Driving a car comes with a lot of risks. You could get into an accident, your car could be stolen, or it could be damaged by natural disaster. That’s why it’s important to have car insurance.
There are two main types of car insurance: third-party liability insurance and own damage insurance. Third-party liability insurance covers damage that you cause to other people or property in an accident. Own damage insurance covers damage to your own car, regardless of who is at fault in the accident.
Own damage insurance is also known as comprehensive third-party car insurance, fire and theft insurance. It’s a good idea to have own damage insurance to protect your car from financial losses in the event of an accident, theft, or natural disaster.
Benefits of own damage claims in motor insurance
Get to enjoy these benefits if buy own damage car insurance
1) No need for long term comprehensive plans – With Standalone car insurance for own damage, the customer does not have to opt for a long-term comprehensive policy to meet the compulsory requirement of 3-year third party insurance cover.
2) Flexibility regarding the choice of Insurance Companies:
As per IRDAI regulations, no third-party liability cover is needed to buy own damage claim in motor insurance cover. Therefore, it is now easy for policyholders to buy both covers from different companies.
3) Economical Car Insurance:
The best part about having your motor own damage insurance cover is that it falls well within the budget of the customer. It is popular among the customers because of the favourable car insurance own damage premium rates.
Things covered under own damage car insurance
- Theft or malicious act
- Natural calamities
Here are some tips for choosing own damage car insurance:
Get quotes from multiple companies: There are many different car insurance companies out there, so it’s important to get quotes from multiple companies before making a decision. This will help you to get the best possible price.
Compare coverage levels: Not all own damage car insurance policies are created equal. Make sure to compare coverage levels before making a decision. You may want to consider getting a policy with comprehensive coverage, which will cover damage to your car caused by accidents, theft, fire, and natural disasters.
Read the fine print: Before you sign any contracts, make sure to read the fine print. This will help you to understand what is and is not covered by your policy.
Ask questions: If you have any questions about own damage car insurance, don’t be afraid to ask your insurance agent. They should be able to answer any questions that you have.
By following these tips, you can choose own damage car insurance that will protect your car and your budget.