What is the Difference Between Comprehensive Car Insurance and Own Damage in Marathi
The difference between comprehensive car insurance and own damage insurance
Have you bought a new bike or car and not sure about buying the right insurance policy for it? Or do you have standard Third Party Liability insurance and are looking to upgrade your policy?
As a car or bike owner, of course it is understandable that you want the best insurance for your vehicle. Apart from the mandatory third party liability insurance policy in bike insurance, there are two more policies that you can take that offer coverage for your bike – one is Standalone Own Damage and the other is Comprehensive two-wheeler insurance. .
If you are debating, or wondering which policy plan to get, don’t worry! I am going to compare the features, relative cost and benefits of Own Damage and Comprehensive two-wheeler insurance policies so that you can make an informed, smart, informed decision.
Related: 5 Benefits of Car Insurance. Why have car insurance?
What is Own Damage insurance?
Own Damage insurance provides coverage in case of loss, theft or destruction of your car. This type of insurance plan is beneficial if you have third-party insurance for your vehicle.
Since third-party insurance only covers third-party injury, death or property damage, you should purchase OD (Own Damage insurance) cover for your car. Self damage insurance provides coverage if your car is damaged in accidents, natural calamities, man-made calamities etc. This coverage also covers total loss and theft of the insured car.
What is Comprehensive insurance for cars?
Buying comprehensive car insurance means you get a combination of third-party and Own Damage (OD) coverages for your car. Hence, you can be stress free about all kinds of liabilities, be it related to third party or your own vehicle.
Difference Between Comprehensive Car Insurance and Own Damage
Difference between Own Damage (OD) and Comprehensive insurance
The main difference between OD and comprehensive insurance is the coverages they offer. OD insurance covers damage, loss, theft etc. to the insured vehicle. covers But it does not cover third-party liabilities.
A Comprehensive plan is, in other words, a combination of Own Damage and Third-party Liability insurance. Hence, it also covers your vehicle damage, loss or theft as well as third-party liabilities.
| arameter | Comprehensive car insurance | Own Damage car insurance |
| Inclusion | It is a comprehensive car insurance plan. It not only covers your car against damage, loss and theft but also provides third-party liability coverage. | OD Insurance / Own Damage car insurance covers your vehicle for damage, loss, theft etc. covers But it does not include third-party liability coverage. |
| Premium | The premium is higher than standalone own damage insurance. | The premium is lower than comprehensive insurance. |
| Third-party injury/death | It protects you against third-party injuries/death. | It does not cover third-party injuries/death. |
| Damage to third-party property | It provides coverage if your car causes damage to third-party property. | Third-party property damage coverage is not available with OD insurance. |
Benefits of comprehensive car insurance
Below are the benefits why many people buy a comprehensive policy for their car.
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Financial security against third-party liabilities
Compliance with the Motor Vehicles Act, 1988 is one of the reasons for buying car owner insurance. Third party car insurance is mandated by the Car Insurance Act to cover losses in case of third-party injury/death or property damage caused by your car.
The benefit of comprehensive insurance is that it includes third-party liability coverage. Thus, you can legally drive your vehicle in India with financial security against possible third-party accidents on the road.
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Coverage against damages/loss of your car
Only having third-party coverage does not protect your car against any damage. But, there may be many circumstances beyond your control where your car may be damaged or lost.
Comprehensive car insurance provides coverage to the insured car for unforeseen circumstances. Thus, you can avoid earthquakes, hurricanes, etc. Protects your vehicle against damage caused by natural calamities. Moreover, this policy provides protection against car damage during man-made calamities like riots etc.
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Compensation in case of total loss or theft
Apart from all catastrophes, a comprehensive car insurance policy also covers your car if it is stolen or damaged beyond repair. Thus, in such cases you will not have to bear the financial burden of theft or total loss of your car.
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Customization of add-on covers
Another benefit of a comprehensive car insurance plan is the ability to customize it with add-on covers. Depending on the availability of add-ons, you can include additional coverage for your car.
Some of the commonly available add-on covers include engine protection cover, roadside assistance cover, zero depreciation cover, consumables cover, etc.
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Affordable insurance
Comprehensive insurance is an economical way to buy insurance. All the services, benefits and coverage you need can be included in one policy. Also, the ability to customize the plan allows you to avoid over-spending on insurance.
When and Who Needs Comprehensive Car Insurance?
Comprehensive car insurance can be an excellent upgrade from third-party insurance at the time of policy renewal.
This policy is suitable for anyone who needs financial protection against damage to their car or vehicle damage in addition to third-party liabilities. This helps avoid the hassle of purchasing different coverages separately, which saves a lot of time and effort.
When and Who Needs Personal Injury Insurance?
If you already have an active third-party liability insurance plan, then purchasing your own loss insurance separately may be a more practical choice than a comprehensive plan.
Conclusions:
In short, OD insurance or Own Damage car insurance protects your car against damage, theft and loss, and comprehensive insurance combines OD insurance coverage with mandatory third-party coverage.
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