There are several key types of car insurance coverage available, each designed to protect against different risks and liabilities:
Third-Party Liability Insurance: This is the minimum legal requirement in India. It covers damages or injuries caused to other people and their property. This type of insurance does not cover any damage to your own vehicle.
Own Damage (Collision) Cover: This coverage reimburses the cost of repairs or replacement for damages to your own vehicle resulting from accidents, theft, natural disasters, or man-made calamities.
Comprehensive Car Insurance: This offers the most extensive protection by covering third-party liability along with own vehicle damage. It also includes coverage for theft, fire, natural disasters, and provides additional benefits like personal accident cover for the owner-driver and optional add-ons such as zero depreciation.
Personal Accident Cover: This coverage provides compensation to the owner-driver in case of injury, disability, or death due to a road accident. It usually pays a lump sum amount, separate from medical bills.
Zero Depreciation Cover: An add-on that allows claiming the full cost of replacing parts without depreciation deduction, beneficial for new or luxury vehicles.
These types can be tailored with various add-ons depending on individual requirements and vehicle age. Comprehensive insurance is the most popular choice for private vehicle owners due to its wide-ranging protection