There are three types of car insurance: 'Own-damage insurance', 'Third-Party Insurance' and 'Comprehensive Car Insurance'.
Own Damage (OD) helps you stay covered against damage caused to your vehicle due to accidents like fire, theft, etc.
Third-party insurance protects you against losses, which occur due to bodily injury or death to a third party or any damage to that person's property. It is mandatory by law to have third-party insurance.
Comprehensive car insurance, on the other hand, is purchased when you want to be compensated for any damages to you, your co-passengers and your vehicle in addition to third-party coverage. That means in case of an accident, theft, fire, explosion or natural disasters, your car will be insured under a comprehensive car insurance policy. Hence this is the most preferred plan.