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Own Damage Car Insurance
No need to buy long term Comprehensive Plans
It is More Economical
Offers flexibility in terms of choice of Insurer
The Standalone Own-Damage Car Insurance policies are those which cover for the damages and losses caused to your own car including damages caused by accidents, mishap, natural disasters, fires, thefts and so on. They are cost-effective plans as compared to Comprehensive Car Insurance Plans under which a policyholder can also get coverage against third party liabilities at affordable rates.
With an Own Damage Insurance, a policyholder can ensure that your own car is also protected against damages along with protecting third party vehicles. An Own Damages cover has been made a Standalone Policy along with being a part of a Comprehensive Car Insurance plan since September 2019.
What is Standalone OD Car Insurance?
Own Damage Car insurance or in short OD Insurance is a motor insurance policy . Own damage insurance for cars can be purchased to safeguard the damages caused to your car against any unforeseen losses or damages. So, by procuring an own damage insurance policy, you can expect to cover any damages that your car has received because of any accidents, fire, natural calamities, or any other mishap. This policy is crafted to allow extra coverage along with the obligatory third-party liability coverage.
In case of Standalone own damage policy, you get the facility to buy the plan to protect your own vehicle from any kind of damages and losses. So, if you already have a cover against third-party liabilities and you want to save the costs incurred in the repairs of your own car damages, you can choose to buy Own Damage cover.
Comparison: Own Damage Insurance Vs Comprehensive Car Insurance
| Parameter | Standalone OD insurance | Comprehensive Insurance |
|---|---|---|
| Meaning | This policy covers policyholder’s car damages. It is an optional cover that allows greater protection. | This policy covers both third-party damages as well as own damage costs under a single premium. |
| Coverage | Own damage costs only | Third-party and own-damage costs. |
| Benefits | Covers theft, natural calamity, vandalism, accidents, total damage etc. Add-on can also be purchased. | Cover third-party and own damage. Make you eligible for NCB. Allow you to purchase add-on cover. |
| Premium | High, but reduces with time | High premium combines both plans |
| Depreciation Fee | Affected | Affected |
Benefits of Own Damage Car Insurance
Below are some of the benefits under these plans:
You don't need to buy long term Comprehensive Plans
with your Own Damage Car Insurance, you don't need to buy the comprehensive car policy, which are long term plans. Mostly, new vehicle owners are mandatorily required to buy comprehensive policies to meet third-party insurance requirements for 3 years. But if you buy a standalone damage insurance for a car, you opt for 3 years' third-party cover and 1 years' standalone damage cover together, which can be renewed every year.
You can have flexibility in terms of choice of insurer
As per IRDAI order, besides a third party liability cover you must buy a standalone own damage policy cover. So, it means that policyholders can opt for any insurance company from the numerous insurers available to avail coverage for both the policies.
Economical Car Insurance
Since you can buy the third party policy and the own damage policy separately, it becomes easy to afford for car owners at low prices and numerous benefits.
You don't need to buy long term Comprehensive Plans
with your Own Damage Car Insurance, you don't need to buy the comprehensive car policy, which are long term plans. Mostly, new vehicle owners are mandatorily required to buy comprehensive policies to meet third-party insurance requirements for 3 years. But if you buy a standalone damage insurance for a car, you opt for 3 years' third-party cover and 1 years' standalone damage cover together, which can be renewed every year.
You can have flexibility in terms of choice of insurer
As per IRDAI order, besides a third party liability cover you must buy a standalone own damage policy cover. So, it means that policyholders can opt for any insurance company from the numerous insurers available to avail coverage for both the policies.
Economical Car Insurance
Since you can buy the third party policy and the own damage policy separately, it becomes easy to afford for car owners at low prices and numerous benefits.
What is Covered under Standalone OD Car Insurance? | What is Not Covered under Standalone OD Car Insurance? |
|---|---|
The following protections are covered under an own-damage car insurance:
| Below are the exceptions of own damage car insurance coverage:
|
Frequently Asked Question
The Standalone Own-Damage car insurance policy are those that cover for the damages and losses caused to your own car including damage caused by accidents, mishap, natural disasters, fires, thefts and so on.
No, you have to buy third-party liability coverage, which is mandatory along with Own Damage car insurance.
Yes, comprehensive insurance policy covers both third-party liability insurance as well as own-damage costs.
Own damage insurance is not compulsory, however, since it provides greater protection, it is good to have an Own Damage Insurance along with your third party insurance policy.
Yes, under the comprehensive car insurance policy you can claim coverage against third-party liabilities along with covering damages to your own car by accidents. However, you need to inform your insurer and submit the necessary papers to proceed with this claim process.
Own Damage is an insurance cover that protects you against the loss and damage incurred for your own car. It allows you compensation against costs of repair and replacement done to your car.
Own Damage (OD) in car insurance means that you can seek coverage against damages caused to your car by accidents, fire, theft, etc. This policy compensates you for costs incurred on repair or replacement of your car parts in an accident.
The expiry of Own Damage cover must be before the expiry of the third-party cover. This means that a policy cannot have Own Damage coverage beyond the validity of third-party coverage.
Own Damage Insurance is not mandatory but since it provides greater protection, it is good to have an Own Damage Car Insurance along with your third party insurance policy.
The Own Damage Period in Car Insurance is a minimum 1 year for cars.
