ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Only a comprehensive car insurance plan or a standalone own-damage plan will compensate for losses related to fire damage. There are a number of scenarios where car fires become a possibility. For example, a short circuit in the garage, or overheating of the engine, a car accident, vandalism or even mechanical issues.

Detailed explanation-2: -The experts of the car insurance industry say that if you have insured your car with a comprehensive car insurance plan, then the insurance company provides you coverage against any loss or damage to your vehicle caused because of fire.

Detailed explanation-3: -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-4: -Comprehensive Policy: By opting for a comprehensive policy, the insured can be well assured for fire, explosion, lightning, burglary, riots, labour disturbances etc. A single policy covers multiple risks, thus, comprehensive insurance is highly recommended.

Detailed explanation-5: -While having a comprehensive insurance policy is optional; having a third-party vehicle insurance policy is mandatory.