Own Damaged Car Insurance

Due to the ever-rising maintenance costs, maintaining a car can be costly. Own damage car insurance is a cost-effective approach to shield a vehicle against unintentional harm or other losses like theft and fire. An OD insurance cover is more affordable and available for a shorter time than full car insurance.

Own damage car insurance coverage called OD Insurance is designed to protect your car from unplanned losses. This policy provides car insurance coverage for losses incurred by your car as a result of fires, natural disasters, road accidents, or other accidents. It is intended to provide you with additional protection beyond third-party liability.

Factors that affect the cost of own damage car insurance

Some of the elements highlighted below can impact your own damaged car insurance premium:

• Insured Declared Value of Your Car: One of the important factors in determining the own-damage car insurance premium is the current market value of your car.

• Your Car’s Cubic Capacity: Your car’s CC is another name for the engine’s cubic capacity. The speed of your car is immediately impacted. Therefore, the danger involved would be larger the more horsepower your car has, and as a result, the cost of your own damage car insurance premium would also increase.

• Carmaker: The brand and kind of the car are other important considerations when determining the cost of your standalone own-damage car insurance policy. The cost of your own damage car insurance policy will be higher if your car is a high-end model.

• Age of the Car: Carmobiles can experience a loss in value over time. Therefore, a key factor taken into account while calculating the OD premium is the age of the policyholder’s vehicle. Simply put, your damage premium would be lower the older the car.

• No Claim Bonus: The policyholder will get a portion of the NCB benefit to lower their Own damage premium if they previously chose Own damage insurance and have not yet filed any claims.

• Add-Ons Selected: There is a cost for each add-on that a policyholder chooses. As a result, the types of add-ons you have selected for your own damage car insurance policy directly affect the rate for that policy.

When a policyholder has all the pertinent information at their disposal, choosing the best Insurance for their particular needs is much simpler. On that note, we sincerely hope that with the information mentioned above, you will now be able to opt for an optimum car insurance plan with add-on covers that would help you protect your car in the best possible way and within your budget.

What is own Damaged car Insurance?

Purchasing a car entails a number of additional costs. Own damage car insurance is useful in the event that the car sustains damage from a natural disaster, such as a storm, earthquake, flood, etc. Along with offering compensation for exterior accidents, it also covers man-made disasters, including vandalism, rioting, and terrorist strikes.

A standalone OD insurance policy is inexpensive and provides coverage for losses that third-party liability insurance does not. To prevent paying excessive amounts for little or substantial damage to their vehicle, new-vehicle owners may consider purchasing their own damage insurance.

However, car damage insurance is only available in combination with third-party liability coverage. A policyholder who already has third-party car insurance can add this coverage to it in order to protect their own vehicle against unanticipated losses.

Advantages of own Damage Car Insurance

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

• New car/vehicle owners are not required to purchase a long-term comprehensive car insurance policy in order to satisfy the legal requirement of 3-year third-party car insurance coverage. With a standalone own damage policy, policyholders can choose between a standalone damage plan for one year and a third-party car insurance plan for three years, both of which can be renewed annually.

• Flexibility in Insurance Company Selection: Following the publication of the Insurance Regulatory and Development Authority of India (IRDAI) order, which permits car owners to purchase a standalone own damage policy cover in addition to a third-party liability cover, it is now possible for policyholders to select different car insurance companies for both covers.

• Affordable Car Insurance: Car owners can now purchase standalone own damage insurance policies and third-party liability covers separately, making car insurance policies much more inexpensive. In order to further increase their financial gain, policyholders can now buy their own damage coverage at the lowest price available.

Who Should Buy an own damage car Insurance?

Own damage car insurance will cover losses such as unintentional damage, damage from transit, theft or vandalism, natural disasters, and man-made disasters. However, the Insured Declared Value, or IDV, determines the maximum amount of compensation you may be eligible to receive. The depreciation rate, which rises with car age, has a significant impact on the IDV as well.

Types of car Insurance in India

• Third-party: One of the most popular types of car insurance is third-party coverage, which exclusively covers losses and damages to third-party individuals, vehicles, or property.

• Comprehensive: One of the most beneficial types of car insurance is comprehensive, which also covers damage to your own vehicle and third-party liabilities.

Advantages of having damaged vehicle insurance

Some advantages of getting own damage car  insurance are listed below:

• Owners of vehicles are no longer required to get a long-term comprehensive car insurance policy to offer both third-party and OD coverage.
  
  
• Depending on their budget and perks, car owners can compare and purchase own damage insurance policies online from several providers. This option is more practical and economical for people who cannot pay a hefty upfront cost or cannot afford comprehensive car insurance.
  
