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Comprehensive vs Own Damage Insurance - What are the costs and benefits?

Purchased a new bike and unsure of the right insurance policy to buy? Or do you have the standard Third Party Liability insurance and are looking to upgrade your policy?

As a bike owner, it’s understandable that you would want only the best insurance for your vehicle. Aside from the mandatory Third Party Liability insurance policies, there are two policies you can take that offer coverage for your bike against damages- Standalone Own Damage and Comprehensive two-wheeler insurance.

If you were debating between which one to take, don’t worry! We’ve compared the features, relative cost, and benefits of Own Damage and Comprehensive two-wheeler insurance policies so that you can make a smart, well-informed decision.

Standalone Own Damage Insurance

This policy is very beneficial to those who only have a Third Party Liability policy, but don’t want to upgrade to a Comprehensive policy. Since the Third Party insurance covers only damages to a third party, person, or property, and does not cover your own two-wheeler damages, this two-wheeler insurance policy offers a little extra protection for your bike in the case of natural or man-made risks, like theft, fire, natural calamities, etc.

One of the advantages of taking a standalone Own Damage policy is that your policy does not necessarily have to be bundled with your standard Third Party policy. This means that you can research the prices and benefits of the Own Damage policy from various insurance providers, and pick the one that suits your needs and budget the best.

Here are some of the features and benefits of this policy.

  • It safeguards your two-wheeler in the event of damage
  • You can purchase this as a standalone policy, in addition to your standard Third Party Liability insurance.
  • Includes the No Claim Bonus
  • Covers you in the event of theft, fire accidents, road accidents, natural calamities and man-made risks.
  • A lower premium than the Comprehensive policy.

Comprehensive Two Wheeler Insurance

When you want complete coverage for your two-wheeler, you will have to opt for Comprehensive two-wheeler insurance. This policy offers you and your bike extensive coverage, including all the benefits of the Own Damage and Third Party Liability policies, and even includes compensation due to personal accidents, damage during transit, etc. While the Comprehensive insurance is more expensive than your standard Third Party Liability policy or Own Damage insurance, it does offer you more benefits and more coverage, which can actually be more cost-effective in the long run.

Take a look at the features and benefits of this policy below! 

  • It gives your bike extra protection.
  • Includes Third Party Liability and Own Damage
  • Includes No Claim Bonus
  • Covers you in the event of theft, fire accidents, road accidents, natural calamities, man-made risks, and damages during transit.
  • Compensation in the event of personal accident, like injury, disability, or death.

While the Comprehensive cover can be a bit more expensive, it offers more extensive coverage which can cover your financial expenses during unforeseen circumstances. If the comprehensive cover falls outside your budget, and you’re looking for a more cost-effective policy that does not pinch your pocket, while also insuring your bike in the case of damages, the Own Damage policy is the best for you.

Check out our two-wheeler insurance policies, and the benefits Chola MS can offer you on our website. Get a quote and choose the best two-wheeler insurance rate for you.

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