Vehicle?

Is Third Party Car Insurance Enough For An Older Vehicle?

Third-party car insurance is basic insurance coverage that has been made mandatory by The Motor Vehicles Act, 1988. A third-party insurance policy will cover the damages sustained by a third-party to their vehicle or person in the event of a mishap involving the insured person. While the third-party insurance policy covers the insured person’s liability towards the third-party, it does not cover the insured party’s own damages to their person or vehicle.

On the other hand, a third party insurance for car online policy covers the damages sustained to the insured person’s vehicle or self as well as losses suffered by the third-party. This makes a comprehensive car insurance policy a more reliable financial product that offers you complete protection.

Many people make the mistake of thinking that an older vehicle lacks in value and therefore does not have much to gain from comprehensive car coverage. This can prove to be a huge error for no matter how old or new your car is, the road is highly unpredictable. A single mishap can occur in the blink of an eye and leave you with huge repair bills. In fact, the older your vehicle, the more difficult it is to get spare parts at an affordable price. Moreover, a comprehensive car insurance plan can do much more than protecting you financially against accidents. Let’s take a look at some of the many benefits that a comprehensive car insurance plan can offer your older vehicle.

  • Coverage from natural disasters

One of the lesser-known benefits that a comprehensive car insurance plan offers you is that it includes financial protection against natural disasters. The natural disasters that usually get covered include floods, tsunamis, and so on. A single natural calamity can completely destroy your vehicle; a

online third party car insurance can do nothing to help you in this situation.

  • Protection from theft

A comprehensive car insurance policy also offers you coverage if your vehicle gets stolen. This is truly a huge benefit for if your car gets robbed or picked up, you really lose its entire value – a sum that perhaps could have helped you purchase another vehicle. In case of theft, your comprehensive car insurance plan will reimburse you with your car’s insured declared value (IDV). You can put these helpful funds towards the purchase of another vehicle.

  • Extra benefits from add-ons

If you purchase comprehensive car insurance, you can add riders to your policy to truly fill any gaps in your coverage. These riders include roadside assistance, engine protection, and zero depreciation, among others. Do note that these riders cannot be added to a third-party insurance policy so, you would be missing the added advantage they bring if you skip out on taking comprehensive car insurance.

Thus, as we can see, a comprehensive car insurance plan is the best way to financially protect your vehicle whether it is old or new. For a slightly higher premium, you benefit from coverage that is truly holistic in nature. Just remember to review the policy details before you pay your premium. We hope this article will be helpful for you.

 

Website:https://www.iffcotokio.co.in/motor-insurance/third-party-insurance
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