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Standalone Own Damage Car Insurance

The standalone own-damage car insurance policy gives coverage to damage or loss sustained by the insured car. The plan is relatively economical in comparison to a comprehensive car insurance plan and enables policyholders to protect their car apart from third party coverage at affordable rates.

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What is Own Damage Car Insurance?

Own Damage Car insurance a.k.a. OD Insurance is a motor insurance policy that is intended to safeguard your car against unforeseen own damages. This policy offers car insurance coverage for own damages sustained by your car due to road accidents, fire, natural calamities, or any other mishap. It is designed to give you added coverage apart from the third-party liability.

Third-Party Insurance Vs Own Damage Insurance Vs Comprehensive Car Insurance

Basis

Third-Party Insurance

Standalone Own-Damage Insurance

Comprehensive Car Insurance

Definition

This type of insurance coverage provides coverage for third-party liabilities including bodily injuries, death and property damage. It is compulsory according to the Motor Vehicles Act of 1988.

This type of insurance provides coverage for the damage to the policyholder’s vehicle. It is not compulsory, however, provides greater protection than just third party insurance.

This type of cover provides coverage for both third-party liabilities as well as own-damage costs under a single premium.

Coverage

Third-party liabilities only

Own-damage costs only

Third-party liabilities and own-damage costs

Benefits

It is compulsory and without it you can be heavily fined. Additionally, in case you have a mishap you don’t need to worry about the cost.

It covers a number the cost of own damage including natural calamities, vandalism, accidents, total damage and theft. You can purchase add-on covers and receive NCB for this type of cover.

Both third-party liabilities and own damage, Additionally, you will also be eligible for NCb on the own-damage cover and be able to purchase add-on covers.

Premium Amount

Low Premium

Higher Premium decreases with time.

Higher Premium accommodates both covers under a single premium. Own-damage cover cost decreases with time.

Depreciation Rate

Not affected by the depreciation rate

Affected by the depreciation rate

Own-damage cover affected by depreciation rate.

Benefits of Own Damage Car Insurance

An own-damage car insurance policy offers the following benefits:

1. No Obligation To Opt for Long Term Comprehensive Plans

New car/vehicle owners are not obligated to buy a long-term comprehensive car insurance policy to meet the mandatory requirement of 3-year third party car insurance cover. With a standalone own damage policy, policyholders can opt for a third party car insurance plan for 3 years alongside a standalone damage plan for 1 year, which can be renewed on a yearly basis.

2. Flexibility Regarding Choice of Insurance Company

After the release of the Insurance Regulatory and Development Authority of India (IRDAI) order, where they have allowed the car owners to buy a standalone own damage policy cover other than a third party liability cover, which means that the car insurance policyholders are allowed to opt for different car insurance companies for both the covers.

3. Economical Car Insurance

With the availability of standalone own damage insurance policy and third-party liability covers separately, car insurance policies have now become much more affordable for car owners. Additionally, the policyholders can now purchase their own damage policy at the best offered price to add-on to their financial benefit.

Who Should Buy a Standalone Own Damage Insurance?

A standalone own-damage cover will compensate the policyholder for losses including accidental damages, damages due to transit, theft or vandalism, natural calamities and man-made disasters. However, the limit to the compensation you can receive depends on the Insured Declared Value or IDV. The IDV, in turn, is heavily determined by the depreciation rate which gets higher with the car’s age.

How to Calculate Depreciation?

The following table explains how the depreciation rate works:

Vehicle Age

Depreciation Rate

0-6 months

5%

6 months - 1 year

15%

1 - 2 years

20%

2-3 years

30%

3-4 years

40%

4-5 years

50%

Thus with the depreciation rate affecting your compensation value, there are points when after the 5-year mark it may make more financial sense to simply set aside some money for your possible mishap and keep only your third-party insurance updated. However, keep in mind, if your car is new, or an expensive car it makes sense to keep the own-damage cover since the compensation even with high depreciation rates still offers quite a bit of money. Lastly, you can also purchase a zero depreciation cover as an add-on to the existing own-damage plan.

