All Risks Covered in Comprehensive Car Insurance Policy
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To understand things more significant, we should know the different kinds of risks that are covered in a car insurance policy, more specifically for private car insurance policies.
The insurance company will pay out for damage caused by the following:
1. Loss or damage incurred by fire, explosion, lightning
2. Loss or damage incurred by theft either your car itself is stolen or say specific
part of the car gets theft
3. Damage caused by riots or strikes
4. Loss or damage caused by earthquakes, floods, typhoons etc
5. Loss or damage caused by accidental external means
6. Any loss or damage caused by a terrorist activity
7. Any loss or damage caused due to a destructive act
8. Loss or damage caused by landslip
9. Damage caused while the car is in transit by road, rail, air or waterway
Large number of the claims happen in point 5 Loss or Damage caused because of Accidental External Means. This would include road accidents as well as damage caused at the time when your vehicle was parked and you found it damaged on returning.
In exceptional circumstances, like what took place in the Mumbai rains of 2005, a massive number of cars got damaged because of flooding. The insurance companies would have had to bear huge expenses on account of such natural disasters. Most of the above-mentioned natural disasters are rare but the financial loss arising out of such occurrences can be huge. Thats where acquiring the best car insurance policy makes a difference the most.
In effect, if you go through the list above, almost each problems related with your car would be included, leaving nothing to chance. Thus ensure that you buy a comprehensive car insurance policy to eliminate all risks. Furthermore, by paying a small premium, you can avail certain interesting add-ons to your normal car insurance policy. It may be worthwhile to check out the features of these add-ons which differ from company to company.
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