Own Damage vs Comprehensive Car Insurance
As a car owner, choosing the right type of car insurance policy is itself a task.Read more
What is Own Damage (OD) Car Insurance?
An own-damage car insurance policy provides coverage only for damages incurred by your insured vehicle. It offers protection against damages caused by accidents, fire, theft, natural calamities, or man-made disasters.
This type of car insurance policy does not offer any coverage for third-party liabilities. Usually, an own damage policy is purchased separately in addition to the mandatory third-party insurance.
What is Comprehensive Car Insurance?
A comprehensive car insurance offers maximum coverage and protection. It covers both third-party liabilities and damages caused to the insured vehicle. It combines both own-damage component and third-party insurance.
In addition to covering damages to your own vehicle, comprehensive insurance also protects you from legal and financial liabilities arising due to injury, death, or property damage to a third party. Policyholders can further enhance the coverage of this policy with add-on covers such as zero depreciation, engine protection, roadside assistance, and consumables cover.
What is the Difference between Own-damage and Comprehensive Car Insurance?
Here are the differences between own-damage and comprehensive policy:
| Points of Basis |
Own-damage Car Insurance Policy |
Comprehensive Car Insurance Policy |
| Coverage |
It offers you coverage for the damages caused to your own-vehicle from various natural and man-made disasters, theft, fire, accidents, etc. |
Comprehensive car insurance gives you coverage for both third-party liabilities and own-damages under a single policy. |
| Depreciation Rates |
It gets affected by depreciation rates. |
In this, only own-damage cover insurance is affected by the depreciation rate. |
| Add-on Covers |
Yes, you can buy add-on covers with it. |
Yes, add-ons are available with a comprehensive policy. |
| Premium Rates |
The premium amount is usually lower than the comprehensive plan but higher than a third-party cover, and it decreases with time. |
The premium you pay for this plan is higher than others because it includes both plans. |
| Third-party Liability Cover |
It does not offer you third-party liability cover, and only own-damages are covered. |
Under this, you also get coverage for any damages or loss to third-party or property. |
| Personal Accident Cover |
Under this plan, you cannot avail benefits of personal accident cover. |
Here you get a coverage of Rs 15 lakhs as personal accident cover. |
Summarizing
To help you in choosing the best kind of car insurance policy, we have discussed a detailed comparison chart featuring all the benefits of both plans. Pick a plan according to your budget & need, and also do not forget to read the policy documents carefully.
