This insurance plan will provide cover in case the car is stolen.
Cases of car theft keep coming to light every day. Buying a car costs lakhs of rupees and if it is stolen, people have to suffer huge losses. To avoid such losses, an insurance plan is taken. The insurance company compensates for the loss if the car is damaged or stolen. It is necessary to have an insurance policy to drive a car in India. Generally there are two types of insurance policies. Let us see which plan you should buy to compensate for the loss caused by car theft.
Car insurance is a policy that provides compensation to the car owner in case of loss or theft of the car. two types in india car insurance Policies available are Third Party Insurance and Comprehensive Insurance Policy
Third-Party Insurance: This policy helps the car owner to get compensation from the insurance company for the damage caused to another person or property.
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Comprehensive Insurance: This policy helps the car owner to get compensation from the insurance company for any damage to the car. This also includes car theft.
Therefore, if you want to get financial security in case your car is stolen, then you should take a comprehensive insurance policy.
Benefits of comprehensive insurance policy
- Compensation in case of car theft: If your car is stolen, under a comprehensive insurance policy, the insurance company will give you compensation equal to the market value of the car or the Insured Declared Value (IDV).
- Other damages covered: Comprehensive insurance policy also provides cover for damages like fire, accident, natural disaster etc.
- Policy Period: The period of a comprehensive insurance policy is usually one year.
Comprehensive insurance policy cost
Comprehensive insurance policy is an essential protection cover for car owners. This policy provides financial protection to the car owner in case the car is stolen. Therefore, if you are worried about the safety of your car, then you must take a comprehensive insurance policy.
Premium has to be paid for a comprehensive insurance policy. The money paid for paying the premium is the expense of the insurance policy. It depends on the market value or Insured Declared Value (IDV) of your car.