To join the Malaysian traffic, getting a functioning car insurance policy on your vehicle is compulsory. However, what’s compulsory and what’s necessary aren’t the same thing. Here’s what we mean. Suppose you took out an extensive Third party insurance policy and you’ve done the best you can to live up to the responsibilities it requires. Now imagine that one day, your vehicle gets stolen! Even though you have insurance, you’re sure to lose out because your policy doesn’t cover the incident that occurred. In many ways, this renders the insurance you’ve gone through so much to procure and maintain pointless.
So while a Third Party, Fire and Theft or Comprehensive policy isn’t compulsory, it would’ve been necessary, if you wanted to get financial compensation for your stolen vehicle. Going all out with your automobile insurance demands a lot from you because it does much to shield you when any unpleasantness occurs.
Why You Need Comprehensive Car Insurance
If you value your convenience and keeping your vehicle in premium condition, then getting Comprehensive coverage is a smart play. A Comprehensive policy insures you against accidents that occur on the road, including those that happen while you aren’t driving. It might seem like overkill at first, yes. However, when you consider that the entire premise of getting insurance is to prepare for any eventuality, things come into perspective. As there aren’t many scenarios it doesn’t cover, you can also go about with the full confidence that should a disaster hit your vehicle, in the end, you’ll be just fine.
Getting The Coverage
You can quickly obtain this coverage online or the traditional way, through the services of your insurance agent. Either source will guide you through the process and tell you all you need to know. Comprehensive car insurance policies usually have to be renewed annually. You can always consult your documents to check if that applies to you particularly.
What It Covers
Looking at the fact that it is the most complete and all-encompassing package you can take out on your vehicle right now, the Comprehensive policy offers more than can be quickly mentioned. Going over it in broad strokes, this policy insures you and pays out in the event of:
- Inflicting damage to another person’s property or vehicle.
- The unfortunate injury or death of another driver or their passengers as a result of an accident involving you.
- Damage to your vehicle due to incidents such as theft or fire
- Loss of your vehicle owing to fire or theft
- Damage to the insured vehicle as a result of an accident.
- Limitations of Comprehensive car Insurance Policy
Even though it is pervasive, you should always remember that it doesn’t cover every single scenario involving your vehicle. A key takeaway here is that this policy doesn’t cover you should you or any of your passengers get injured as a result of an accident (this is what health insurance is for!). If you also add upgrades to your vehicle, this insurance mightn’t also payout for them if your vehicle gets stolen or damaged.