Standalone Own Damage Car Insurance

A standalone own-damage policy covers loss or damage to your car caused by events such as accidents, natural disasters, fire, theft, and man-made damages. It offers extensive coverage for your car and the option to include multiple add-ons like depreciation reimbursement, engine secure, and roadside assistance for enhanced protection.

However, own damage insurance for cars does not cover liabilities towards others. Therefore, you must buy the mandatory third-party insurance separately to stay legally compliant.

When you buy a new car, it is mandatory to get a 3-year third-party insurance policy. In addition to this, you can include a 1-year own damage insurance as part of a bundled plan. After the first year, you can renew your own damage car insurance as a standalone policy.

TATA AIG offers the Auto Secure - Standalone Own Damage Private Car Policy, as well as the Bundled Auto Secure - Private Car Policy, which provides 1 year own damage cover and a 3-year third party cover. It is important to note here that you can buy a standalone own damage car insurance policy only when you have a valid third-party insurance.

Having own-damage car insurance in India is not mandatory by law. As per the Motor Vehicles Act, third-party car insurance plans in India are mandatory for all car owners.

This type of insurance coverage protects against third-party and property damages caused by the insured vehicle. Driving without third-party car insurance can result in a fine and penalty from the authorities.

The own-damage insurance for cars, on the other hand, was introduced by the Insurance Regulatory and Development Authority of India in September 2018. The purpose of the insurance plan is to enhance consumer choice and provide more flexible coverage options for car owners.

Also Read: Third Party Car Insurance

Whether you own a family car, a luxury car, or a budget-friendly car, purchasing own damage car insurance offers protection for your vehicle. Here are some of the key benefits of purchasing best own damage car insurance.

Dedicated Coverage

One of the crucial benefits of buying own-damage car insurance for your vehicle is that it offers dedicated coverage against various types of damage. The four-wheeler will be protected against damage and loss caused by accidents, theft, vandalism, floods, earthquakes, and other similar events.

Customisable Plans

Standalone own damage policies offer exceptional flexibility through various add-on covers that can be tailored to specific needs. Car owners can enhance their basic policy with optional covers such as zero depreciation, engine security, NCB protection and more.

Reduce Out of Pocket Expenses

The plan helps in eliminating substantial out-of-pocket expenses for vehicle repairs or replacement. Modern vehicles are complex and expensive to repair, making this coverage increasingly valuable for protecting against hefty repair bills. In case of total loss due to theft or irreversible damage, policyholders receive the Insured Declared Value.

TATA AIG offers a standalone own damage private car policy that is designed to offer protection to the insured car against various kinds of damages and loss. These damages and loss to your own vehicle can be:

• Due to any accidental external means such as sudden collision

• Due to transit activity via road, rail, inland and waterway

• Due to fire, explosion, self-ignition or lightning

• Due to natural hazards such as earthquake, flood, typhoon, hurricane, storm, tempest, etc.

With this coverage by side, vehicle owners can avoid major repair expenses and ensure their car stays protected against unforeseen risks.

Let us understand the workings of car insurance for our own damage with an example. Mohit owns a Honda City with an IDV of ₹8 lakhs. While driving to work during heavy rains, he loses control of his vehicle, which causes a minor collision with a roadside tree. The accident caused significant damage to the front bumper, headlights, bonnet, and windshield. The estimated repair cost is ₹45,000.

Damage Repairs for Mohit Without Own Damage Insurance

Since Mohit does not have own-damage car insurance coverage, he has to pay the total repair expenses of ₹45,000 out of his own pocket. He has to bear the complete financial burden of towing, parts replacement, labour costs, and any additional expenses that arise during repair.

Damage Repairs for Mohit With Own Damage Insurance

Mohit has a TATA AIG standalone own damage policy. Then, in that case, Mohit pays only the deductible amount, which can be ₹2,000-₹5,000, while TATA AIG handles the major repair expenses. This significantly reduced Mohit's financial burden, offering him financial security and peace of mind during the crisis.

Please note: These are only some of the key add-ons. For a complete list, refer to Car Insurance Add-on Covers.

Also, certain add-ons may not be available with standalone own damage car insurance. Kindly refer to your policy document for the add-ons applicable to your plan.

When purchasing standalone car insurance for your own damage, there are several key factors to consider.

Coverage Scope

When purchasing a car's own damage insurance, it is crucial to understand what the policy actually covers, including accidental damage, theft, fire, natural disasters, and vandalism. TATA AIG offers a standalone own-damage car insurance plan that covers a wide range of scenarios, including burglary, natural disaster damages, and more.

Add-ons Availability

Add-ons are voluntary offerings that can enhance the coverage of your standalone own damage car insurance plans. You can select these add-ons based on your car’s age, usage, and specific needs. We at TATA AIG offer a unique list of add-ons, such as roadside assistance, tyre security, and more, with our own-damage plan.

Deductibles

Every policy includes a compulsory deductible, and you can also opt for a voluntary one to lower your premium. However, higher deductibles mean you’ll pay more during a claim. TATA AIG offers both compulsory and voluntary deductibles, which help keep premiums affordable and encourage safe driving practices.

