A comprehensive Car Insurance Policy not only provides protection against all the natural and man – made events. On the other hand Third Party Liability Insurance provides the protection against the damage o bodily injury to third party with your vehicle.
Comprehensive Insurance plan is optional, so most of the people never go for it. Plus the premium is also high in car comprehensive plan. However if you don’t have this motor insurance plan then you won’t be getting any claim if your car become a wreck.
Therefore, one should always go for Comprehensive Car Insurance policy. Though, you have to pay more premium but when any unfortunate event happens with your car, it will cover all your repair expenses. In this article, I would be discussing instances when you should opt for Comprehensive Car Insurance policy.
When you Should Opt for Comprehensive Car Insurance Policy
1. Loan Term is Over and You Own Your Vehicle
When you sign loan papers of car loan, banks ask for your consent in relation to the comprehensive car insurance plan to protect your vehicle from damage. However, once you have repaid your loan completely, you need not to take the cover. However under the law, it is mandatory that atleast you have third party liability insurance.
Well, I know you consider yourself the best driver. But what about other driving vehicle in the roads. Suppose a drunk driver ran into you and wreck your vehicle. Plus you also cannot control the natural calamities like cyclones, floods, etc. So, it is very important that you opt for comprehensive car insurance.
2. You Don’t have sufficient cash to repair car
The most logical argument to go for comprehensive insurance is the future is uncertain and any unforeseen event can cause damage your vehicle. Suppose, you were driving and suddenly an earthquake came, and it just ruin your car into a wreck. How you pay for the repair? Do you pay for your own pocket? If you would be having comprehensive insurance then you need not to have worry about anything.
3. The Replacement Cost is less than Insured Declared Value
The time when replacement cost of your vehicle become less than IDV then you can remove the comprehensive cover from your vehicle. Although I will advise you to never remove the comprehensive cover from your vehicle.
4. Even if you do not take out your vehicle frequently
If you are among those who rarely take out their out from the garage, then for a moment you can think of not taking the cover. But what if when you take out your car and it met with an accident. So whether you are a frequent or an infrequent driver, do take the comprehensive cover for your car.
5. Selling Your Car
If you do not take your car out frequently and you are planning of selling it then your third party liability insurance is enough. Well, whether you want it or not, under the law it is mandatory to have atleast third party liability insurance.
Also Read >>> What All Items Does Car Insurance Policy Covers?