An own damage coverage provides you financial support for the repair of your damaged car in case you are the one to have caused it due to an accident. However, own damage car insurance also gives you coverage in case of theft, natural disaster, vandalism, fire, and other covered damages. 

If you are wondering what exactly is standalone own damage car insurance, here is everything you should know.

 What is a Stand Alone Own Damage Cover? 

A standalone own damage (OD) policy covers the financial losses caused due to the damages of your own car. Own damage insurance for cars is different from third party liability insurance where the policy covers damages caused only to a third party. 

This standalone insurance coverage safeguards your own vehicle from damages. However, this policy does not provide coverage for third-party person or property damages. 

You can purchase a standalone motor own damage policy separately from a third-party insurance. It gives you more flexibility and control over your insurance policy and its premium. 

Please note: In the event of total loss of your car, car insurance in India offers you coverage based on the IDV. So, your coverage is calculated based on the depreciation value of the car, which depends on the age of the car. So, if you want zero depreciation car insurance coverage, you need to purchase this add-on separately.

 What Does a Standalone OD Policy Cover in Motor Car Insurance or Bike Insurance? 

• Accidental damages caused to your car or bike or its parts caused by third-party.
• Theft of your vehicle due to burglary and housebreaking .
• Damages caused to your vehicle due to fire or explosions.
• Total loss due to either theft or extensive damages to your car or bike that is beyond repair.
• Damages due to natural calamities like flood, cyclone, or typhoon.
• Damage due to earthquakes, landslides, etc.
• Damage to your car during transit by road, rail, air, or inland waterways.
• Malicious damage to the car due to terrorism attacks, riots and strikes, etc.

 What is Not Covered under Own Damage Car Insurance? 

• Damages to a third-party person or property due to your insured vehicle.
• Own damage insurance for a car does not cover depreciation of the car’s value over time.
• If your car breaks down due to internal electrical or mechanical issues. 
• Damages  caused to your car while driving under the influence of alcohol or any other drugs.
• If the damages to your car occur after your policy lapse and before its renewal.
• Damages to the car due to an accident where the driver does not hold a valid licence.
• Damages to your car due to negligence. If you forgot to lock that car and it gets stolen.

 Why Should You Choose Standalone OD Insurance for Car or Bike? 

Owning a car or bike comes with a lot of responsibility. So, you need to protect it financially. Choosing a standalone own damage bike or car insurance in India shields your vehicle in various situations. It ensures the insurance company will cover the cost of repair of your vehicle. Let us explore the top reasons why you should choose a standalone OD cover.

 Cost-Effective Coverage 

Standalone motor insurance coverage usually comes at a cost-effective rate compared to comprehensive policies. It provides you good protection for your vehicle at a relatively lower cost, and you can stay protected in case of any damages to your vehicle.

Moreover, if you already have third-party motor insurance, which is a legal mandate, you need not invest in a comprehensive car or bike policy. You can save on your buying cost by purchasing an own damage car/bike insurance plan instead. 

 Flexibility of Customisation 

Standalone OD insurance gives you the flexibility to choose your coverage. You can customise your insurance plan based on your needs and budget by adding the required policy riders. You can focus on protecting your own vehicle without including third-party liability.

 Peace of Mind 

Knowing that your car/bike is protected all the time will give you peace of mind. A stand alone own damage insurance for cars or bikes protects them from accidents, theft, vandalism, natural disasters, etc. So, if you purchase this coverage you can feel happy knowing that your vehicle is protected all the time. 

 Easy-to-Understand Protection 

Standalone OD policy solely covers damages to your vehicle. So, there is no confusion of what is included in it. It also has a very straight-forward claim process with leading insurers like Tata AIG.

 Convenience of Purchasing a Motor Insurance Online 

You can purchase standalone OD cover online anytime. Many insurance companies offer user-friendly platforms where you can compare policies, get quotes, and purchase the insurance plan accordingly.

 Conclusion 

Standalone own damage insurance can be a great choice for protecting your car or bike. It covers damages to your vehicle from accidents, theft, natural disasters, and more. This insurance is cost effective and offers you the flexibility to choose your plan based on your need and budget. 

Purchasing your own damage motor car insurance gives you peace of mind. You can easily understand the coverage and purchase it online.