What Does Own Damage Mean In Car Insurance
What Does Own Damage Mean In Car Insurance?
When it comes to car insurance, there is a lot of terminology that may leave drivers feeling confused. One term that drivers may often hear is “own damage” and it is important to understand what it means and what it covers. Own damage is the part of your car insurance policy that covers damage to your own car, whether it is caused by an accident, theft, fire, natural disaster or vandalism.
What Does Own Damage Cover?
Own damage coverage typically covers the cost of repairs to your car if it is damaged in any of the scenarios listed above. This can include the cost of parts and labor necessary to repair the damage, as well as the cost of towing if necessary. It is important to understand that own damage coverage does not cover any damage to other people's property or any medical costs for injuries related to the accident.
What Are the Different Types of Own Damage Coverage?
Most car insurance policies provide two types of own damage coverage: comprehensive and third party. Comprehensive coverage is the most comprehensive form of own damage coverage and covers damage to your car caused by an accident, theft, fire, natural disaster or vandalism. Third party coverage, on the other hand, only covers damage to your car caused by an accident involving another vehicle.
How Much Does Own Damage Coverage Cost?
The cost of own damage coverage depends on several factors, including the type of coverage you choose and the make and model of your car. Generally, comprehensive coverage is more expensive than third party coverage, but it can be worth the extra cost if you want the most comprehensive protection for your car. It is also important to consider the deductible when shopping for car insurance, as the higher the deductible, the lower the premium.
Is Own Damage Coverage Required?
Most states require drivers to carry some form of car insurance, but the type and amount of coverage required varies from state to state. Generally, own damage coverage is not required by law, but it is highly recommended for drivers who want to be sure their car is protected in the event of an accident, theft, fire, natural disaster or vandalism. While it is not required, it can be a good idea to purchase own damage coverage to ensure that you are covered in the event of any of these scenarios.
Do I Need to Purchase Both Comprehensive and Third Party Coverage?
That depends on your needs and budget. If you want the most comprehensive coverage, then it is recommended that you purchase both comprehensive and third party coverage. However, if you are on a tight budget and want to save money, then you may want to consider just purchasing one type of own damage coverage. Ultimately, it is up to you to decide which type of coverage is best for your needs.
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