Standalone Own Damage Car Insurance

Suppose you want to buy a new car. You go to the showroom and choose a Maruti Suzuki Swift Dzire. The dealer also sells you a four-year bundled Third-Party Policy for your new car. Now, a few months later, you realise that apart from third-party liabilities, you would like to protect your Dzire from other damages and losses, too.

In this case, instead of waiting for the renewal date to upgrade your plan, or opting for long-term Comprehensive Car Insurance, you can get yourself a Standalone Own Damage Car Insurance policy. It will protect your car, while saving your money. Sounds great, right?

Now let’s understand the nuances of this policy, so that you can make an informed choice.

What Is A Standalone Own Damage Car Insurance Policy?

It is a policy specifically designed to cover your own car’s damages and losses. It provides coverage for losses including accidental damages, damages due to transit, theft or vandalism, natural calamities, and human-made disasters. You can raise a claim under this policy, to get compensation for the expenses incurred for repairing your vehicle.

What is Standalone Own Damage Car Insurance Policy

What Is Included In A Standalone Own Damage Policy?

Any damages caused to the car, due to the following reasons, will be covered by the insurance company:

Car accidents.

Fire, explosion, self-ignition, or lightning.You own a luxury vehicle that is priced on the higher side.

Theft and vandalism

Human-made disasters like riots, strikes, malicious acts, terrorist activities, etc.

Natural calamities like earthquakes, floods, typhoons, hurricanes, storms, cyclones, tempests, inundation, hailstorms, frost, etc.

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What Are The Add-Ons Available Along With The Standalone Own Damage Policy?

In addition of offering insurance coverage for your car, this policy comes with certain add-on covers, in case you want extra protection for your vehicle-

  • Zero-Depreciation Cover

    If your motor vehicle gets damaged following a collision, and you have this add-on in your policy, you can claim the total cost incurred to repair the losses. The depreciation value of your vehicle won’t be deducted from your claim amount.

  • Engine Protector Cover

    This add-on covers you against the damages caused to the engine due to water seeping into the vehicle, leakage of lubricating oils, differential parts, or gearbox/engine failure.

  • Roadside Assistance Cover

    If your vehicle breaks down in the middle of the road, leaving you stranded, this cover helps you get roadside assistance. All you need to do is contact the insurance company’s toll-free number.

  • Return To Invoice Cover

    When a car is stolen or when it is beyond repair, this add-on provides you with compensation equal to the car's invoice value i.e., the original value of the car when you bought it.

  • Consumable Cover

    With this cover, the insurance coverage is expanded to the consumable parts of your vehicle, such as engine oil, coolant, grease, nuts, bolts, etc.

  • Key And Lock Replacement Cover

    If your vehicle key is lost, damaged, or stolen, this cover comes to your rescue. It gives financial compensation for the costs incurred while replacing or repairing the key and lock-set.

  • Personal Accident Cover

    This add-on provides financial compensation for death, permanent total and permanent partial disability caused due to an accident. It is mainly of three types-

    Personal accident cover for the owner-driver: This offers the owner-driver protection against any accidental disability or accidental death.

    Personal accident cover for passengers: Along with your self, you can also secure all the other passengers in your vehicle. You can buy this add-on to provide safety cover for your family members and friends.

    Personal accident cover for the paid driver: If you have this add-on in your policy, the insurer will pay compensation to your paid driver in case of any disability or death. Thus, with this cover, you can ensure your driver is protected, too.


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What Is Not Covered In A Standalone Own Damage Policy?

While this policy is great for your car’s protection, here are a few exceptions. The policy will not cover the following:

  • Any damages caused to the third party or their property.
  • Drunken driving
  • Driving without a valid licence
  • Any consequential damages
  • Any damages caused to the vehicle due to mechanical or electrical fault
  • Any damages caused to the vehicle out of the geographical limits
  • Any claim arising out of contractual liability
  • Any damages caused due to war or nuclear weapons
  • Any damages caused to the car while it was driven by a person who is not the designated driver or the owner of the car

Who Should Purchase A Standalone Own Damage policy?

If your car is up for renewal and you already have a third-party policy that is valid for the next few years, then a standalone policy comes to your rescue. You can buy it instead of a complete comprehensive policy, thus avoiding extra expenses.

If your car has a liability-only policy and somewhere in the future, you decide to get a cover for the damages caused to your car, then a standalone comprehensive policy will be good for you.

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How Can You File A Standalone Own Damage Policy Claim?

To make a claim under the Standalone Own Damage policy after an accident has taken place, you must go through the following process.

  • Inform The Insurance Company

    It is very important to inform the insurer within 48 hours or as early as possible, about the damages caused to your registered vehicle.

  • Report Incident To The Police

    An FIR is necessary to substantiate your claim in the event of car theft or if there was an accidental death.

  • Evaluation Of Damages

    Once the insurance company has received all the information, they will send a surveyor. They will inspect the vehicle and permit the repair/replacement work to be carried out.

  • Claim Settlement

    The service provider will provide the estimated cost and the insurance company will give its approval for the repair of the vehicle. Post-repair, two cases arise-

    If it is a cashless settlement, the insurer will settle the claim directly with the garage. You may have to pay the amount corresponding to deductibles and depreciation, based on the chosen coverage.

    If it is a reimbursement claim, then you will have to pay the entire amount upfront to the garage, and then raise a claim for reimbursement.


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Standalone Third Party, Own Damage, And Comprehensive Policies - A Comparison:

There are three different types of Standalone policies, and to choose the one that suits your needs the best, let’s have a look at the comparison table below.

Parameters Standalone Third Party Standalone Own Damage Comprehensive

Definition

This policy is meant for covering any damages caused to the Third-Party.

This policy covers the Own-Damages caused to the insured vehicle.

This policy covers both the Third-Party as well as Own-Damages.

Coverage

A Standalone Third-Party policy will cover only those damages that are caused to the third-party vehicle or property and injuries to/death of a third-party person.

A Standalone own damage policy will cover only those damages that are caused to the insured vehicle.

This policy covers both the Third-Party as weA Comprehensive policy will cover any damages that are caused to the third-party vehicle/property as well as own damages caused to the insured vehicle.ll as Own-Damages.

Premium amount

Since it covers only third-party damages, the insurance premium is less and affordable.

The premium for only own-damage will be more as compared to the only third-party, but will decrease as the car gets older.

Comprehensive policy will be expensive as compared to the other two, since it offers cover for both Third-Party and Own Damage.

Add-ons availability

Add-ons not available

Add-ons available

Add-ons available

Is it mandatory?

It is mandatory to have a third party policy

Not mandatory

Not mandatory

A Standalone Own Damage Policy financially safeguards your car against earthquakes, storms, fires, accidents, etc. It is important because it takes care of the losses incurred by your vehicle, which can be extremely expensive, depending on the nature of the damage. Therefore, if you have a Third Party Only Car Insurance policy that covers third party legal and financial liabilities, it is recommended to also have a standalone car insurance policy, to protect your own car against damages. It is relatively economical and more flexible in comparison to a comprehensive plan, and offers financial coverage at affordable rates.

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