Car owners have plenty of options when buying car insurance in India, with various policies from different insurers. Broadly speaking, you may classify them into five types.
This is the most basic kind of car insurance you must have to drive a vehicle in public spaces legally. As the name indicates, this type of insurance protects you against the claims of a third party involved in an accident. Third-party liability insurance covers the following expenses:
Liabilities created by the death of a third-party individual
Hospital and treatment costs of an injured third party
The cost of repairing or replacing damaged third-party vehicles
Damages to any other third-party property
To sum it up, third-party liability coverage takes care of your liabilities in case you are responsible for the accident in question
Collision damage cover, also known as own damage insurance is often bundled together with third-party liability insurance as they supplement each other. This type of insurance coverage reimburses the cost of repairing the insured vehicle following an accident. Here are a few things to note about OD or collision damage insurance.
The insurance premium depends on the age of the car and its insured declared value (IDV).
When buying a collision damage cover, the IDV of a vehicle depends on its current market value. This means an old vehicle may have very little IDV.
If the cost of repairs exceeds the vehicle's current market value, the insurance company will only pay you the latter.
Getting at least an OD cover alongside third-party liability insurance is highly recommended if there's a lien on your Nissan vehicle.
If another driver is at fault for an accident, their third-party liability insurance should usually reimburse the repair costs for your vehicle. This is the whole reason why the Motor Vehicles Act mandates having third-party liability insurance. However, what happens if the vehicle at fault isn't insured?
This is when your uninsured motorist coverage proves useful, covering the expenses so that you don't have to bear them out of pocket. This type of insurance can also supplement the at-fault party's liability insurance in case the latter is inadequate to cover your repair expenses.
The medical expenses following a car accident can put you in a tough spot. A personal accident insurance policy protects the owner-driver of the vehicle by reimbursing medical bills. Notable features of personal accident coverage include:
In addition to the driver, passengers in the vehicle may be covered too.
The insurance company will reimburse the medical expenses regardless of who is at fault for the accident.
Personal accident coverage also pays a lump sum amount to cover total or partial disabilities caused by an accident.
In case of the policyholder's demise in an accident, the insurance company compensates the registered nominee.
Especially if you do not have health insurance to cover hospitalization and treatment, getting a car insurance policy with accident coverage is highly recommended.
Lastly, we have the most effective Nissan car insurance policy type - comprehensive car insurance. True to its name, this type of insurance policy offers comprehensive coverage and maximum protection. It covers all kinds of risk factors, including:
Natural and man-made disasters
Theft
Vandalism
Third-party liabilities
A third-party insurance policy covers expenses associated with your vehicle, driver and passengers and third-party individuals, vehicles and property. It combines the other car insurance policies, except personal accident insurance. If you seek the best Nissan car insurance policy, comprehensive insurance is hands down your best choice.
The right kind of Nissan car insurance and a well-thought selection of add-ons can provide you with maximum coverage. You may also choose two or more types of car insurance to suit your needs, such as OD and third-party liability coverage bundled together.
To make the right decision about your Nissan car insurance, visit the Park+ website for a detailed overview of available car insurance policies. You may explore and compare your options online before deciding which insurance policy works best for you. Download the Park+ app to enjoy a seamless car ownership experience right away.