5 min read
Updated on Mar 15, 2023
A Standalone Own-Damage Car Insurance plan is a policy that all vehicle owners should have essentially. Since most of the compulsory third-party insurances allow restricted coverage, having a standalone own car damage plan is important. This way, car owners can ensure that the expense incurred in their own car damage can be compensated.
As such, we know that the third-party insurance is a liability only policy that protects against third-party liabilities caused by accidents involving your car. So, with this standalone insurance plan, you can expect to recover from damages caused to your own vehicle by an accident or a collision.
In this blog, we are discussing the own damage insurance meaning, the various coverage offered under such plans as well as the benefits received from such standalone car insurance plans in detail.
Below are some of the inclusions of the standalone own-damage insurance of car:
By buying a standalone own-damage insurance plan for your car, you not only get protection against damages and losses done to your car, but also get added benefits associated with it. These benefits allow a standalone policyholder to enjoy several advantages as compared to using only third-party car insurances.
Here are some benefits of standalone car insurance that you can obtain by buying a car insurance plan of own-damage:
By buying a standalone policy for own-damage car insurance, you – as a car owner – can get the facility to procure car insurance to cover your vehicle from among the different insurers available in the market. For example, you can use the services of two of the best car insurance companies to buy two policies of third-party insurance and standalone car insurance separately and enjoy the services of both the companies at the same time. This way you can have two companies providing insurance coverage to your car. Moreover, you can choose the plans as per your budget and other needs. But knowing standalone policy meaning in detail is important for this.
Previously, it was mandatory for new car owners to have long term comprehensive insurance plans that could meet their needs of third party car insurance, which is compulsory for a vehicle owner to have to travel hassle-free on the roads. However, with a standalone own-damage insurance for cars by your side, car owners can now get a third party insurance cover for their car for 3 years together with the standalone coverage for 1 year. This can be renewed later on a yearly basis.
Having two separate covers for third-party insurance and standalone car insurance makes it economical and affordable for insurance policy holders. Further, if you buy the standalone insurance from any other insurer other than the one you have bought the third-party insurance from, in that case you are most likely to get economical plans for your own damage premium. This is because, here you get the option to choose from the best and most reasonable insurance plan for your car. However, before buying the plan, get detailed information on own damage premium meaning to make it easy for you to choose the right plan.
Also Read: Significance of grace period in car insurance renewal
Now that you know about the stand alone own damage policy meaning, you know that the standalone car insurance protects your car against damages and other losses. Moreover, the standalone policy also offers several benefits. These benefits of the standalone plan allow you the freedom and mental peace as car owners.
As discussed above, knowing standalone policy meaning will allow you to have in-depth knowledge about these plans to help you understand the importance of having such a car insurance policy. Further, this will help you in comparing and going through different standalone plans so that you can choose from the best standalone own damage car insurance plan that suits your requirement best.
Also Read: Will Your Car Insurance Policy Cover Engine Failure?
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