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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.
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.
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.
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.
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.
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