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Things to Consider Before Selecting a Standalone Own-Damage Car Insurance Policy

Wish

Written by Sharad Bajaj

Updated Oct 15, 2023

5 Things to Consider Before Selecting a Standalone Own-Damage Car Insurance Policy

Maintaining a car is a costly affair, especially in adverse situations. A car insurance plan is a crucial cover which every car owner is required to own. However, holding basic car insurance i.e., third party car insurance is inadequate to deal with rising maintenance costs. This evolves the need to buy standalone own-damage car insurance which can offer you coverage in the events of damage or loss sustained by your own car.

When it comes to purchasing an own-damage insurance policy, proper and thorough research of different car insurance covers offered by various insurance companies is always recommended to get the right insurance plan. You need to compare several car insurance plans and then select one of them based on your budget and requirements. Let’s discuss a few important points that you should consider before purchasing a standalone own-damage car insurance policy.

Factors to Consider Before Selecting A Standalone Own-Damage Car Insurance Policy

Below are some points in details which you need to keep in mind while purchasing standalone own-damage car insurance:

  • Company’s Reputation: The goodwill of the car insurance company is a significant point which you should consider while buying a car insurance plan. You can easily judge a company’s reputation by its Claim Settlement Ratio (CSR). If you choose an insurer that holds a great reputation in the insurance industry, it enhances the possibility of its promise delivering approach compared to lesser-known firms.
  • Plan Coverage: The goodness of a car insurance plan depends on its coverage limit. Before finalizing a good standalone own-damage insurance plan, every car owner should make a check and compare coverage provided by various insurance plans while buying an insurance policy. The car insurance cover can widely differ based on the type of policy and car, across different insurance providers.
  • Add-on Cover: The add-on covers are designed to enhance the coverage of a car insurance plan, so its inclusion in your policy will be a huge benefit. You can avail the add-on covers by paying a little extra premium, but your policy needs to offer it first. Therefore, whenever you try to look for a car insurance plan, do look for the add-on covers associated with the car insurance policy before making the purchase.
  • Discounts: There are several discounts which you can avail to reduce the amount of premium of your car insurance plan. For example, policyholders can enjoy some discount for being an AAI member or by getting an anti-theft device installed in their cars. Therefore, at the time of purchasing a car insurance policy, please do check all the discounts offered by the insurer that you can avail.
  • Network Garages: With the network of garages, the car Insurance company provides its policyholders with cashless car repair services, up to the limit of sum insured subject to the policy’s coverage, for damage sustained by the insured car during the policy period. Therefore, at the time of purchasing a car insurance plan, you must check how wide and strong is the cashless garages network of an insurance company.

Also, Read

Reasons to Buy Standalone Own-Damage Car Insurance Policy

How to Upgrade to a Comprehensive Car Insurance Policy?

Which Is Better Policy - Third Party or Comprehensive Car Insurance?

Conclusion

Every car owner should consider the above-mentioned factors while buying a standalone own-damage car insurance plan to enjoy sufficient coverage and seamless experience during the policy term and especially during the claim settlement. We hope considering the factors discussed in this article will help you find a good insurance plan for your car.

Wish

Written by Sharad Bajaj

Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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