  
• Additionally, the standalone OD policy has an annual renewal option, halving the policyholders’ cost. Provides the policyholder with possibilities to purchase add-ons that are not otherwise possible with third-party liability coverage.

Inclusion

Accidental damage to the insured vehicle is covered under the policy:

• If the car is stolen or lost, compensation is paid.
  
  
• Damages brought on by fire, lightning, or other sources of ignition to the insured vehicle
  
  
• The OD insurance coverage also covers losses brought on by terrorist attacks, riots, and other man-made disasters.
  
  
• Natural calamities such as floods, hailstorms, earthquakes, etc., cause damages that are insured.

Exclusion

The own damage insurance policy will not provide coverage for any third-party liability.

• Accident-related consequential damages not covered

• Driving through floodwaters, for instance, results in damages that are not covered because of the owner’s carelessness.

• Losses sustained as a result of criminal activity or while intoxicated are not covered.

• Additionally, the policy does not cover damages to the covered vehicle when the driver was operating it without a valid license.

• Losses resulting from a civil war or a nuclear threat are not covered.

Additional covers under own vandalized Car Insurance

By paying an additional fee for add-ons, a policyholder can also expand the scope of his or her OD insurance policy’s protection. An own damage car insurance coverage may include the following extras:

• Nil Depreciation Cover
  
  
• Consumables Cover
  
  
• NCB Protect Cover
  
  
• Engine Protect Cover
  
  
• Roadside Assistance Cover
  
  
• Key and Lock Protect Cover

How do you calculate the premier for damaged Insurance?

Own damage car insurance is slightly higher than third-party liability but less expensive than comprehensive car insurance. Use the Car Insurance Premium Calculator to determine and compare personal damage insurance costs. Using the model, version, cost, and year of registration of your car, this online calculator can assist you in calculating the premium. You may find out your car’s premium and IDV by simply entering the necessary information in the calculator. Additionally, you can evaluate the premiums charged by several insurers and select the one that best meets your needs.

What is the Insured Declared Value IDV in OD Car Insurance?

Own damage car insurance policy’s claims are completely based on the car’s level of damage. When a car is totally destroyed and cannot be repaired, the policyholder will receive compensation depending on the car’s depreciation value. IDV is computed after taking into account the vehicle’s depreciation rate and is deducted based on the number of years the car has been utilized.

How to Buy Own damaged car Insurance?

Own Damage car insurance is easily and quickly purchased online. Look at this:

• From the “Insurance Products” selection on the homepage, choose the “Car Insurance” page.
  
  
• Now, input your car number or, if it’s a brand-new vehicle, choose “Brand New Vehicle.”
  
  
• Pick your car’s RTO, model, version, and year of registration.
  
  
• Complete the registration form now.
  
  
• Date of preceding policy expiration and, if any, claim information
  
  
• Choose “Own Damage” as the plan type from the drop-down menu.
  
  
• No more than one insurer will present you with offers for OD vehicle insurance.
  
  
• View the plan’s specifics and choose the additional coverages to go with it. Continue to the premium payment Pay the own damage premium amount using the preferred payment method after verification.
  
  
• Once paid, your OD car insurance plan will be issued to you. You will receive your car policy documents at your email id.

How to raise a claim under own damaged car Insurance

You can take the following easy steps to file your own damage car insurance claim:

• Inform the insurance provider of the damages the insured vehicle has incurred.
  
  
• Upon notification, the insurance provider will dispatch a surveyor to examine the damages to the insured vehicle.
  
  
• Additionally, you will be needed to present a number of crucial documents in order to verify your claim.
  
  
• The covered car will now be taken to a network shop for repairs after suffering its own damages.
  
  
• The insurance company will reimburse the cashless claim with the network garage once the repairs have been completed.
  
  
• After the repairs, the insurer will compensate you in full if the insured vehicle was fixed in a network garage that is not authorized.

Tips to Lower the Premium for Own Damage Insurance

The following tips will help you reduce the cost of your personal damage insurance premium:

• Own Damage Insurance Has Voluntary Deductibles: The amount you decide to fork out when making claims under your own damage insurance is known as a voluntary deductible. Depending on your ability, you can now raise the voluntary deductible percentage, which will immediately lower your personal damage premium.
  
  
• Declaring the proper insured declared value (IDV) It’s important to note that the correct Covered Declared Value of your insured vehicle must always be stated because it affects both the claim amount at the time of claim settlement and the Own Damage Premium.
  
  
• Transfer your No Claim Bonus: In order to benefit from the gathered savings, make sure that your No Claim Bonus is transferred to your current insurance plan if you previously had comprehensive vehicle insurance or own damage insurance.

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