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Detailed Analysis of Third Party Car Insurance vs. Comprehensive Car Insurance

One of the most searched keywords on Google is Third party insurance versus Comprehensive insurance. Third party insurance is mandatory insurance as per the Motor vehicle Act, 1988. Every vehicle plying in a public place should have third party insurance to compensate the loss suffered by the third party in case of an accident. Comprehensive insurance consists of Third party insurance and Own Damage insurance, in which, the own damage section covers the loss or damage to the vehicle due to the perils as mentioned in the policy document. Online Car insurance online can be compared by clicking on the link . Car insurance renewal can be done by using the online car insurance portal Policy Bachat with the help of car insurance renewal calculator.

So it is imperative to understand the difference between stand alone third party insurance and comprehensive insurance while making a comparison between them.

Details Third Party Car Insurance Comprehensive Car Insurance
What is it? This is the basic insurance which is mandated by the government as per the Motor insurance Act, 1988 This covers both the third party as well as the own damage of the car.
Coverage Third party car insurance covers injuries or death of third parties due to an accident. The own damage covers the loss or damage to the car due to insured perils, while the third party covers the death of third party.
Premium Premium is fixed by the IRDA and is constant across the insurance companies. TP premium depends on the Cubic Capacity and passenger carrying capacity of the vehicle. Own Damage section premium is decided by the insurance company while the TP premium is fixed by the IRDA.
Discount No discount can be offered on Third party car insurance premium as it is fixed by IRDA Discounts are offered on the Own damage premium and the percentage offered differs from one company to another.
No Claim Bonus Not available in Third party car insurance cover Varies for each claim free year and is capped at max 50 %.
Customization There is no customization possible under Third party car insurance as it is a pre underwritten product. Customization can be done using the car insurance calculator for the add-ons, IDV etc, as required by the insured.
Claim Amount The claim amount in case of Third party car insurance is awarded by the Honourable Court after taking various factors into consideration. The claim amount in case of Own damage is calculated on the basis of loss and the total claim amount doesn’t exceed the Insured Declared Value (IDV).
Cost Since it covers only the Third party loss, the cost is low compared to comprehensive insurance. It is slightly on the higher side due to the inclusion of Own damage premium in addition to Third party premium.
Which one to opt? If your car is old and rarely used then third party car insurance can be opted. If your car is new and has considerable value in the market and you use it frequently, then u can opt for comprehensive cover even though it is costly compared to only third party car insurance.
Car Theft Not covered Covered under Comprehensive insurance
Act of God Damages Not covered Covered

It is the duty of the insured to make clear car insurance comparison of both the types and select the one which suits his/her requirements. But it is of utmost importance to keep in mind that you should not take out your car in public places unless it is insured with at the least third party car insurance.

For best third party car insurance quotes & comprehensive car insurance online click on PolicyBachat website. The 4 wheeler car insurance calculator is available on the portal where the top general insurance companies’ quotes are displayed.

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