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What is Standalone Own Damage Car Insurance?

Standalone own damage car insurance provides coverage only to your car against various kinds of damages caused due to accidents, fire, natural or man-made calamities, riots, etc. This is unlike comprehensive insurance, which provides both third-party cover as well as cover for your own car. Getting standalone own damage insurance can be a good choice when you already have third-party car insurance cover.

How Does Standalone Own Damage Insurance Work?

Once a vehicle owner purchases a standalone own damage policy, their insurance coverage begins. If there are any damages to the car, the policyholder can make an insurance claim (reimbursement or cashless) with their insurance provider.

 

When the insurer verifies the insurance claim, it is either paid out to the policyholder as the reimbursement of the repair expenses, or the bills are directly settled with the network garage where the vehicle is repaired.

Car Insurance Providers Available at Bajaj Markets

Car Insurance Partners

Claim Settlement Ratio 

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Bajaj Allianz Car Insurance

98%

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HDFC ERGO Car Insurance

100.00%

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TATA AIG Car Insurance

98%

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SBI General Car Insurance

98%

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Disclaimer: The premium rates are indicative. The actual premium that you may have to pay may change depending on various factors. Please check the prevailing premium rates before purchasing your car policy.

Benefits of Standalone Own Damage Insurance

Economical

You can save a lot on insurance premiums by opting for third-party and own damage insurance, separately.

Zero Obligation

With an own damage insurance, you aren’t obligated to stick with long-term comprehensive plans, only to make them last for a mandatory, 3-year period. Instead, you can simply purchase the relevant insuREAD MORErance plan as per your preferred duration. READ LESS

Choices

At present, there are several insurance service providers dealing in standalone own damage insurance policies. Therefore, restricted choices should not be a reason anymore for sticking to a particular READ MOREprovider for extended periods. READ LESS

Benefits of Own Damage Car Insurance

The following are some benefits of getting a standalone own damage insurance for your car: 

  • Getting this insurance cover would mean policyholders will no longer need to have comprehensive coverage, as they already have a third-party insurance.

  • This insurance is significantly more cost-effective than comprehensive coverage. In addition, standalone OD insurance can be renewed annually, thereby bringing down policyholders' financial burden.

  • With this coverage, car owners can buy add-ons that are otherwise not available for third-party cover.

  • Policyholders can buy own-damage insurance from a wide range of insurance providers, as per their convenience.

Who Should Get a Standalone Own Damage Policy?

A standalone own damage car insurance is a good choice for the following types of people:

  • Individuals looking to financially secure their car at an economical rate

  • People who have only third-party insurance but want to secure their own car

  • People living in areas where accidents, theft, or natural calamities are frequent

Inclusions and Exclusions in Own Damage Car Insurance Policy

Every insurance plan has its own set of inclusions and exclusions. Let’s take a look at the general exclusions and inclusions under standalone own damage car insurance:

Inclusions

Exclusions

Accidental damage to your car

Vehicle depreciation

Theft and burglary

Illegal driving (without licence)

Accidental collision

Driving under the influence

Explosions

Wear and tear of parts

Fire/lightning

Accidental damage occurred outside geographical boundaries

Natural calamities

 

Differences Between Third-Party, Own Damage and Comprehensive Car Insurance

Your understanding will be incomplete if you do not understand the elementary differences between comprehensive, own damage stand-alone and third-party car insurance. These are:

Comprehensive Insurance

Standalone OD Insurance

Third-Party Insurance

Provides coverage for third-party as well as own damage cover.

Only provides own damage cover.

Only provides third-party insurance cover.

Comprehensive insurance is not mandatory.

Standalone OD car insurance is not mandatory.

Third-party insurance is mandatory as per law.

The cost of premiums is higher than both standalone OD insurance and third-party cover.

Generally less expensive than comprehensive insurance but more expensive than third-party insurance.

This is the cheapest type of car insurance.

Can be heavily customised through add-on covers.

Customisation options for standalone OD insurance are available through add-ons.

