OWN DAMAGE CAR INSURANCE

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

• Your car has been under an accident and has suffered damage
• You have lost your car due to theft
• Your car has been damaged due to a fire
• Your car has been subjected to vandalism.

 

Benefits of own damage claims in motor insurance

Get to enjoy these benefits if buy own damage car insurance

1. No need for long term comprehensive plans

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.

2. Flexibility regarding the choice of Insurance Companies:

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.

3. Economical Car Insurance:

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

• Theft or malicious act
• Natural calamities
• Accident
• Theft
• Vandalism

 

Add-ons that you can opt for besides your damaged car insurance

Here is a list of add-ons to buy along with motor own damage cover policy

1. Depreciation costs are not deducted

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.

2. Full price paid during a theft

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.

3. Engine Protection Cover

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.

4. Breakdown Assistance

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:

• A diagnostic check on the reason for the problem.
• Advice on how to repair or recover the vehicle.
• Transporting you and possibly also your passengers and vehicles home safely.
• Getting you back on the road again as quickly as possible.

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.

5. Passenger cover:

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

 

FAQ

Q1. Is it essential to buy your damage insurance and thirdly party cover from the same company?

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

Q2. What is the eligibility of buying Own damaged car insurance?

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

Q3. What are the most important car insurance plans available?

The most important car cover includes:

• Third-party insurance policy
• Comprehensive insurance policy
• Own damage car insurance policy

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.