Do you know what is difference between comprehensive and third party insurance and the coverage offered on both the policies to the customer against their car insurance or bike insurance, Find which policy do you have the more features and the best coverage for any kind of damage and accident…
General Insurance segregate their policies into third party and comprehensive insurance coverage, where the third-party insurance is cheaper, and it does only third-party damages and on other hand Comprehensive insurance covers wider, price slightly more.
The point to opt for Comprehensive Insurance or third-Party Insurance is a tough part, as the facilities of both insurances does matter in effect of damage and budget under General Insurance, where as the Third Party Insurance will only cover third party damage and will not ensure any damage protection of your vehicle, but the Comprehensive Insurance does cover everything from both the parties as per agreed.
What is Comprehensive Insurance Cover
As said, Comprehensive Insurance does offer overall protection towards the damage done on both the parties like Vehicle Damage, Theft, Legal Liability along with personal accident cover are main points of Comprehensive Insurance.
Later, the insurance claim can get the add-ons which cover the options as Accessories, Engine Protector, Medical Expense and Zero Depreciation Cover, and anyone who is heading to take an insurance for their vehicle does see Comprehensive as the first option as being at a higher price makes them secure.
Any damage to your vehicle while reverse parking or if someone has accidentally thrown a stone or any such accidents which damage vehicle parts can be covered under this Cover, and also even Vehicle fire, natural disaster, theft, damage due to Tornado, Hurricane, falling objects, Damage done by any animal or civil disturbance, riots damage and description of vehicle are also covered under Comprehensive insurance cover.
- Provides protection against damage from Accidents even if it’s your fault
- End to end damage protection caused by natural disasters
- Add-on as added to insurance covers accessioned and other parts of vehicle
- Third party liability comes with any addition payment
- Loss due to War, Mutiny or any risk
Third Party Insurance Cover
Coming to next most preferred Insurance Cover is Third Party Cover which owns full liability of third part. Injury, death of any individual or damage to vehicle or any property caused will be owned under Third Party Insurance cover, and this cover can be made under the category of No-Fault Liability Claim through Motor Vehicle Act and Claim and is under no obligation to allege.
This cover will make you secure from liabilities of others and will leave the burden of your vehicle only, and If there is any hard damage to someone or property with your vehicle, that will be covered and for this instance you will be left safe, and any damage to your vehicle will not be covered and it should be taken by your own risk.
- Full Damage protection to Third Party vehicle or property
- Covers Death or accidental claims of third-party liability
- In Case of your vehicle is old, then Third party is best one
Major Difference Between Comprehensive and Third Party
Hope you have got some knowledge about both the insurance claims and their area of cover, and here we have some basic points through which you will come to know which insurance should be selected as per your current condition.
| Particulars | Comprehensive Insurance Cover | Third Party Insurance Cover |
|---|---|---|
| Value of Vehicle | If your vehicle is brand new and is over the moderate level with its working condition, then comprehensive insurance is a good option | If your vehicle is old then third party is best as the price of installment of Third-Party insurance is very less compared to comprehensive, and It will be cheaper to pay for your vehicle repaired if your vehicle is old and that benefits using this second claim |
| Coverage | Damage happened to third party vehicles, property, humans and more will be covered under comprehensive along with own car damage and loss | Only third parties are covered and will make you less affected during any accident |
| Expense | As comprehensive gives a wider range of coverage and benefits to both the parties rather giving only side benefits by Third parties. | The installment of Third-Party insurance is almost two times lower than the installment to be paid for comprehensive. |
Which is the best Insurance for a 5 years old Vehicle?
Comprehensive Insurance is a best option even if your Vehicle is 5 years older, as your vehicle does hold good working condition and thus third-party insurance will not benefit you in case of any damage or accident cover.
Will the Death of a Car Owner Hold Cover under the Third Party?
No, as Third-Party insurance only covers any damage to third party property or people, and any damage to the owner of a car holding Third Party insurance will not be covered.