Own Damage Car Insurance
The Standalone Own-damage Car Insurance Policy Gives Coverage to Damage and Loss Sustained by the Protected Car. The Plan is Relatively Economical in Comparison to a Comprehensive Car Insurance Plan or Enables Policyholders to Safeguard Their Car Apart From Third Party Coverage at Affordable Rates.
What is Own Damage Car Insurance?
Own Damage Car Insurance, OD Insurance is a Vehicle 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 Mishap, Fire, Natural Calamities, and Any Other Accident. It is Intended to Give You Added Inclusion Separated From the Outsider Risk.
☛ Read More ▻ Comprehensive Car Insurance Policy
Advantages of Own Damage Car Insurance
An Own-damage Car Insurance Policy Offers the Following Advantages:
1- No Commitment to Pick Long Haul Exhaustive Plans
New Car and Vehicle Owners Are Not Obligated to Purchase a Long-term Comprehensive Car Insurance Policy to Meet the Mandatory Needs 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 One Year, Which Can Be Renewed on a Yearly Basis.
2. Adaptability With Respect to Decision of Insurance Company
After the Release of the Insurance Regulatory or Development Authority of India (Irdai) Request, Where They Have Allowed the Car Owners to Purchase 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 or 3rd Party Liability Covers Separately, Car Insurance Policies Have Now Become Much More Affordable for Car Owners. Additionally, the Policyholders Can Now Buy Their Own Damage Policy at the Good Offered Price to Add-on to Their Financial Advantage.
Who Should Purchase a Standalone Own Damage Insurance?
An Standalone Own-damage Cover Will Compensate the Policyholder for Losses Including Accidental Damages, Damages Due to Travel, Theft and Vandalism, Natural Calamities and Man-made Disasters. However, the Limit to the Compensation You Can Receive Depends on the Insured Declared Value and Idv. The Idv, in Turn, is Heavily Determined by the Depreciation Price Which Gets Higher With the Car’s Age.
Thus With the Depreciation Price Affecting Your Compensation Value, There Are Focuses When After the 5-year Mark It May Make More Financial Sense to Simply Set Aside Some Amount for Your Possible Accident and Keep Only Your Third-party Insurance Updated. However, Keep in Mind, if Your Car is New, or an Costly Car It Makes Sense to Keep the Own-damage Cover Since the Compensation Even With High Depreciation Price Still Offers Quite a Bit of Amount. Ultimately, You Can Also Buy a Zero Depreciation Cover as an Add-on to the Existing Own-damage Insurance Plan.
☛ Read More ▻ Commercial Vehicle Insurance
What is Covered in Stand-alone Own Damage Car Insurance?
You Are Offered the Following Security Under Your Own-damage Car Insurance Cover:
1. Accidental Damage - the Own-damage Car Insurance Gives Coverage Inclusion to the Harms Caused to Your Car in the Event of a Accident or Crash.
2. Theft of Your Car - the Cover Gives Pay for Your Car in the Event That Assuming That It Gets Taken or You Lost It in a Thievery or Because of Housebreaking.
3. Loss Due to Fire - on the Off Chance That Your Car Gets Damaged Because of Fire, Lightning, Self-start and So on, Your Own Damaged Cover Will Cover for Such Harm or Misfortune.
4. Damages Due to Natural Calamities - Assuming That Your Vehicle Succumbs to Regular Catastrophes Like Seismic Tremors, Floods, Hailstorms, and So on, Your Own Damage Coverage Will Pay for It.
5. Expenses Due to Man-made Disasters - When Your Vehicle Endures Harms Because of Man-made Catastrophes Like a Psychological Oppressor Assault, Mobs and Strikes, and So on, Then It Will Get Coverage.
What is Not Covered in Standalone Own Damage Car Insurance?
The Following Are a Exceptions When It Comes to Own Damage Coverage:
1. Third-Party Liabilities - the Standalone Own Damage Cover Will Not Cover Your 3rd Party Liabilities and They Will Be Taken Care of Only Under the Outsider Contract.
2. Driving Without a Permit – No Car Insurance Protection Will Be Accepted if the Driver is Driving the Car Without Without Holding a Permit.
3. Consequential Damages - Consequential Damages Are the Ones That Take Place After an Mishap. They Are Not Covered Under Their Own Damage Cover.
4. Contributory Carelessness - Your Car Won't Finish Inclusion in the Event That You Have Something That You Shouldn't Have Done Like Driving Your Car in a Generally Flooded City.
5. Driving Alcoholic - the Own Damage Cover Cover Gives Insurance to Legal Residents Just and No Claims Will Be Covered Assuming That the Driver is Found Driving Affected by Liquor.
How is the Own Damage Premium Calculated?
There Are Various Factors That Affect the Calculation of Insurance Premium for Own Damage Insurance Protection Either for Your Insured Car and a Bike. These Variables Include:
1- Type, Age and Make of the Vehicle
2- Insured Declared Value for Your Vehicle
3- Cubic Capacity of the Engine
4- Geographical Zone
The Premium for Own Damage Insurance is Calculated as a Percentage of Insured Declared Value Select by Indian Motor Tax.
Formula to Calculate Insured Declared Value:
Insured Declared Value = Showroom Cost of the Insured Car + Accessories Cost – Depreciation Value According to IRDAI
Presently, 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 or Benefits (Theft Discount, No Claim Bonus)].
