If you own a car, one of your worst fears is having it stolen. And the situation could worsen if a lot of your belongings have also been stolen along with your vehicle. If you have Own Damage or Comprehensive Car Insurance, you can rest easy knowing that your insurance will protect you by paying for the value of your car in the event of an accident. *
When Does Your Car Insurance Cover The Theft?
Unless you have purchased the add-on cover of loss to personal belongings, you will not be covered for theft of personal property from the vehicle regardless of whether you have a comprehensive policy, standalone own damage policy, or third-party car insurance policy. According to the Motor Vehicles Act, having at least Third-party insurance is a requirement in India. *
Let’s Examine Two Scenarios To Understand How This Functions:
Imagine you parked your car in the parking lot before going to the movies. After the performance, you search the area for it but discover it’s not there. In actuality, it was stolen! If the car is stolen, you should be protected if you have comprehensive insurance. However, you will need to contact your insurance provider and the police right away. Your claim will be paid out at your car’s IDV (Insured Declared Value) because it would be considered a total loss. Claims are subject to terms and conditions set forth under the car insurance policy. *
Now, let’s imagine that you leave your personal belongings, such as a laptop or gadgets, in your car while you buy some vegetables and park them by the side of the road. Oh no, you discover they’ve been stolen by someone who broke into the car before you got back. In this situation, your damage policy or basic comprehensive car insurance will pay for fixing any damages to your car, such as smashed windows or broken doors. However, it won’t pay for the stolen goods. Claims are subject to terms and conditions set forth under the car insurance policy. *
What Is Covered Under A Loss Of Personal Belongings Policy?
It is essentially a car insurance add-on, a kind of extra protection you can get with a comprehensive insurance or own damage car Insurance policy. It costs more than other add-ons. Any personal items, such as a laptop, will be covered under this coverage. As long as your personal belongings were in your car at the time, your insurer can compensate you for any physical loss or damage. Claims are subject to terms and conditions set forth under the car insurance policy. *
What Advantages Come With Having This Coverage? *
Despite the small additional cost, there are numerous advantages to having personal belongings covered.
- Defend Your Possessions: Get coverage for any personal items in your car in case of theft or physical damage.
- Lighten Your Financial Load: If the worst happens and your personal belongings are damaged or stolen, you know you won’t have to spend any additional money.
- Comfort Of Mind: Even after you’ve already had a bad experience and lost your things, this add-on will help you maintain peace of mind.
Claims are subject to terms and conditions set forth under the car insurance policy.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.