Own Damage vs Comprehensive Car Insurance

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As a car owner, choosing the right type of car insurance policy is itself a task. Considering the different coverage plans and insurers available in the market, it becomes more difficult for a buyer to choose the best one. In order to help you in this, we have explained the difference between own-damage and a comprehensive car insurance policy.

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      Why Do You Need Car Insurance Policy?

      With several risks associated while driving a car, it becomes crucial for you to get a car insurance policy coverage for safety against any financial loss and legal liabilities in case of any mishaps like a road accident, theft, fire explosion, etc.

      Before buying any type of car insurance policy, you must consider factors like- IDV, make & model of the car, age of the car, and the geographical location where you reside. Moreover, we recommend you to search the plans online, compare with different insurers, and then choose accordingly.

      Benefits of Own-damage Car Insurance Policy

      This type of policy is also known as standalone own-damage. It is beneficial for those car owners who only have a third-party cover and do not want to upgrade their plan to a comprehensive car insurance plan.

      Since your third-party car insurance protects you against the damages to the third party property or life and does not cover your own vehicle damages. This is why the own-damage insurance works as extra coverage for your car in case of any mishap like crashes, natural or made-made calamities, fire, theft, etc.

      This type of cover is best for car owners who already have mandated third-party insurance and looking for an upgrade. With this, they do not have to bear hefty expenses on any major or minor damage caused to their own car during any mishap. Also, one of the best parts of having an own-damage cover is that your policy does not necessarily have to be combined with your third-partsy policy.

      Hence, you do not have to purchase it from your third-party insurance provider. Instead, you can search the plans online, compare the policy coverage and pricing, and choose from the provider available on the internet.

      Other Benefits of Own-damage Insurance Policy-

      Some other benefits of having an own-damage cover for your car are as follows-

      • It includes the No Claim Bonus.
      • It safeguards your vehicle during an accident, natural calamities, man-made disasters, etc.
      • The premium is lower than the comprehensive insurance policy.

      Benefits of Comprehensive Car Insurance Policy

      If you are looking for extensive coverage, then you should opt for a comprehensive car insurance policy. It gives you benefits of both own-damage cover and third-party liability cover. It also reimburses the amount for personal accident damages while transiting. It is a superior kind of protection that also pays for any legal fees that you might have to pay to the third party.

      With comprehensive car insurance, you also have an option to buy add-on covers, which cannot be purchased with a third-party policy alone. These add-ons are designed to give you extra coverage with your basic plan, and it gives you a chance to tailor your insurance cover. Here is a list of add-on covers that you can buy along with your comprehensive car insurance plan-

      • NCB protection cover
      • Roadside assistance cover
      • Engine protection cover
      • Passenger cover
      • Zero depreciation cover

      Own-damage V/s Comprehensive Car Insurance Policy

      Below we have given a detailed comparative chart showing a difference between own-damage and comprehensive car insurance 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. To enhance your policy coverage, you can easily buy add-on covers with this type of 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.

      Factors to Consider Before Buying a Car Insurance Policy

      For availing of the best deal, you should consider the following factors for buying any car insurance policy-

      • You must look for an insurer who offers you a hassle-free claim settlement process for buying an insurance policy.
      • Always choose an insurer who offers unique complimentary services with their plans.
      • Choose higher IDV. It will help in getting a higher reimbursement amount when your car is a total loss.
      • Always look for a well-reputed insurance provider offering you 24*7 customer support.

      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.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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