What Is Covered in Standalone Own Damage Car Insurance?

You are offered the following protection under your own-damage car insurance cover:

1. Accidental Damage – The own-damage car insurance gives coverage to the damages caused to your car in case of an accident or collision.

2. Theft of Your Car – The cover gives compensation for your car in case if it gets stolen or you lost it in a burglary or due to housebreaking.

3. Loss Due to Fire – If your car gets damaged due to fire, lightning, self-ignition etc., then your own damage cover will cover for such damage or loss.

4. Damages due to Natural Calamities - If your car falls prey to natural calamities like earthquakes, floods, hailstorms, etc, your own damage insurance coverage will pay for it.

5. Expenses due to Man-made Disasters – When your car suffers damages due to man-made disasters like a terrorist attack, riots and strikes, etc, then it will get coverage.

What Is Not Covered in Standalone Own Damage Car Insurance?

Here are a few exceptions when it comes to own damage insurance coverage:

1. Third-Party Liabilities - The standalone own damage cover will not cover your third-party liabilities and they will be taken care of only under the third party plan.

2. Driving without a Licence – No car insurance claim will be accepted if the driver is driving the car without holding a licence.

3. Consequential Damages - Consequential damages are the ones that take place after an accident. They are not covered under their own damage cover.

4. Contributory Negligence – Your car will not get coverage if you have done something that you should not have done like driving your car in an already flooded city.

5. Driving Drunk – The own damage cover gives protection to lawful citizens only and no claims will be covered if the driver is caught driving under the influence of alcohol.

How is the Own Damage Premium Calculated?

There are various factors that affect the calculation of insurance premium for own damage insurance cover either for your insured car or a two-wheeler. These factors include:

  • Type, Age and Make of the vehicle
  • Insured Declared Value for your vehicle
  • Cubic capacity of the engine
  • Geographical zone

The premium for Own damage insurance is calculated as a percentage of Insured Declared Value decided by Indian Motor Tariff

Formula to calculate Insured Declared Value:

Insured Declared Value= Showroom cost of the insured car + Accessories cost (if any) – Depreciation Value according to IRDAI

Now, the formula to calculate the Own Damage premium is explained below:

Premium Own Damage = Insured Declared Value or IDV X [Premium Rate (as per the insurance provider)] + [Add-Ons (eg. Bonus Coverage)] – Discounts and Benefits (theft discount, No Claim Bonus, etc.)].

Tips to Reduce Premium Payable against Own Damage Insurance

To reduce the premium paid against your own damage insurance premium, you can follow the below-mentioned tips:

  • Voluntary Deductibles: In own damage insurance, there are voluntary deductibles, which is the amount that you opt for to pay at the time of claims. Henceforth, depending upon your feasibility, you can choose to increase the voluntary deductible percentage, which will directly lead to reduction of your own damage premium.
  • Declare the Right Insured Declared Value (IDV): Ensure that you always declare the right Insured Declared Value of your insured car as it will affect both the claim amount at the time of claim settlement and Own damage premium.
  • Transfer your No Claim Bonus: In case you have earlier had a comprehensive motor insurance plan or own damage insurance plan, make sure that you transfer your No claim bonus to your existing insurance plan, in order to avail all the accumulated discount.

How to Buy Standalone Own Damage Car Insurance Online?

Here’s a step-by-step guide on how to buy Own Damage Car Insurance online:

1. Research:

- Begin by researching and understanding the benefits of a Standalone Own Damage Car Insurance policy.

- It’s advisable to compare various policies online to find one that suits your needs and budget.

2. Choose a Reputable Insurer:

- Look for insurance companies with a good reputation, high claim settlement ratio, and excellent customer service.

- Ensure that the insurer has a user-friendly online platform for ease of policy management.

3. Visit Insurer’s Website:

- Go to the official website of the chosen insurance provider.

