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Standalone Own-Damage Insurance V/S Third Party Insurance V/S Comprehensive Insurance
| Features | Own Damage | Third Party | Comprehensive |
|---|---|---|---|
| Meaning | Covers damage to your own car only. | Covers damage or injury to others caused by your car. | Covers both damage to your own car and to others. |
| Covers Your Car? | Yes | No | Yes |
| Covers Third Party? | No | Yes | Yes |
| Covers Theft, Fire & Natural Disasters? | Yes | No | Yes |
| Personal Accident Cover | No (can be added) | Yes | Yes |
| Legal Requirement | Optional | Mandatory by law | Optional, but highly recommended |
| Add-On Covers Available | Yes | No | Yes |
| Premium Cost | Medium | Low | High (more coverage) |
| Best For | People who already have third-party cover and want protection for their own car. | People are looking for only basic legal cover. | People who want full protection for both their own car and others. |
Benefits of Chola MS Standalone Own-Damage Policy
- 01
Covers Many Types of Damage
This policy protects your car from accidents, theft, fire, explosions, vandalism, and natural disasters like floods or storms. It helps you stay financially safe when something unexpected happens.
- 02
No Claim Bonus (NCB)
If you do not make any claim during the policy year, you get a discount on your next premium. This discount can increase every year and can go up to 50% after five years without any claims.
- 03
Extra Protection with Add-Ons
You can add extra covers like zero depreciation, engine protection, or roadside assistance to make your policy better and get more benefits.
Motor Insurance Plans By Cholamandalam
What Is Covered and Not Covered Under Cholamandalam Standalone Own-Damage Policy?
What it Covers
- This insurance covers damage to your own car. It includes:
Damage to your car due to an accident.
Total loss of the car or theft (if the car cannot be recovered or repaired).
Damage caused by fire or an explosion.
Damage that happens while the car is being transported by road, rail, air, or water.
Damage caused by natural disasters (like floods, earthquakes, storms) or man-made incidents (like riots or vandalism).
What Does it not Covers
- This insurance does not cover the following:
Regular wear and tear or loss in value due to aging (depreciation).
Damage caused by war, invasion, or terrorist activities.
Mechanical or electrical breakdowns (like engine failure not caused by an accident).
Loss or theft due to carelessness, such as forgetting to lock the car.
Damage from an accident that happens outside the covered area (outside the policy's geographical limit).