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Considering the multiple risks associated with driving a car, it’s vital to have car insurance coverage for protection against any legal liabilities and financial loss in the event of any mishap like fire explosion, robbery, or road accident. You can either opt for a comprehensive insurance plan covering both third-party liabilities and own damage insurance or purchase the two policies separately.

Here, we will compare and contrast comprehensive car insurance and own damage car insurance policy, so that you can make an informed decision about which one is best for you.

Own-Damage Car Insurance Policy: Key Benefits

Also known as standalone own-damage, covers any damages to your own car and is beneficial for those who have a separate third party Insurance.

As the third-party insurance only covers for damages caused to the third-party life or property, you won’t get any coverage for your own vehicle damage. It’s one of the reasons why own-damage insurance is recommended for your four-wheeler in the event of any mishap like natural crashes, fire, theft, artificial calamities, etc.

This is an ideal coverage type for vehicle owners who have already opted for third-party insurance and want to upgrade. With this insurance policy, you’ll avoid all hefty costs for any minor or significant damage incurred on your own vehicle due to any mishap.

Plus, one of the best things about own-damage coverage is that you won’t have to combine it with your third-party policy necessarily. Thus, you can buy it from any insurance provider.

Own-Damage Insurance Policy: Other Benefits

A few benefits of having an own-damage insurance coverage include the following:

• It comprises no claim bonus.

• The premium is comparatively lower than the comprehensive car insurance policy.

• It protects the vehicle against any man-made disaster, natural calamity, accident, etc.

Comprehensive Car Insurance Policy: Key Benefits

A comprehensive car insurance policy becomes crucial when you consider extensive coverage. It benefits you to enjoy both third-party liability and own-damage coverage. It also compensates for the cost incurred due to transit-accident damages.

Also, comprehensive car insurance enables you to purchase add-on covers, which otherwise couldn’t be bought for third-party insurance alone. Not only do the add-ons provide additional coverage to the basic policy plan, but it also enables you to tailor an insurance cover.

Comprehensive Car Insurance Vs Own-Damage Insurance: Comparison

Basis Comprehensive Car Insurance Own-Damage Insurance
Coverage A single policy gives you coverage for both your own damages and third-party liabilities. It ensures coverage to your own vehicle damages due to natural calamities, theft, accident, fire, etc.
Add-On Covers This type of policy enables you to buy add-on covers easily to improve the policy coverage. This type of policy also allows you to purchase add-ons with it.
Personal Accident Cover This policy entitles you coverage of up to ₹15 Lacs for any personal accident. This plan doesn't offer Personal Accident Cover.
Third Party Liability Cover This plan provides coverage for any loss or damage caused to the third-party life or property. It only covers its own damages and does not provide any third-party cover.
Premium Rates The premium for this plan is higher than any other plan as here you get covered for both types of insurance The premium amount is lower than the comprehensive insurance plan.

Final Words

With this detailed comparison of own-damage insurance and comprehensive car insurance, you’ll find it easy to choose the right kind of car insurance policy. If you do not have a third party insurance, it is prudent to select a comprehensive insurance plan that takes care of all your needs in a single plan. Kotak Car Secure is one such comprehensive plan that covers your vehicle from third party liabilities as well as any damages to your own car.

Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.


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