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Own Damage car insurance covers the policyholder against accidental damage to their own vehicle. This includes collisions with other vehicles, objects, animals or even pedestrians. Also, it includes any loss caused by vandalism, theft, fire and damage caused by overturning or striking an object on the road.
You need your own damage insurance for car if
Get to enjoy these benefits if buy own damage car insurance
With Standalone car insurance for own damage, the customer does not have to opt for a long term comprehensive policy to meet the compulsory requirement of 3-year third party insurance cover. Along with own damage car insurance of 1 year, this policy allows consumers to choose a third party car insurance plan for three years. Besides, you can renew your own damage insurance for your car.
As per IRDAI regulations, no third party liability cover is needed to buy own damage claim in motor insurance cover. Therefore, it is now easy for policyholders to buy both covers from different companies. Also, the own damage car insurance price is low as compared to other types.
The best part about having your motor own damage insurance cover is that it falls well within the budget of the customer. It is popular among the customers because of the favourable car insurance own damage premium rates.
Things covered under own damage car insurance
Here is a list of add-ons to buy along with motor own damage cover policy
The concept of depreciation applies to anything that can be used and declines in value over time. This applies to any car owner because the car is exposed to wear and tear over time, causing a gradual reduction in its worth. An own damage insurance cover allows you to get the full value of repairs and replacement.
For irrevocable damages, like theft, the insurance company will pay the actual invoice amount of the car to the policyholder. This means the customer will receive the benefit of getting back the full purchase amount. In case of theft or damages beyond repair, return to invoice add-on gives you the benefit of getting back the complete amount of your car's invoice value, including the cost of registering a new vehicle and its road tax, respectively.
Engine repairing costs are high. You should take care of your car's engine by investing in an Engine Protection Cover.
Coverage will prevent you from insurance increase due to related cost or replacement expenses incurred because there was no coverage designed for it.
With this, you need not pay extra for engine protection. General insurance policies do not include engine protection. Engine protection is a beneficial add-on which you need on your list.
As a result, you can avoid paying a fortune if something occurs to the engine.
Roadside assistance car insurance cover is an optional part of your motor insurance policy that provides you with specialised assistance if your vehicle breaks down.
This service includes:
In some instances, equipment will be supplied by a roadside assistance provider so that repairs can be carried out at the side of the road.
Passenger car insurance provides cover for third party damage which you may cause to your passengers. Also known as a third party personal injury policy, it is mandatory by law. In simple terms, this type of insurance provides financial protection to the other individuals involved in the event of an accident that was caused while riding with you in your vehicle. In such case, the insurance company will provide the policy, irrespective of whose fault it is
Ans. No, you need not buy both the covers from the same company. According to the IRDAI regulation, having third party insurance is not mandatory now to get your own damage car policy. Therefore, you can buy the policies from different companies
Ans. The requirement to get own damage car insurance is not way too intricate. All you need to do is just have a third party car insurance from any company
The most important car cover includes:
Q4. Will I get a personal accident cover on my own damaged car insurance?
Ans. You may receive accident cover as an option to include in your OD policy. However, some third party insurance plans also offer the same. Therefore, make sure you do not spend twice on the same add-on cover.