Standalone Own-Damage Car Insurance Benefits and Inclusions

4 min read

Having a Standalone Own-Damage car plan allows individuals to enjoy several benefits. If you want to know about the host of advantages and coverage offered with this insurance plan, read on. 

Standalone Own-Damage Car Insurance

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.

Read More: Guide to Collision Damage Waiver Car Insurance

Inclusions of the standalone own-damage insurance of car

Below are some of the inclusions of the standalone own-damage insurance of car:

  • Damage caused by Accidents – with a standalone car insurance for own-damage, you can get coverage for your own vehicle against the cost incurred in repairing the damages done to your car in an accident.
  • Loss due to Car Theft – the standalone own-damage car insurance also covers against the monetary loss that arises out of car theft, which might cause great loss to the car owner.
  • Damage Caused to your car by Fire – the standalone own-damage car insurance also covers damages caused by fire or explosion. This way, any damage sustained by your car can be covered under this coverage.
  • Damage caused by Natural Calamity – nature has its own role to play at times in the form of cyclone, flood, earthquake etc. In such situations, nature might be the cause of damage done to your vehicle. As such, the wrath of nature is unstoppable and at the same time, it is unpredictable too.  However, with a standalone car insurance policy, you can get compensation for the loss incurred due to the damages caused by nature.
  • Damages caused by man-made disasters –  besides nature, there are other things like man-made disasters and havoc caused due to different things that also led to your car being damaged or lost. Thus, damages caused due to riots, war and other vandalisms are also covered under a standalone own damage car insurance.

Top 3 Benefits of Buying a Standalone Own-Damage Car Insurance Policy

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:

1. Allow the insured to choose preferred insurers 

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.

2. You don’t need to buy Long Term Plans 

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.

3. Cost-effective car insurance

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.

To Conclude

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.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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