Standalone Own Damage Car Insurance
Standalone Own Damage Car Insurance
Protecting your own car against various kinds of damage, such as theft and collision, is crucial to save yourself from hefty out-of-pocket expenses. Damages from accidents or natural calamities like floods can result in significant repair costs or even total loss of your vehicle. This is where own damage car insurance policy appears as an essential financial safeguard for car owners.
While third-party car insurance covers third-party damages, an own damage policy offers security and protection for the insured vehicle. Whether you own a luxury car or a family car, own damage insurance for cars offers tailored coverage to protect your investment against unforeseen circumstances. Let us understand the details of standalone own damage car insurance in depth.
What is Standalone Own Damage Car Insurance?
A standalone own-damage policy is a type of car insurance policy that covers damages and losses to your insured vehicle. This type of insurance coverage typically complements third-party car insurance plans to fill any potential gaps in protection.
For instance, if you have mandatory third-party car insurance, you can purchase a standalone own damage policy separately to protect your vehicle against various risks to your own vehicle.
Is Own Damage Insurance for Car Mandatory in India?
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
Benefits of Own Damage 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 Own Damage Car Insurance
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.
How Does Own Damage Insurance for a Car Work?
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.
Features of TATA AIG Own Damage Car Insurance
| Key Features | Benefits |
|---|---|
| Car Insurance Premium | Starts at ₹2,094 |
| Customise with Add-ons | Various add-ons available to enhance the car coverage |
| No Claim Bonus Discount | Up to 50% NCB discount for consecutive 5 claim-free years. |
| Cashless Garages | 5900+ cashless garages |
| Claim Assistance | 750+ claim assistance for easy and quick claims. |
| Easy Buying and Renewing Process | With a digital paperless option, you can buy and renew plans in minutes. |
Inclusion and Exclusion of TATA AIG Own Damage Car Insurance
| Inclusion Under Own Damage Car Insurance | Exclusion Under Own Damage Car Insurance |
|---|---|
| Accident and Collision: The policy provides coverage for loss and damage to insured vehicles resulting from accidents and collisions. Fire & Explosion: It provides coverage for damage and loss to your own vehicle caused by fire and explosion. Theft: In the event of the total loss and theft of the vehicle, the plan will offer coverage based on the Insured's declared value. Riot and Vandalism: The policy covers damage and loss to insured vehicles caused by riot and vandalism. | Damage Due to Nuclear Weapon: The policy does not offer coverage if damage and loss to the insured vehicle is due to a nuclear weapon. Damage Outside Geographical Area: If the loss and damage to the insured vehicle is outside the geographical location, then it is not covered under the plan. Damage Due to Criminal Activity: If the loss and damage to the vehicle is due to the involvement in criminal activity, then it is not covered. Third-Party and Property Damages: The policy does not cover third-party and property damage resulting from the insured's plan. |
Add-ons For Standalone Own Damage Car Insurance
| Own-Damage Car Insurance Add-ons | Details |
|---|---|
| Zero Depreciation | This cover helps you recover the depreciation amount deducted on replaced parts during repairs for up to two claims within the policy period. |
| Return to Invoice | In the event of total loss or theft, the add-on will cover the car invoice value including taxation and registration charges. |
| No Claim Bonus Protection | The add-on will let you file a claim during the policy tenure with losing your accumulated no claim bonus. |
| Loss of Personal Belongings | The add-on will offer coverage to personal belongings worth more than ₹250 if it is lost or damaged inside the vehicle. |
| Emergency Transport & Hotel Expenses | If the vehicle is immobilised after an accident, the add-on will cover the cost of overnight stay and taxi charges. |
| Key Replacement | The add-on will reimburse the cost of replacing and repairing insured vehicle car keys if it is lost and stolen. |
| Engine Secure | This add-on will cover the expenses for the insured vehicle engine and gearbox damage. |
| Tyre Secure | This add-on will cover for the expenses to repair and replace the insured vehicles tyres damages. |
| Consumable Expenses | The add-on will cover the consumables cost such as engine oil, nuts, bolts, etc., required to be replaced or replenished for the insured vehicle after the accident. |