Point to Reduce Premium Payable Against Own Damage Insurance To Reduce the Premium Paid Against Your Own Damage Insurance Premium, You Can Follow the Beneath Referenced Point:
Voluntary Deductibles: in Own Damage Insurance, There Are Voluntary Deductibles, Which is the Pay That You Opt for to Pay at the Time of Claims. Hence-forth, Depending Upon Your Possibility, You Can Select to Increase the Voluntary Deductible % , Which Will Directly Lead to Reduction of Your Own Damage Premium. Declare the Correct Insured Declared Value (IDV): Guarantee 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 or Own Damage Premium.
Move Your No Claim Bonus: in the Event That You Have Earlier Had a Comprehensive Vehicle Insurance Plan or Own Damage Insurance Plan, Make Sure That You Move Your No Claim Bonus to Your Existing Insurance Plan, to Benefit All the Gathered Rebate.
☛ Read More ▻ Two Wheeler Insurance
How to Renew Your Standalone Own Damage Cover?
The Following Steps Will Assist You Renew Your Car Insurance Policy Online:
Step 1: Visit Official Website
Step 2: Give Your Car’s Registration Number, Fuel Type or Variant to Proceed. In Case You Do Not Remember These Details You Can Also Enter Your Car’s Brand Name, Model, Make or Year of Registration, City of Registration, RTO.
Step 3: Enter the Expiry Date of the Insurance Policy of the Earlier Year Alongside With the Name of Your Insurance Provider.
Step 4: Fill in the Section With Own Personal Details, Name or Phone Number and Select the Tenure of Your Policy. Also, Provide the Details of Any Claims You Made in the Earlier Year. Next Click on 'proceed'.
Step 5: Every One of the Accessible Statements in Your Category Will Be Apparent on Your Screen. You Can Compare Them and Decide on the Policy That is Best Suited to Your Requirements. At This Step, You Can Also Opt for Add-on Covers to Further Strengthen Your Insurance Policy.
Step 6: After You Have Chosen Your Policy and Add-on Covers, Click on the ‘buy/purchase Now’ Button. Make the Payment for the Chose Policy and We Will Send the Policy Document to Your Registered Email ID.
How to Document for Standalone Own Damage Insurance Claim?
The Following Are the Documents Needs to File for a Car Insurance Claim:
☛ Copy of Policy Document / File
☛ Copy of Fir
☛ Copy of Registration Certificate
☛ Original Bills of the Car’s Repair
☛ Evidence of the Accident
The Following Are the Steps Required to Document for Car Insurance Claim:
1. Inform the Insurance Provider: in Case of a Accident Make Sure to Take All the Safety Measures or Then Call the Insurance Service Provider of Your Car as Soon as Possible.
2. Lodge an FIR: in Case Your Car is Stolen or There is Any Sort of Mishap Involving Others It is Crucial to File an Fir at the Nearest Police Station. You Will Require a Duplicate of the Policy Document While Petitioning for a Insurance Claim.
3. Collect Evidence Proof: When You Make a Claim You Require to Gives Proof of the Incident Being a Genuine Accident. Hence Collect as Much Evidence Proof as You Can, Take Photo and Videos and Note Down the Contact of Any Bystander Who Saw the Incident as Well.
4. Submit Documents: the Documents Need for the Claim Process May Vary Slightly According to Your Situation and Insurance Provider. The Most Common Documents Need Are Listed Above or Required to Be Submitted to the Insurance Provider to Process the Claim Settlement.
5. Surveyor: After the Documents File Are Submitted, the Insurance Company Will Schedule a Visit With the Surveyor. He Will Check the Damages to the Car to Ensure the Damage. The Surveyor May Ask You Inquiries 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 Vehicle for Repairs. It is Good to Do This in One of the Insurance Provider’s Network Garages. This Way the Expense of the Maintenance Will Be Repaid Straightforwardly With the Compensated With No Personal Expenses for You.
What Extra Covers Can Be Bought With Own Damage Car Insurance?
As Well as Offering Insurance Coverage for Your Car, the Own-damage Car Insurance Policy Also Gives 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 Bought by Paying a Little Extra Premium Apart From the Standard Premium. For Instance, if You Buy 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 Day to Day Life or During Repair After an Mishap.
☛ Read More ▻ CAR Insurance
When It Comes to Car Insurance Add-on Covers, the Greatest Advantage of Selecting Them is to Give You Flexibility to Enhance the Coverage of Your Car Insurance Policy or Provide You Additional Support by Investing a Little Extra Premium. Here Are Some Normal Add-on Covers Which Can Be Opted With an Own Damage Car Insurance Cover:
☛ Zero Depreciation Cover
☛ Roadside Assistance Cover
☛ Engine Protector Cover
☛ Consumables Cover
☛ Return to Invoice Cover
☛ No Claim Bonus Protect
☛ Key Protect Cover
☛ Daily Allowance Cover
☛ Questions Asked for Own Damage Car Insurance
Can I Buy Only Own Damage Car Insurance?
How is Own Damage Premium Calculated?
What is Own Damage Section in Car Insurance?
What is Own Damage in Car Insurance?
Can I Take Only Own Damage Car Insurance?
What is Own Damage Only?
What is the Benefit of Own Damage Insurance?
Can I Take Only Own Damage Insurance?
What Does an Own Damage Policy Not Cover?
What is OD Policy Period?
Is OD Mandatory in Insurance?
What is TP and OD in Insurance?
What is OD Amount in Insurance?
Is OD Insurance Compulsory?
What is Basic OD Premium?
क्या बीमा में OD अनिवार्य है?
क्या मैं ओनली डैमेज इंश्योरेंस ले सकता हूं?
कार इंश्योरेंस में ओन डैमेज क्या है?
क्या मैं केवल ओन डैमेज कार इंश्योरेंस खरीद सकता हूं?
क्या ओन डैमेज इंश्योरेंस भारत में वैध है?
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