One of the top predicaments upon purchasing a new car is getting a comprehensive car insurance. While it seems like a daunting task- especially if you’re a first-time car buyer and non-car enthusiast – securing your car through a comprehensive insurance will help you save significant time, money, and headaches in case of accidents or unforeseen troubles.
To better understand what comprehensive insurance is, it would be wise to know the different kinds of insurance coverage.
Basically, there are two main categories of covered physical damage losses, including collision damage losses and losses other than collision. These two categories are referred to as a “collision coverage” and a “comprehensive coverage”, respectively.
When your vehicle is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible. This type of coverage provides the most basic coverage for car owners.
There also exists an insurance coverage known as Compulsory Third-Party Life Insurance (CPTL) s. When a car owner has a CPTL, you no longer have to worry about paying for damages, medical bills, and other expenses aside from the repairs sought by the victims in case of collisions where you are at fault.
However, CPTL does not cover you for any damages that you may suffer from the same accident, or from any accidents where there is no collision that took place. This is where comprehensive coverage comes into play.
The comprehensive car insurances provide coverage on several threats, depending on what the insurer has indicated. The most common combinations are third-party, fire, theft, and accidental damage, but the benefits vary between insurers, which makes it imperative that you conduct extensive research first to find a company that offers the best deal.
Aside from minor incidents, this type of insurance allows you to claim your insurer in case you get damaged from natural disasters such as floods or earthquakes. It also protects you from heavy financial burdens in case your car got stolen.
Essentially, comprehensive car insurance provides complete coverage in every situation where you are at the losing end. What’s more is that there are car insurance providers that can give you additional coverage depending on the limit of the plans available, coverage amount, and to your needs.
To learn more about this topic, check the infographic below from iChoose.ph which discusses the benefits of comprehensive car insurance.
What is the benefit of comprehensive car insurance? Fully comprehensive car insurance gives you the highest level of protection from an accident, regardless of whose fault it was. It can cover repairs, personal injury claims and damage to property – usually for you, your vehicle and any other vehicles involved.