ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Apart from third-party damages, it also covers ‘own’ damages and losses in case of an accident. Similarly, it also covers man-made calamities, including theft. If your four-wheeler is stolen, your insurer will cover you up to the IDV (Insured Declared Value) of your car.

Detailed explanation-2: -Comprehensive insurance is insurance coverage that pays for the repair or replacement. Comprehensive car insurance typically covers third-party liabilities, damage from an accident, fire, natural calamity, theft, etc.

Detailed explanation-3: -Theft insurance is an insurance policy that protects against burglary, robbery and other. This insurance compensates the insured from loss incurred due to theft. While theft includes all acts of stealing, burglary refers to illegally taking someone else’s property by forcibly entering a closed premise.

Detailed explanation-4: -A comprehensive bike insurance policy covers the theft of your bike. If you don’t have comprehensive two-wheeler insurance, then you will face a huge loss if your bike is stolen.