- Navigate to the car insurance section and look for the option to buy Standalone Own Damage Car Insurance.

4. Fill in the Details:

- You will need to fill in details such as your car’s make, model, age, registration number, and your contact information.

- Ensure that all details are accurate to avoid issues during claim settlement.

5. Customize Your Policy:

- Opt for add-ons or additional covers if needed, such as zero depreciation cover, engine protection, etc.

- Adjust the Insured Declared Value (IDV) of your car as per your preference, keeping in mind that a higher IDV will result in a higher premium.

6. Check Premium Amount:

- The premium amount will be displayed based on the details and add-ons selected.

- Review the premium amount and coverage details to ensure they meet your expectations.

7. Read the Policy Terms:

- Carefully read the terms and conditions, inclusions, and exclusions of the policy.

- It’s crucial to be well-informed to avoid surprises at the time of a claim.

8. Make Payment:

- Proceed to make the payment through a secure online payment gateway.

- Look for any available discounts or offers that might reduce your premium.

9. Download Policy Document:

- After successful payment, the policy document will be sent to your registered email id.

- Download and print a copy of the policy for your records, and keep a digital copy on your phone.

10. Consult Customer Support:

- If you have any doubts or face any issues during the process, don’t hesitate to contact the customer support of the insurance company.

By following the above steps, you can secure a policy that provides ample coverage for your vehicle against various risks.

How to Renew Your Standalone Own Damage Cover?

The following steps will help you renew your car insurance policy online:

Step 1: Visit our website InsuranceDekho

Step 2: Provide your car’s registration number, fuel type and variant to proceed. In case you do not remember these details you can also enter your car’s brand name, model, make and year of registration, city of registration and RTO.

Step 3: Enter the expiry date of the insurance policy of the previous year along with the name of your insurance provider.

Step 4: Fill in the section with your personal details, i.e., name and phone number and select the tenure of your policy. Also, provide the details of any claims you made in the previous year. Next click on ‘Continue’.

Step 5: All the available quotes in your category will be visible on your screen. You can compare them and decide on the policy that is best suited to your needs. At this stage, you can also opt for add-on covers to further strengthen your insurance policy.

Step 6: After you have selected your policy and add-on covers, click on the ‘Buy Now’ button. Make the payment for the selected policy and we will send the policy document to your registered email ID.

How to Claim Car Insurance for Own Damage?

The following are the documents required to file for a car insurance claim:

  • Copy of policy document
  • Copy of FIR
  • Copy of registration certificate
  • Original bills of the car’s repair
  • Evidence of the mishap

The following are the steps required to file for car insurance claim:

1. Inform the Insurance Provider: In case of a mishap make sure to take all the safety measures and then call the insurance provider of your car as soon as possible.

2. Lodge an FIR: In case your car is stolen or there is any sort of accident involving others it is crucial to file an FIR at the nearest police station. You will require a copy of the same when filing for an insurance claim.

3. Collect Proof: When you make a claim you need to provide proof of the incident being a genuine mishap. Hence collect as much evidence as you can, take pictures or videos and note down the contact of any bystander who saw the incident as well.

4. Submit Documents: The documents required for the claim process may vary slightly according to your situation and/or insurance provider. The most common documents required are listed above and need to be submitted to the insurance provider to process the claim settlement.

5. Surveyor: After the documents are submitted, the insurance company will schedule a visit with the surveyor. He/She will check the damages to the car to ensure the damage. The surveyor may ask you questions to make sure to answer them honestly, any discrepancies can lead to your claim request being cancelled.

6. Repairs: After the surveyor approves the claim you can send your car for repairs. It is best to do this in one of the insurance provider’s network garages. This way the cost of the repair will be compensated directly with the garage with no out-of-pocket costs for you.

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When did you buy your car?

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​Factors Affecting Own Damage Car Insurance Premium

Highlighted below are some of the factors that can affect your standalone own-damage car insurance premium:

1. Insured Declared Value of Your Car

The present market value of your car is one of the significant factors in determining the own-damage car insurance premium.

