Have These Things Been Added to Your Full Insurance?

How many vehicle accidents happen on the road every day? Perhaps even as you're reading this article, a vehicle is involved in an accident on the road. Imagine if your vehicle had to face something like that. At that moment, having your vehicle insured is very important. Anyway, according to the law in Sri Lanka, to put a vehicle on the road, it must have at least 3rd party insurance. However, you can also get full insurance for your vehicle. What is included in full insurance? To get insurance for your vehicle, you need to know about these insurances. So today, MotorGuide is telling you about the things that should be included in your full insurance.

Damages covered by Vehicle Insurance

Vehicle insurance provides financial coverage to the vehicle owner for damages caused to the insured's vehicle in an accident or other loss. This means that due to the damage, the relevant insurance company provides compensation to the insured.

Vehicle insurance provides compensation for various damages to the vehicle or a third party. Damages covered by vehicle insurance include road accidents, internal fires, external explosions, lightning strikes, and theft. Additional coverages can include damages caused by riots and civil commotions, terrorist activities, floods, and natural disasters.

What damages are covered by Full Insurance?

Full insurance is different from 3rd party insurance. This is a comprehensive liability insurance. Compensation is paid according to the type of insurance you have. That means you only receive compensation for the types of accidents covered. There are many important coverages needed for a vehicle. Therefore, you need to insure those coverages. Because if an accident occurs to your vehicle that you haven't insured, the insurance company will not provide compensation for that damage.

Many people do not insure against natural disasters. In such a case, like a flood, that compensation will not be received. Therefore, remember to definitely cover natural disasters.

What are the types of Full Insurance?

There are three types of full insurance. Let's see what they are.

• Private use

Vehicles used for daily purposes need separate insurance.

• Hiring

If a salaried driver under you transports goods and people for a fee, it needs separate insurance.

• Renter vehicle

If you have a renter car service, get separate insurance for it.

In these situations, if the vehicle is not insured, you will not receive compensation if an accident occurs.

Why is Full Insurance important?

The annual cost for full insurance is higher. Imagine your vehicle hits a wall and suffers significant damage. You don't have full insurance. In such a situation, having 3rd party insurance is useless because you won't receive compensation. However, if you have money, then it's not a problem. But if you don't have money at such a time, it's a big problem. In such cases, full insurance becomes very important. Therefore, even if it costs more, having full insurance is good for your own safety.

These are the things that should be included in full insurance. Even if it costs more, you might feel that full insurance is truly worth it. Because in an accident, both the third party and you receive compensation. So, we hope that through this article, you have accurately learned what should be added to your full insurance. Don't forget to share this with those you know.