Standalone Own Damage Insurance

As a responsible vehicle owner, protecting your prized possession from unforeseen risks is paramount. Standalone Own Damage Insurance is a type of insurance policy that specifically covers damages to your vehicle caused by accidents, natural disasters, or theft, providing comprehensive protection without being bundled with third-party coverage. In this comprehensive guide, we'll explore everything you need to know about Stand Alone Own Damage Car Insurance. Stay tuned to make an informed decision and safeguard your vehicle's future. Let's dive in!

How Does Standalone OD Car Insurance Works?

A standalone own-damage (OD) car insurance is a voluntary yet crucial insurance coverage that provides protection for your vehicle. While you may already have third-party car insurance, there will come a time when you'll need to safeguard your own car against damages. Hence, purchasing standalone OD car insurance becomes necessary.

Here's how it works:

• Coverage for Own Damage: Standalone OD car insurance protects your vehicle against a range of risks, including accidents, collisions, theft, vandalism, fire, explosions, natural disasters, and man-made disasters.
• No Third-Party Coverage: Unlike comprehensive car insurance, standalone OD insurance does not cover any liabilities towards third parties, such as injuries to other people or damages to their property. It solely focuses on your vehicle's protection.
• Customisation: One of the advantages of standalone OD insurance is the flexibility to customise your coverage. You can choose the coverage limits, add-ons, and deductibles according to your preferences and needs.
• Lower Premiums: Since standalone OD insurance lacks third-party coverage, the premiums are generally lower compared to comprehensive policies. This makes it an attractive option for car owners who want to prioritise covering their own vehicle while managing costs.
• Additional Add-ons: Though it primarily covers own damages, you can enhance the policy with add-ons like zero depreciation cover, engine protection, roadside assistance, etc., by paying extra premiums.
• Regulatory Compliance: In some regions, third-party liability insurance is mandatory by law, and standalone OD insurance does not fulfil that requirement. So, if you opt for this type of insurance, you must ensure that you have a separate third-party insurance policy to comply with legal obligations.
• Combined Coverage: In some cases, car owners choose to buy standalone OD insurance along with a third-party liability policy to achieve comprehensive coverage while keeping the overall cost in check.

Inclusions: What Is Covered In OD Car Insurance Policy?

Here are the various damages that standalone own damage insurance can cover:

• Accidents: If your car sustains damage due to an accident or collision, a standalone OD car insurance will provide coverage for the financial losses you incur.
• Fire & Explosion: Should your car be damaged due to an accidental fire or explosion, you can have peace of mind knowing that these damages can be taken care of through own damage car insurance policy.
• Theft: Dealing with a total loss or theft of your car can be emotionally and financially distressing. However, with standalone OD car insurance, the loss of your car will be covered.
• Human calamities such as riots and vandalism: A standalone own damage insurance also safeguards your vehicle against damages arising from events like riots, vandalism, terrorism, and similar incidents.
• Personal Accident: Own-damage car insurance includes a personal accident cover of ₹15 lakhs. This cover ensures that any accidental injuries, as well as the resulting medical and hospitalisation expenses, are taken care of under the policy.

Exclusions: What's Not Covered In Own Damage Car Insurance Policy?

While own damage insurance provides significant protection, it's important to be aware of certain scenarios that are not covered by the insurance policy:

• Third-party Liabilities: The own-damage car insurance solely focuses on protecting damages to your own vehicle and does not provide coverage for any losses incurred by third parties.
• Depreciation: As your car ages and depreciates over time, the own damage insurance coverage does not account for depreciation costs unless you opt for an appropriate add-on, such as our Zero Depreciation cover.
• Electrical & Mechanical Breakdown: Own damage car insurance cannot protect you from losses resulting from mechanical faults in the vehicle unless they are directly caused by accidental damage.
• Drunk Driving: If your car sustains damage due to drunk driving or driving under the influence of intoxicating substances, own damage insurance will not cover the losses.
• War or Nuclear Risks: The own damage insurance coverage does not extend to losses caused by wars, war-like incidents, or nuclear attacks.
• Driving without a Licence: Own damage car insurance cannot provide coverage for any losses if your car is damaged while being driven by an individual without a valid driver's licence.

Conclusion

By providing coverage for damages caused by accidents, natural calamities, or theft without the need for third-party coverage, this insurance ensures peace of mind and financial security. Make a wise investment in safeguarding your vehicle's future with Stand Alone Own Damage Insurance today!

FAQs

1. Why should I consider purchasing standalone own-damage car insurance?

Purchasing a standalone insurance policy for your car protects against damages or losses resulting from theft, fire, accidents, mishaps, and more. 

2. Is it necessary to purchase standalone own-damage car insurance and third-party car insurance from the same provider?

While it is possible to purchase standalone damage insurance and third-party car insurance from the same provider, it is not mandatory. You have the flexibility to purchase your own damage cover from any insurance provider you prefer.

3. Does own damage cover include personal accident cover?

No, by default, own damage insurance cover does not include a personal accident cover. It is important to purchase a separate personal accident cover along with a third-party insurance plan.

4. Can I buy Standalone Own Damage Insurance online?

Yes, many insurance providers offer the option to purchase Standalone Own Damage Insurance online, making it convenient and accessible.

5. Is Standalone Own Damage Insurance cost-effective?

Yes, standalone OD insurance tends to have lower premiums compared to comprehensive policies since it excludes third-party coverage.