Standalone Own Damage Cover In Car Insurance

Updated On: 2023-04-14

Author : Team Policybachat

Standalone own damage cover is a type of insurance that covers the cost of replacing or repairing your car after an accident, regardless of who was at fault. Standalone own damage cover is a type of insurance that will pay for repairs or replacement of the insured's vehicle in the event of an accident.

The standalone own damage cover is different from third party car insurance because it covers the cost of repairing or replacing your vehicle in case it gets damaged in an accident. Third party liability only covers you if you are at fault when someone else damages your car. This type of cover is often cheaper than comprehensive or third-party cover, but it doesn't cover any damage to your car caused by events like theft or vandalism.

The damage cover is a standalone insurance product that covers the losses arising from the insured vehicle. It is essential protection for car owners in India. A standalone own damage cover provides a cover to the insured vehicle against damage caused by the insured vehicle. This is an optional coverage that can be purchased by the customer. The policyholder has to pay a premium every month for this coverage. The premiums are calculated based on factors like age of the vehicle, location, engine capacity, and type of vehicle.

Who should Buy Own Damage Cover?

Standalone OD car insurance is a type of insurance that covers damage to the owner's car caused by a third party. It is sold in India and covers damages caused by accidents, vandalism, theft, and more.

If you have bought a Third-Party Insurance plan then you should purchase Standalone OD car insurance to protect your vehicle from damages and losses. It is not necessary to purchase both policies from the same insurance provider. In other words, even if you have purchased your third-party insurance from some other insurer, you can still go ahead and buy a standalone OD insurance plan from another insurer.

It's important to know who should get standalone OD car insurance before buying it for your vehicle. Certain criteria need to be met for someone to be eligible for this type of coverage:

  • The person needs to own the vehicle on which they want the policy
  • The person must have driven the vehicle on Indian roads for at least three years within the last five years
  • The person's annual income must not exceed Rs. 2 lakhs.

Best Own Damage Car Insurance:

Own Damage (OD) helps you stay covered against damage caused to your vehicle due to accidents like fire, theft, etc. In case of an accident, your damage cover compensates you for the expense to repair or replace parts of your car damaged in the accident. The standalone own-damage car insurance policy gives coverage to damage or loss sustained by the insured car. The plan is relatively economical in comparison to a comprehensive car insurance plan and enables policyholders to protect their car apart from third party coverage at affordable rates.

Benefits of Own Damage Cover:

Key Features Benefits
No Claim Bonus Up to 50% discount
Claim Process Easy through Online
Add-ons Nil Depreciation, NCB, Consumables, Engine Protection Cover, Key Protect Cover, Daily Allowance benefit, etc.
Deductible Voluntary deductibles and discounts are available
Flexibility Yes
Cashless Repairs 5000+ cashless garages

Buy Own Damage Car Insurance:

Buy Own Damage Car Insurance cover from PolicyBachat along with your Third-party liability. It is a standalone product that covers your damage or theft of the car. There are many benefits of this product because it has no deductible and no hidden fees unlike other products in the market.

Buy Own Damage Car Insurance is a company that provides car insurance policies for consumers. The company offers a variety of car insurance plans that cover everything from liability to third-party liability.

Compare: Third-party, Own Damage, and Comprehensive Car Insurance

Features Third-Party Own Damage Comprehensive
Coverage Third-party liabilities only Own-damage costs only Third-party liabilities and own-damage costs
Premium Amount Low Premium Higher Premium decreases with time. Higher Premium accommodates both covers under a single premium. Own-damage cover cost decreases with time.
Depreciation Rate Not Affected Affected by the depreciation rate Own-damage cover affected by depreciation rate.
Eligibility All cars are eligible for this insurance Only those vehicles which already have third-party insurance can buy OD Instead of opting for third-party, you can directly purchase a comprehensive cover
Benefits In case you have a mishap you don’t need to worry about the cost. You can purchase add-on covers and receive NCB for this type of cover. Both third-party liabilities and own damage, Additionally, you will also be eligible for NCB on the own-damage cover and be able to purchase add-on covers.

How to Buy Own Damage Car Insurance Cover in India?

Buying car insurance is an essential thing to do, but many people are not aware of the different types of cover that they can buy. Own damage car insurance cover is a type of car insurance policy that is bought by the owner of the vehicle and not by the company. There are many reasons why you should buy your own damaged car insurance cover. It will allow you to save money on premiums and lower your risk of having to pay for repairs that are not caused by an accident.

Car Insurance Companies Premium
ICICI Lombard Car Insurance 3834
Bajaj Allianz Car Insurance 2849
HDFC ERGO Car Insurance 3900
IFFCO Tokio Car Insurance 2783
Future Generali Car Insurance 1389
Royal Sundaram Car Insurance 3789

*Above mentioned values are for displaying purpose, compare quotes online at PolicyBachat with multiple insurance companies and get low premiums according to your needs.*

What Is Covered Under Own Damage Car Insurance?

