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What is Stand Alone Own Damage Insurance?

Own damage (OD) means exactly what it sounds like – damage to your own (in this case, car). The presence of the OD section in your policy means it will cover the cost of repair of your car. Such a policy is also called a comprehensive policy. On the flip side, a policy without own damage part only covers what you owe to a third party and is called ‘third party liability insurance’. So, if you accidentally back into your neighbour’s car, and both the cars sustain damage, your insurance will cover the repair of his car, but you’ll have to get yours fixed out of your pocket.

Car with OD Insurance Overview

It’s clear that OD coverage is really important, but it offers more than just that

For example, most comprehensive policies would also protect your finances from natural and man-made calamities such as earthquakes, floods, riots and vandalism that can harm your car. Tata AIG’s Private Car Package Policy also covers your car against fire, terrorist activities and more. Also, did you know that with the right insurance and add-ons, you can pretty much get the full market value of your car reimbursed in case it’s stolen or damaged beyond repair? With a comprehensive policy, you can also get additional coverages through add-ons or ‘riders’ such as Engine Secure, Loss of Personal Belongings, NCB Protection etc.

So, what if you don’t have Own Damage coverage?


Till as recent as 31st August 2019, you would have had to wait for your current policy to expire to get a comprehensive policy with OD coverage. But now, according to IRDAI’s (Insurance Regulatory and Development Authority) mandate, insurance providers will also offer standalone Own Damage policies for all cars, old or new, which can be taken on top of your existing liability-only policy. In other words, you can have two different policies at the same time, even if they are from two different insurance providers. Of course, the bundled policies will continue to be available as before.

Why OD policy for Car?


One of the core reasons behind offering standalone Own Damage policy is to provide the car owner more independence in customising their insurance. You can now get different parts of your insurance at different times, and from different insurers if need be. You also have the option to get an annual Own Damage insurance while keeping a three-year liability-only policy. In other words, you can switch your OD policy after a year, if you want to, without having to worry about your mandatory liability insurance.

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