Whether you like it or not, if you own a car, you will have to get it insured. This is what the law stipulates that had been framed keeping in mind the interest of car owners who are protected by the insurance policy. In the event of an accident that necessitates payments for damages in the form of compensation, it is taken care of by the car insurance policy. There are different types of car insurance policies available that offer varying degrees of financial protection for the car owner as well as his family members, besides protecting the asset. There are some policies that protect the interest of third-parties involved or affected by an accident. If your car is stolen or damaged by any natural calamity like storm or flood, then also the insurance policy will help you to recover the losses that you incur.
Comprehensive car insurance policy
The question that arises is which kind of car insurance policy would be most convenient to cover all possible incidents that can damage the car. The comprehensive car insurance policy is by far the best policy that protects your valuable asset financially. While the third party car insurance is mandatory by law, it is your discretion whether you would like to have a comprehensive car insurance policy. Third party insurance protects the car belonging to others that you might have collided with whereas comprehensive policy protects your car only. Here are some major benefits that you can derive from a comprehensive car insurance policy.
Damage from collisions
There are innumerable possibilities of a car getting damaged from collision. The paradoxical fact that third part insurance does not protect your car should prompt you to take comprehensive coverage. Whatever may be the nature of collision and extent of damage, you are liable to be compensated by the car warranty and insurance company. Whether you collide against another vehicle or an animal hits your car, you need not worry about the costs to get it repaired.
Cost of replacing stolen car
Cars being stolen are not very uncommon despite having the best anti-theft devices installed in it. If your car is stolen, then the comprehensive insurance coverage will come handy to recover the cost of the stolen car. The insurer pays for the book value of the car that can be used to buy a car once again or even pay back the financiers, in case the car was purchased against financial assistance.
Compensation for damages against natural disasters
Cars being blown away by hurricanes and tornadoes are well known. Hail stones can cause considerable damage to cars by breaking the wind shield and denting the car body severely. Living in an area that is prone to flooding, poses considerable threat for cars, which can get submerged in flood waters. In all such cases of cars being damaged by natural disasters, having a comprehensive insurance policy helps to recover the cost for repairing or replacing the car.
Over and above if your car is ever vandalized, the insurance policy will again protect you.