Generally, no customisation options are available for this type of insurance.

Own Damage Car Insurance Premiums

In insurance terms, premiums are payments that you have to make in order to keep your insurance plan active. Under standalone own damage car insurance, premiums are determined on the basis of factors like age of the car, geographical location, amount of coverage, add-ons, etc.

How is Own Damage Insurance Premium Calculated?

Insurance companies use a specific formula to calculate the standalone own damage premiums for cars, as given below:

 

Own Damage Premiums = IDV x premium rate + add-on covers - any insurance discounts

How to Reduce Own Damage Insurance Premiums

Here are some ways through which you can reduce your own damage car insurance premiums:

  • Do not buy any add-ons that may not be necessary for you

  • If you have been using your insurance for a full policy term without making a claim, use the No Claim Bonus to get cheaper premiums during renewal

  • You can opt for voluntary deductibles to lower your premiums

  • Getting insurance online can help you save costs like commission and other fees

How to Renew Standalone Own Damage Insurance

You can renew your standalone own damage insurance by following the given steps:

  1.  Visit the ‘standalone damage car insurance’ page of your chosen insurance provider’s website

  2. Enter your existing policy details/personal information on the form that appears on the page

  3. Select the right standalone own damage car insurance plan for your vehicle

  4. Upload the documents required for the plan

  5. Pay the online insurance premiums for the selected plan

 

Your plan will be activated shortly!

How to File for a Standalone Own Damage Insurance Claim

In the event of an accident or damage to your car, here are the steps you can follow to register an insurance claim.

  1. Inform your insurer about the damage to your car as soon as possible and about your intent to file a claim

  2. Get an FIR of the incident (in case of an accident or theft)

  3. Get your vehicle repaired at a garage and keep all the bills and receipts intact. Alternatively, you can take your car to a network garage and get it repaired at no personal cost

  4. Submit your bills and receipts to your insurer. 

 

After verification, the insurer will pay you the reimbursement amount. In the case of cashless claims, the insurer will settle the claim with the network garage directly.

Which Add-On Covers Can be Bought with Standalone Own Damage Car Insurance?

The following are some useful add-ons you can buy for your car:

  • Zero Depreciation Cover

With the zero depreciation cover, the depreciation of the car is not taken into consideration when you make an insurance claim. This way, you get the full market value of your damaged car parts.

  • No-claim Bonus Protection

With this valuable add-on, you can make up to two insurance claims for your car, but you will not lose your No Claim Bonus.

  • Engine Protect Cover

The engine protection add-on will provide an enhanced level of coverage to the engine of your car, which is generally not available under car insurance.

  • Personal Accident Cover

The personal accident add-on will cover any medical expenses arising out of a motor accident for you.

To Conclude

Finding the right kind of insurance, when you have many different types of plans can get tricky. To get more information on the best car insurance plan for you, check out the details given on the Bajaj Markets website. You can also use the ‘Car Insurance Premium Calculator’ to get an estimate of your insurance premium.

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FAQs on Standalone Own Damage Car Insurance

Can I get only standalone own damage insurance?

No, you will also need mandatory third-party insurance in addition to a standalone own damage cover.

 

Is it compulsory to get standalone own damage insurance?

It’s not compulsory to get standalone own damage insurance, but it’s incredibly useful in keeping your car financially protected against damages along with third-party insurance.

What does a standalone own damage policy cover?

Standalone own damage car insurance covers damages such as:

  • Accidental damage

  • Fire

  • Natural/man-made calamities

  • Riots, etc.

Will I need any documents for own damage car insurance renewal?

No, you will not need any documentation for standalone own damage car insurance renewal. All you need to do is submit your renewal application and pay the insurance premium.

Who is eligible to get standalone own damage car insurance?

If you’ve bought your four-wheeler after 1st September 2018 and already have third-party liability car insurance, you are eligible to purchase a standalone own damage car insurance.

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

The choice is entirely yours. You could get both from the same provider or two different insurers, as per your preference.

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