This policy covers the cost of damages to your car due to-

  • Natural calamities like floods, earthquakes, fire, and more
  • Man-made calamities like vandalism, riots, and terror attacks
  • Damage to your car or the belongings in the car in case of an accident
  • Theft or malicious acts
  • Explosion, Hailstorm, Terrorism, Frost, and Inundation
  • Self-Ignition, Lightning, Cyclone, Tempest, and Riot & Strikes
  • Hurricane, Landslide, Rockslide, and Typhoon
  • Transit by Rail, Road, Air & Elevator.

What Is Not Covered In Own Damage Car Insurance?

When opting for your damaged car insurance policy, you must be aware of what benefits you’re missing out on. Let’s take a look at what this policy does not cover:

  • General wear-and-tear of the car
  • Mechanical and electrical breakdown
  • Damages caused to a third party vehicle, and property
  • Damage to/by a person driving without a valid driving license
  • Cars being used other than by the limitations as to use.
  • Loss or damage caused while driving under the influence of alcohol or any other intoxicating substance
  • Loss or damage due to depreciation of the car's value
  • Loss or damage due to war or nuclear risks
  • Consequential loss - if the original damage causes subsequent damage/loss, only the original damage will be covered under our car insurance.

Own Damage Car Insurance Renewal Process:

The following steps will help you renew your car insurance policy online:

Step 1: Visit our website PolicyBachat.

Step 2: Provide your car’s registration number, fuel type, and variant to proceed. In case you do not remember these details you can also enter your car’s brand name, model, make and year of registration, city of registration, and RTO.

Step 3: Enter the expiry date of the insurance policy of the previous year along with the name of your insurance provider.

Step 4: Fill in the section with your details, i.e., name and phone number, and select the tenure of your policy. Also, provide the details of any claims you made in the previous year.

Step 5: All the available quotes in your category will be visible on your screen. You can compare them and decide on the policy that is best suited to your needs. At this stage, you can also opt for add-on covers to further strengthen your insurance policy.

Step 6: After you have selected your policy and add-on covers, click on the ‘Buy Now’ button. Make the payment for the selected policy and we will send the policy document to your registered email ID.

How To Claim Car Insurance For Own Damage In India?

One needs to register a car insurance claim with the insurance company immediately after the accident takes place. The insurance company verifies the documents, and upon finding the claim to be genuine, the insurer pays for the damages caused to the vehicle. Here are the details about the car insurance claim process if damage occurs to own vehicle.

  • Inform the Insurance Provider
  • Lodge an FIR:
  • Collect Proof
  • Submit Documents
  • Surveyor
  • Repairs.

Filing a Car Insurance Claim:
  • You should thoroughly check the car to determine damages done to the vehicle. You should also check yourself or those traveling in the car for any injuries caused
  • You should register for the claim within the stipulated time as given by your insurance provider. In a few cases, it is 24 hours from the damage caused
  • Keep a note of the model, number, and color of the vehicle that was involved in the accident
  • Keep the contact details of all the witnesses. It will be necessary to identify the person responsible for the accident
  • Assess the damage done to the vehicle and make an immediate call to the insurer
  • Take your car to the nearest network garage and get the bills settled at the network garages themselves.
Documents Required for Own damage Car Insurance Cover:
  • A copy of the insurance policy
  • A copy of the FIR report submitted to the police
  • Duly filled and signed claim form
  • A copy of the car registration certificate
  • A copy of the valid driving license
  • Details about the repair estimates
  • In case of physical injuries, an original copy of the medical receipts
  • Original receipt copy of any other expenses incurred.

What Is Basic Own Damage Premium in Car Insurance?

The Own Damage Premium either for a car is based on:

  • Make & Model, Type, and Age of the vehicle.
  • The Declared Value of the Vehicle.
  • Cubic Capacity of the Engine.
  • Geographical Zone.

“OD premium = IDV x Premium Rate + Add-Ons– Discount & benefits”.

How to Reduce Own Damage Insurance Premium?

  • Increase Voluntary Deductibles - In an OD insurance, there’s something known as ‘Voluntary Deductibles’, which refers to the amount of money you choose to pay during claims. Therefore, based on your utility you can increase the percentage of your voluntary deductible, which will directly reduce your OD premium.
  • Declare Correct IDV - Make sure your IDV is always right since this will affect both your OD premium and your claim amounts too during claim settlements.
  • Don’t Forget to Transfer your NCB - If you’ve had your Damage or Comprehensive Motor Insurance policy before, ensure you transfer your NCB to your current policy, to get your accumulated discount.

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