Claim Process

A hassle-free claim experience matters as much as the coverage itself. Check if the insurer offers a cashless claim facility through a wide network of authorised garages. At TATA AIG, we offer hassle-free claim services to our policyholders, with over 750 claim experts on board. We also offer cashless repair services at our 5900+ authorised garages.

Buying a standalone own damage car insurance policy from TATA AIG is easy. Here are the steps you need to follow:

• Go to the TATA AIG website and click on the “Personal” section. Choose “Car Insurance" under the Motor Insurance section.

• Click on the “Insure your brand new car” option. Enter the vehicle details, such as brand name and variant, and click the “Continue” button.

• Different car insurance plans will appear; choose the standalone own-damage car insurance and select the insured declared value and add-ons.

• Once complete, proceed with the CKYC process and provide the additional vehicle details as requested by the portal.

• After doing that, pay the own damage car insurance price.

Upon successful payment, the policy will be sent to your email address instantly.

If you already have a standalone own-damage car insurance plan and you want to renew it. Here is how you can do the same without any hassle.

• Go to the TATA AIG website and head to the “Renewal” section. Choose the “ Car” option.

• You can either enter your car registration number or carry on with a policy number. Click on the “renew” button.

• Review your standalone own damage car insurance policy and modify or update the IDV or add-ons if you wish.

• Fill out the requested information, carefully review it, and then pay the standalone own damage car insurance price.

• Once done, you will get the renewed own damage car insurance policy at your registered email address.

The own-damage (OD) car insurance premium is the amount you pay to insure your vehicle against damage or loss caused by events such as accidents, fire, theft, natural calamities, riots, or vandalism.

The OD premium is calculated based on the following key factors:

Insured Declared Value (IDV) of the vehicle: This is the current market value of your car and is the maximum sum insured under your OD cover.

Age of the car: Older cars attract lower premiums due to depreciation, but also receive lower IDV.

City of registration: The premium may vary depending on where the car is registered and typically driven. Urban areas with high traffic may have higher premiums due to increased risk.

Additionally, with TATA AIG’s Auto Secure – Private Car Package Policy, you can further customise your OD cover using up to 17 unique add-ons. These options include Zero Depreciation, Return to Invoice, Engine Secure, Key Replacement, Tyre Secure, Consumable Expenses, Emergency Medical Expenses, and more.

Own damage car insurance premium is calculated based on a few key factors: Your car’s IDV, age, location, and the number of add-ons included.

It is also adjusted based on the No Claim Bonus (NCB) earned. No claim bonus earned can help you reduce your overall premium. You can simply calculate the IDV of your four-wheeler with the following formula:

IDV = (vehicle’s showroom price - depreciation cost) + (cost of any car accessories - depreciation cost)

Once you have the IDV of your car, you can use the formula below to calculate the standalone own damage insurance premium:

Own Damage premium = IDV X (Premium Rate) + Add-on covers – Discounts and benefits on the policy

To make this calculation easier, you can use our TATA AIG Car Insurance Premium Calculator.

Filing a car insurance claim for own-damage with TATA AIG is easy. You can file a cashless and reimbursement claim. Here is how you can file both claims with us.

Cashless Claim

• Notify us about the incident of vehicle damage immediately through the self-service portal or by calling the helpline number (02264898282).

• After reporting the incident, find the network garage in your area using a network garage locator.

• Take your vehicle to the authorised network garage and submit your own-damage car insurance policy to them.

• After that, we will assign a surveyor to inspect the vehicle and assess the damage. Once approved, the network garage owner will initiate the repair process.

• Upon completion of the repairs, we will settle all bills directly with the network garage.

Reimbursement Claim

• Notify us about the incident via the self-claim portal or by calling the helpline number (02264898282).

• After being informed, take your vehicle to any garage of your choice for repair. Pay the repair expense and collect all the invoices, bills and receipts.

• After that, initiate a reimbursement claim process by filing a claim via the website. Submit all the documents.

• We will review the claim form along with all documents. Upon approval, we will send the reimbursement amount directly into your bank account.

Also Read: Car Insurance Claims Process

Also Read: Difference Between Comprehensive and Third-Party Car Insurance

A standalone damage car insurance plan is crucial for vehicle owners who want to protect their vehicle from hefty repair and damage expenses. This type of insurance coverage provides security to vehicle owners, ensuring their investment is protected against various risks, including theft and flood damage.

TATA AIG offers a standalone own-damage car insurance policy that is customised based on your vehicle needs. We offer a unique list of add-ons with our own-damage car insurance policy, such as zero depreciation, daily allowance, and more, to enhance your vehicle coverage.

Along with this, TATA AIG offers various plans, such as third-party and comprehensive car insurance plans. These come with various perks, such as affordable premiums, an NCB discount of up to 50%, 24/7 customer support, cashless repair at authorised garages, and more.

Not only this, but we also offer a quick and easy buying and renewing policy to our customers, with minimal paperwork. Buy car insurance and secure your four-wheeler with our affordable and customised plan now.