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What is comprehensive motor insurance and what does the plan include?

The concept of motor insurance is two tiered. At the first and most basic level you have what people call TP, which is third party insurance. This insurance is a must-have and we don’t mean just in terms of it being essential, but as per the law. For you to drive your vehicle on Indian roads, you need to have TP insurance. Third party insurance covers the insured against damages that occur to a third party’s vehicle. It also covers the insured’s financial liability in case an accident causes injury or even death to a third party. The financial liability owed to the injured third party or their dependents (in case of death) is covered by third party insurance. 

Being caught without it can get you in trouble with the law. That said, not everyone is a law abiding citizen and the country has its share of unscrupulous vehicle owners, who would rather grease the palms of law enforcement than obtain TP insurance and do the right thing. 

Worse, even if you are in an accident thanks to someone who does not have TP insurance and even if law enforcement takes them to task over it, the situation does not improve for you. Sadly, you still might not receive any reimbursement or coverage for the damage suffered to your vehicle. The law has no provision to reimburse you for another citizen’s failure to abide by the law and buy TP insurance. You could drag them to court or some such, but who has time for that. It is certainly more expensive than just getting comprehensive insurance. 

That’s why most regular working people who would rather avoid any trouble with the law (and citizens who do not abide by it) prefer to get comprehensive motor insurance. This type of insurance includes both third party insurance and own damage insurance. In other words, this  insurance covers you against any damages to a third party’s vehicle and any damages to your own vehicle as well. In addition, with comprehensive car or bike insurance, you are covered against unforeseen circumstances like loss or theft, fires, terrors attacks, riots and vandalism and any natural calamities like floods, cyclones and earthquakes. 

As the name suggests comprehensive car or bike insurance, is the most extensive motor insurance that you can cover your vehicle with. 

If you intend to buy comprehensive motor insurance, it is advisable to do so online, on a forum like IIFL insurance, which allows you to compare rates, coverage and benefits among different insurers. You receive a handful of quotes after choosing your desired motor  requirements. The number is restricted to four to five offers at the most, to avoid making you feel overwhelmed. 

You also get the assurance of working with a trusted insurer because IIFL only onboards verified insurers with a good track record and a good market reputation. 

You can get yourself comprehensive car or bike insurance as per your specific requirements within only a few minutes on the IIFL website. With only 4 steps, you walk away with an affordable comprehensive motor insurance policy in the bag:

Step 1: visit www.iiflinsurance.com  and choose the relevant type of insurance from the menu 

Step 2: fill up the 3-step online form by choosing from the options in the drop down menu. You’ll be asked for vehicle registration details and personal details. 

Step 3: go through the offers that come to you from IIFLs insurance partners 

Step 4: choose an offer and pay up 

In addition if you want a truly extensive motor insurance policy, you should opt for some of the add ons that are relevant and likely to be useful to you

  • Zero depreciation
  • No Claim Bonus Protection
  • Roadside assistance
  • Engine protection 
  • Key replacement 
  • Consumables, or the parts used for repair 
  • Tyre security
  • Loss of personal belongings (sith four values to choose from based on your lifestyle and what you tend to lug about in your vehicle)

You need to select these at the third step of your online form by clicking on the add filters button above the form. 

Some of the factors to consider when buying comprehensive motor insurance are: 

  1. Motor insurance premium amount is the primary concern of most insurance buyers and the most quoted reason for only getting TP insurance. But on the IIFL platform, you can surely get affordable comprehensive motor insurance. Moreover, buyers should consider the amount they would have to shell out over repair, before deciding to take their vehicle out on the streets without comprehensive cover. 
  2. IDV, that is the Insured’s Declared Value, is the maximum amount payable by the insurance company to you in case of total loss or theft of your car or two wheeler. 
  3. Claim settlement ratio is a percentage representation of your insurance company’s track record with regards to paying off claims and should be somewhere between  80 and 95 to be optimal. 

FAQs

Why does my comprehensive insurance cover not include coverage against falling trees that have damaged my engine?

Engine protection is an add on that has to be paid for and opted for over and above a comprehensive motor insurance policy.

Does comprehensive motor insurance cover damage that occurs on account of hate crimes or some sort of riots? I am posted in a communally volatile area for a few months

Absolutely, your selected motor insurance policy will cover you against damages that occur out of riots and vandalism.

I have just purchased a new Audi and am being advised to get comprehensive insurance because of the brand. What does this have to do with anything?

This insurance policy is advisable at all times as it covers you against damage to a third party and their property as well as damage to your own vehicle arising out of accidents and a variety of other reasons. However, what your well meaning friends and relatives are probably trying to say is that you need it more than ever before because you have purchased a high end vehicle at a high price and therefore it is more essential than ever before for you to get a comprehensive motor insurance policy. Alternatively, they might also mean that your enviable vehicle is more prone to theft on account of being more desirable than other vehicles.

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