EVERYTHING ABOUT STANDALONE OWN DAMAGE CAR INSURANCE

What is Standalone Own Damage insurance?

As the name suggests Standalone Own Damage simply means damage to your own car. Having an insurance for Standalone Own Damage provides coverage for the cost of repair of your own car. Else generally we have third party liability insurance. So, for instance there is an event of accident, your insurance will only cover for the damage done to the other car, for your car damages you will have to bear the expenses on your own. To get cover for your vehicle as well, you need to opt for an insurance policy that provides for third party liability and own damage cover, both. A Standalone own damage car insurance can only be purchased on your mandatory third-party car insurance cover.

 

How Standalone Own Damage insurance works?

Though an optional choice Standalone Own Damage insurance is extremely vital. It offers protection to your own car. A Standalone Own Damage insurance provides cover for variety of damages, that the third-party car insurance cannot cover at all. Also, there are add-ons to extend the coverage of the own damage car insurance. So, if your car gets stolen, suffers accidental damage, or total loss the Standalone Own Damage insurance provides monetary compensation for the loss. Such Standalone Own Damage insurance provides cover for losses due to accidental damage, damage from natural calamities or human disasters, vehicle theft or even total loss and vandalism to your car. Also, with add-ons you can cover for damages that are not included in the basic plan.

The premium for Standalone Own Damage insurance is calculated based on the Insured Declared Value -IDV, age and location of your car. It also looks at car model, car capacity, NCB, Add-ons, car safety and car fuel type facets relating to the car.

 

Inclusions – What is covered in Standalone Own Damage insurance?

The damages suffered to your own car that can be covered by Standalone Own Damage insurance include;

 

• Accidental or collisional damages
• Burglary or theft of car
• Total Loss due to extensive and irreversible damage
• Damages due to fire, explosions, implosions, lightning, and self-ignition
• Damage due to natural calamities like floods, typhoons, cyclones and hailstorms
• Car damage owing to earthquake, landslide and rockslides
• Damage to vehicle during transit or transport by rail, road, air, or inland waterways
• Car damage as a result of terrorism, riots and strikes, or malicious attacks

 

Personal accident injuries and the resultant medical or hospitalisation expenses are also covered under the Standalone Own Damage insurance plan.

 

Exclusions – What is not Standalone Own Damage insurance?

The exclusions under Standalone Own Damage insurance are;

• Third-party liabilities or losses
• Car depreciation costs
• Car wear and tear
• Any electrical or mechanical fault breakdown of car
• Car damage due to drunk driving or under the influence of drugs and intoxicating substances
• Car damage due to incidents of war or nuclear attacks
• Car damage when being used without the driver having a valid license

 

Add-ons available under Standalone Own Damage insurance

There are different Add-ons to help cover for own car damage under Standalone Own Damage insurance, these include;

• Zero depreciation cover
• Consumables cover
• Engine protection cover
• Return to invoice cover
• Key replacement cover
• Roadside assistance cover
• Outstation emergency cover
• Gearbox protection cover
• Tyre protection cover
• NCB protection
• Personal Accident cover for car passengers

 

Tips to help reduce Standalone Own Damage insurance premium

When you choose Standalone Own Damage insurance along with your third-party insurance under a comprehensive plan, it can become a costly affair. So, few tips can help reduce the Standalone Own Damage insurance premium such as;

 

• Increasing the Voluntary Deductibles
• Choosing the correct IDV
• Making proper use of the NCB - No Claim Bonus
• Buying the policy online and getting discounts
• Selecting only necessary and reasonable Add-ons for the policy

 

Comparison- Third-party, Standalone Own Damage & Comprehensive car insurance

 

Parameters	Third-party	Standalone Own Damage	Comprehensive
Features	Third-party insurance only provides cover for damages to a third-party vehicle or property and injuries or death of a third-party person.	Standalone Own Damage insurance provides cover for the damages only to your own insured car	Comprehensive car insurance provides cover for third-party liabilities as well as own car damage under a single policy
Coverage	Insurance coverage is limited to third-party damages	Coverage is only for own car damages	Insurance coverage is extensive and comprises third party as well as own car damage protection
Advantages	Third-party insurance protects from legal traffic fines and third-party liability costs	Standalone Own Damage insurance empowers protection from natural disasters as well as man-made calamities	The comprehensive insurance secures the losses from third-party damages and covers for own damage as well
Premium	Basic third-party insurance premium is affordable	Standalone Own Damage insurance premium is slightly higher but reduces with time	Comprehensive policy premium is high as it includes third-party and own damage coverage
Depreciation rate	Under third-party insurance, premium is not affected by depreciation rate	Standalone Own Damage insurance premium is affected by depreciation rate	Comprehensive policy premium is also affected by depreciation rate
Add-ons	No Add-ons available under basic mandatory third-party insurance plan	Can enhance Standalone Own Damage insurance coverage with add-on benefits and No Claim Bonus with discounts too	Comprehensive policy enables to boost coverage with add-ons and enjoy No Claim Bonus along with discount on premiums

 

 

Conclusion

A Standalone Own Damage insurance is a new plan that only covers for damages and losses to own car. It is not mandatory to have an own damage car insurance but it is secure to have one. Remember, without a valid third-party car insurance, one cannot buy Standalone Own Damage insurance. They need to be purchased together under a comprehensive insurance plan which can also be extended by opting for Add-ons available.

FAQs – Frequently asked questions.

Let's take a look at some frequent queries on Standalone Own Damage insurance;

 

Q1. Is it necessary to buy Standalone Own Damage insurance and third-party cover from the same insurance provider?

No, you have the option to choose different plans from different insurance providers. A careful comparison and evaluation help to take an informed decision.

 

Q2. Are there any eligibility criteria to buy Standalone Own Damage insurance?

No, any car that has a valid third-party insurance can have a Standalone Own Damage insurance plan purchased. However, having a valid third-party insurance is mandatory as per Indian laws.

 

Q3. Can I insure my car with Standalone Own Damage only?

No, first you need to buy third-party insurance plan which is mandatory as per laws in India. Standalone Own Damage insurance is optional, you can buy it to ensure better coverage.

 

Q4. Is it possible to switch from third-party insurance cover to Standalone Own Damage insurance while renewing a policy?

No, both the plans, third-party and Standalone Own Damage insurance are different. While Third-party insurance is compulsory and it protects you from third-party liabilities, the Standalone Own Damage insurance plan safeguards you from damages to your car. You can buy an optional Standalone Own Damage insurance plan on your already owned compulsory third-party insurance plan. You can also shift your third-party plan to a Comprehensive plan at the time of renewal of car insurance.