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When Is Third-Party Insurance and Coverage Enough?

Third-Party Insurance

Are Third-Party Policies Enough?

According to the 1988 Motor Vehicles Act, having only third-party auto insurance is sufficient. To legally drive on Indian roads, you must have this insurance. But this form of automobile insurance

won’t protect you from any unanticipated damages that your car can experience on the road.

To put it simply, third-party liability insurance pays for any harm done to a third party as a result of the covered vehicle. These damages consist of third-party harm, death, and property loss resulting from the covered vehicle.

For instance, your insurance will cover the loss to a third party if your car impacts property belonging to someone else. Third-party property damage and third-party insurance offer a maximum compensation of Rs. 7.5 lakh. However, it is limitless when a third party suffers harm, passes away, or is rendered permanently incapacitated in an accident that was caused by the insured vehicle.

Therefore, third-party insurance for an automobile is sufficient to meet the legal requirements, but it only covers third-party damages and does not pay for any harm the insured car may sustain to itself. Therefore, if you only have third-party insurance, you can only file claims for third-party harm and not for your own damages.

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Is Comprehensive Auto Insurance Necessary?

Third-party insurance would be sufficient for you if all you wanted to do was adhere to the law. However, it is insufficient if you also wish to cover your own vehicle or increase your level of protection by

investing in more coverings. A comprehensive auto insurance policy becomes necessary in such circumstances.

Here are some benefits of comprehensive car insurance versus third-party protection:

Protects your own vehicle:

Comprehensive car insurance not only covers third-party liabilities but also your personal losses due to accidents, natural disasters, theft, fire, etc.

As a result, this policy provides dual coverage, which is not provided by third-party insurance.

Add-ons are available, but third-party auto insurance cannot be upgraded because it solely covers third-party losses, as was previously stated. However, comprehensive auto insurance coverage can be improved by

acquiring add-ons by making a premium purchase.

Does Car Insurance Cover Nut Bolts?

No, your comprehensive auto insurance does not provide coverage for damage to your four-nut wheeler’s bolt or any other consumable. However, you can extend your coverage by adding a consumables add-on to your basic policy. Let’s learn more about this in the article’s later sections.

What exactly are consumable add-ons?

There are still some areas that your comprehensive auto insurance does not cover, despite the fact that it does provide more coverage. The consumables are one example of a vehicle component.

These consumables are products that need to be replaced after a specific amount of time. Either they are injured in an unexpected accident or they become worn down over time. Nuts, bolts, screws, gasoline filters, washers, brake oil, grease, and AC refrigerant are examples of consumables.

You can add the Consumables Add-on to your comprehensive insurance policy to cover the cost of repairing and replacing consumable parts for your car. With this addition, a policyholder is reimbursed for consumables that need to be fixed or replaced after an accident. For instance, this addition will help you if the nuts and bolts on your automobile are damaged as a result of an unplanned collision.

By paying an extra premium, a consumables cover can be added to comprehensive auto insurance.

As a result, nut bolts are not covered by a basic auto insurance policy, but you can get them by adding a consumables cover to your policy.

How can I make a Consumables Add-On purchase?

You can easily add consumables coverage when purchasing or renewing a comprehensive auto insurance policy. The Policybazaar Insurance Brokers’ consumables add-on protection can be purchased by following these instructions.

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Exclusively Private:

  • Click the “Car Insurance” icon when you are on Policybazaar.com.
  • If you have a brand-new car, enter its number or choose the ‘Brand New Car’ option.
  • Please complete the registration form.
  • The RTO, make, model, variant, and registration year of your vehicle should be chosen.
  • If you continue, you will obtain automobile insurance estimates from several insurers.
  • Pick the full-coverage auto insurance policy you want.
  • Pick the accessory from the “Add-on & Accessories” section to add consumables.
  • Pay the last premium amount now using your preferred payment method.
  • The policy copy, together with the add-ons you chose, will be emailed to your registered email address once the payment is complete.
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