Getting insurance coverage for our car will be the first thing we do after buying a new car. There are two types of car insurance; own damage and third-party liability insurance. People often get confused when considering own damage vs comprehensive insurance for their car. Own damage insurance protects the owner's car from theft and damage. While the third-party liability covers the financial obligations arising from accidents caused to a third party by our insured vehicle. In contrast, comprehensive auto insurance combines the features of own damage and third-party liability cover. You can choose the best coverage for your car by being aware of the differences.
Difference Between Own Damage and Comprehensive Insurance
The following table shows the own damage vs comprehensive insurance comparison.
| Basis |
Own-Damage Insurance |
Comprehensive Car Insurance |
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Definition
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Own damage insurance is a type of vehicle insurance cover that protects our insured car against losses and damages resulting from natural or man-made disasters.
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Comprehensive car insurance is a type of vehicle insurance that covers both OD and third-party liability. So, we do not need to worry about any expenses related to third-party damage compensation or repairing our vehicle.
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Inclusions and Exclusions
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The own damage insurance covers our vehicle against damages, loss, theft, etc. However, third-party liability coverage is not included.
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It covers our vehicle against theft, damage, and loss. It also protects against third-party liability.
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Third-party injury/death
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Injury or death to third parties is not covered by own-damage insurance.
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Comprehensive car insurance covers us against third-party injuries/death.
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Third-party property damage
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Third-party property damage coverage is not available with this type of insurance
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It offers protection if our vehicle destroys any property owned by a third party.
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Premium Rates
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Compared to the comprehensive insurance plan, the premium amount is less.
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It has a higher premium than any other since it covers both types of insurance coverage.
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Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.