| Roadside Assistance | In the unfortunate event of breakdown or accident, this add-on will offer assistance to the policyholder. |
| Daily Allowance Plus | When the vehicle is under repair, this add-on will offer daily allowance and courtesy car for a number of days as mentioned in policy. |
| Electric Surge | The add-on will pay for any damage to your electric car and its charging equipment caused by water ingress, electrical sparks and more. |
| Reinstate Cover | If a previously damaged panel wasn't reported straight away, but you’re now filing a valid own damage claim, this add-on covers its repair, subject to certain terms. |
| Emergency Medical Expenses | This add-on will cover for the medical expenses of driver, insured and occupant incurred medical treatment in the event of an accident. |
| Additional Towing Charges | The add-on will cover for the additional towing charges which is above and over what is covered under the plan. |
| Misfuelling | If you fill wrong fuel or get contaminated fuel, the add-on will cover cleaning costs and replacing any damaged parts. |
| Vehicle Loan Protector | In the event of permanent disability and death of a policyholder, this add-on will cover the outstanding vehicle loan amount payable to financial institutions. |
| Pay As You Drive | With this add-on, you will pay the own-damage insurance premium based on the maximum kilometer limit specified in the policy. |
Also Read: Car Insurance Add-on Covers
Factors to Consider While Buying Car Own Damage Insurance
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.
How to Buy Own Damage Car Insurance From TATA AIG
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.
How to Do Own Damage Insurance Renewal From TATA AIG
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.
What is Own-Damage Car Insurance Premium?
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.
It is a crucial part of a comprehensive car insurance policy or can be bought as a standalone cover (if you already have third-party insurance). 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.
How is the Own Damage Car Insurance Premium Calculated?
To calculate your own damage premium, you can visit our car insurance page and use our car insurance premium calculator. To know your car insurance own-damage premium, you will need to know your car’s Insured Declared Value (IDV), which is the current market value of your car. 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
It is essential to understand your own-damage insurance coverage for your car, allowing you to provide adequate insurance protection in the event of any damage to the vehicle.
How to File an Own Damage Car Insurance Claim?
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
Difference Between Third-party, Own Damage and Comprehensive Car Insurance
| Parameters | Third-party insurance | Own Damage | Comprehensive Car Insurance |
|---|---|---|---|
| Definition | Third-party insurance only covers damages to a third-party vehicle or property and injuries to/death of a third-party person. | Covers damage to the insured vehicle only, due to accidents, theft, fire, natural or man-made disasters. | Combines third-party cover and own damage cover under a single policy. |
| Insurance Coverage | The insurance cover is limited to third-party damages only. | The standalone own damage insurance only offers protection to your insured vehicle | This insurance coverage is extensive and includes third party as well as own damage protection. |
| Advantages | Being a compulsory cover, third-party insurance protects you from legal traffic fines and from third-party liability costs. | Protects against repair costs arising from accidents, disasters, theft, etc. Can be enhanced with add-ons and earns No Claim Bonus. a No Claim Bonus discount too. | Provides complete protection, allows add-ons for customisation, and qualifies for No Claim Bonus. |
| Insurance Premium Amount | Since a third-party cover is compulsory but basic, the insurance premium amount is quite affordable. | Premium is based on the vehicle’s age, model, and location. Generally higher than third-party but lowers over time. | Higher than individual policies, as it includes both cover types, but own-damage premium reduces as the car ages. |
| Depreciation Rate | The insurance premium is not affected by depreciation. | Depreciation affects the claim amount unless the Depreciation Reimbursement add-on is selected. | The own-damage part is affected by depreciation; Zero Depreciation add-on can help mitigate this. |
Also Read: Difference Between Comprehensive and Third-Party Car Insurance
Key Takeaways
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.
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Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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