2. Cubic Capacity of Your Car

Cubic Capacity of the engine is also known as your Car’s CC. It directly affects your car’s speed. Hence, the higher is the cc of your car, the higher would be the risk associated, and as a result, the own damage premium amount will also be on the rise.

3. Car Model

Car type and it's model are also significant factors in calculating the premium for your standalone own damage car insurance policy. If your car is high-end, then consequently higher would be the premium for your own damage car insurance policy.

4. Car’s Age

Over time, cars too lose out on their value. Hence, the age of the policyholder’s car is a crucial element that is considered at the time of OD premium calculation. To simplify, the older the car, the lesser would be your Own damage premium.

5. No Claim Bonus

If the policyholder had opted for Own damage cover previously, and has not made any claims till now, then in that case they will have a percentage of NCB benefit in order to reduce their Own damage premium amount.

6. Add-Ons Opted

All the add-ons selected by a policyholder has a price associated. Henceforth, the premium of own damage policy is directly impacted by the types of add-ons you have selected for your own damage car insurance policy.

With the complete details and right information in hand, it gets easier for a policyholder to opt for the best policy based upon their individual requirements. On that note, we sincerely hope that with the afore-mentioned information, you would now be able to opt for an optimum car insurance plan with add-on covers, that would help you in not only protecting your car in the best possible way but also within your budget.

What Add-on Covers Can Be Bought With Own Damage Car Insurance?

In addition to offering insurance coverage for your car, the own-damage car insurance policy also provides several add-on covers to its policyholders. The add-on covers are designed to expand the coverage of an own damage car insurance which can be purchased by paying a little extra premium apart from the standard premium. For instance, if you purchase a consumable add-on cover with your own damage car insurance plan, then the cost of consumables such as lubricant, engine oil, collant and so on, shall be covered under the policy, whether used in daily life or during repair after an accident.

When it comes to car insurance add-on covers, the biggest benefit of opting them is to provide you flexibility to enhance the coverage of your car insurance policy and provide you additional support by investing a little extra premium. Here are some common add-on covers which can be opted with an own damage car insurance cover:

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Standalone Own Damage Car Insurance FAQ

  • What is the amount of premium for own-damage (OD) car insurance cover?

    The own-damage car insurance premium is not same for every policyholder, but different. Here are some factors that impacts the own-damage premium of your car insurance cover:

    • Age of the car
    • Cubic capacity
    • Hiring/personal purpose (Private or public purpose)
    • RTO Location
    • Previous claim history

  • Why should I buy standalone own-damage car insurance?

    You should consider buying a standalone insurance policy for your car as it offers protection to your vehicle against damages or losses caused due to theft, fire, mishap, accident, etc. If an accident happens, the insurance provider is made to pay for the cost of replacement or repair of the damaged car parts.

  • What is the renewal process for standalone own-damage car insurance?

    You need to follow the below steps for own-damage car insurance renewal:

    • Step 1: Visit InsuranceDekho. Compare various insurance plans online and get a quote.
    • Step 2: Complete the details as required.
    • Step 3: Choose from the available add-ons to increase your existing insurance coverage.
    • Step 4: Make the payment. Your policy is renewed.

  • How to file an own damage car insurance claim?

    You can file an own-damage car insurance claim by following the given steps:

    • Step 1: After the mishap or accident, immediately inform your insurance provider regarding the damage to your vehicle.
    • Step 2: File a claim with your insurer. Insurance companies would then assign a surveyor to assess the damage to your car or You can also opt for Self-inspection, where your insurance provider will provide you with all the instructions. Availability of self-inspection facility is subject to the insurance company.
    • Step 3: Select the mode of repair you wish to go for i.e cashless service through network garages or reimbursement.

  • Do I need to buy standalone own damage car insurance cover and third-party car insurance from the same insurance provider?

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

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