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Car Insurance results in bringing reassurance to the individual. Having car insurance is a mandatory act nowadays. The government has made regulations that it is compulsory to have car insurance. If you are found driving a vehicle without car insurance than a hefty amount of a fine will be incurred on you. So it's an obligation to have car insurance.

Buying car insurance is an easy process. There are both mediums such as offline that is by visiting the agent or going 3rd party vs comprehensivefor an online medium where you can get the insurance on your own by making the payment and needful through online processing. There are various insurance aggregators that are provided online and preferred provider websites. Insurance aggregators help you by providing comparison tools where you can compare different types of policies offered by the different insurance companies which are present in the world.

There are different services provided by the insurance company at the purchase of the new vehicle and even after that. With these insurance aggregators, you can renew the policy and even get benefits like no claim bonus, etc. You can even visit the official website too but the policy. The offline method is also there like buying from the branch office or agent but that requires you to go to them and then get the policy.

Third-Party Car Insurance Premium is dependent on a number of factors. It depends on the personal credentials as well as the coverage of insurance and it falls under the collision car insurance. Your eligibility criteria are checked by the insurance policy provider. This is done before providing the policy. Coverage is another factor that determines the premium you are required to pay.

If you go for the lesser and the compulsory coverage than you will be paying a less amount as the premium for the new car insurance However if you opt for a higher amount of coverage with add ons your cost will be higher that is the premium will be of more amount. This can be cleared if you take a third party car insurance policy or a fully-fledged comprehensive car insurance policy.

Difference Between Comprehensive Car Insurance and Third Party Car Insurance

Third-party Insurance Cover is not a benefit for the policyholder but for the damages which have occurred to the third party because of your vehicle. It covers the injuries which are caused by other people because of an accident plus the damage which has resulted in the property of the third party. There are some companies that charge a little more amount for covering the property of the third party in the claim. This coverage of property of the third party is very important as the cost of repair of vehicles has increased in the period of time. The other person might have a vehicle which is having expensive spare parts. So having a third party cover will save you from that damage but it won't cover the loss or the damage which has occurred to your vehicle.

Comprehensive Car Insurance Policy is the one that provides coverage to your own vehicle. It is basically a wider plan which covers the third party as well. Comparing the premium paid for comprehensive, it is actually higher than that for the third party as it offers a wider approach so the premium is high for this.

There are some policies that even provide the personal accident cover to the owner of the vehicle as well. For that, you are even charged some more amount by the company. The premium of the vehicle basically depends on the type of coverage you go for. But in real terms, Comprehensive Insurance Policy is always recommended as it provides wider coverage. You can choose different coverage when you get the policy renewed.

Talking about the value of the car, in the situation, if the value or the price of the car is low then it is suggested to go for the third party insurance policy. In this case, the damages will be easily managed as it won't be much expensive. It will be economical to pay the bills of repair than paying the high amount of premium for the comprehensive insurance policy. On the other hand, if your car is new or not more than seven years old and is an expensive model you should go for a comprehensive insurance policy. In this situation the parts of high priced cars are expensive so having a comprehensive cover will keep you safe from financial burden in case of an accident.

In the context of comprehensive insurance policy, it covers the damages caused by theft, hail, storm, riots, and even animals whereas if you have third party insurance, the company is not liable today you anything. For all these damages you have to bear on your own. There would be no proportionate share even by the company.

The expenses for the premium are surely high but it’s better to be safe than sorry. So choosing a comprehensive car insurance coverage will be a wise decision if you owned an esteemed prestigious vehicle.

Naval Goel is the founder of He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of Insurance Web Aggregator.
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