Standalone Own Damage Car Insurance

A standalone own damage car insurance provides coverage for your insured vehicle against damages caused by accidents, theft or natural disasters. This policy focuses solely on your car's protection, excluding third party liabilities.

The Insurance Regulatory and Development Authority of India (IRDAI) introduced this OD insurance in September 2019 to offer more flexible coverage choices. The OD insurance meaning lies in its role as a safety net, covering repair or replacement costs for your car after unforeseen incidents.

Unlike comprehensive policies, a standalone motor own damage policy gives flexibility to car owners who already have third-party car insurance. It is a perfect choice for individuals who want targeted protection for their vehicles with flexible coverage options.

Opting for this OD insurance policy ensures financial support during unexpected damages, and reduces the burden of repair expenses significantly. Let us explore more - what is Own Damage insurance?

Read More: Multi-Year & Long-Term Car Insurance

An Own Damage Standalone Policy is essential for vehicle owners seeking protection for their own vehicle. This policy covers damages to your vehicle from accidents, theft, fire, or natural disasters.

Unlike third-party car insurance, which covers only third-party liabilities, an own damage standalone policy ensures your vehicle's repair or replacement costs are covered. This means you would not need to bear significant out-of-pocket expenses due to damages to your own vehicle.

Additionally, OD in insurance offers flexibility, and allows you to choose coverage that aligns with your vehicle's value and your financial comfort. Understanding your own damage insurance helps you safeguard your car better.

Enhanced Coverage Options

The TATA AIG standalone own damage private car policy provides financial protection against various risks. These include accidents, theft, fire, and natural calamities. This ensures that repair or replacement costs are covered without causing much financial strain.

Flexibility in Policy Selection

Opting for your own damage standalone coverage for your car allows you to choose coverage that aligns with your needs. You can select add-ons like zero depreciation or engine protection to enhance your policy. This flexibility ensures tailored protection for your vehicle.

Cost-Effective Premiums

The TATA AIG standalone motor own damage policy comes with competitive premiums. This makes them an affordable choice for car owners seeking comprehensive protection without the higher costs of bundled policies. You pay only for the coverage you need and optimise your insurance expenditure.

More than Legal Protection

While third-party insurance is mandatory, it does not cover damages to your vehicle. Combining a third-party car insurance policy with a standalone OD cover in insurance ensures full protection. This combination meets legal requirements and safeguards your car against potential damages.

A standalone own damage (OD) insurance for four wheeler provides coverage exclusively for damages to your insured vehicle. It is essential to have third-party liability insurance (a mandatory requirement) before purchasing a standalone OD policy for your car. This policy operates independently of third-party liability insurance and focuses solely on your car's protection.

In the event of covered damages, you can file a claim with your insurer to receive compensation for repair or replacement costs. It is important to note that this policy does not cover third party liabilities. A separate third-party car insurance is mandatory to comply with legal requirements.

By opting for a standalone own damage cover, you safeguard your vehicle without altering your existing third-party car insurance policy.

Standalone own damage car insurance provides coverage for damages to your car, protecting you financially. The TATA AIG standalone motor own damage policy is designed to offer coverage against unexpected events. Below are the key inclusions under the TATA AIG standalone OD policy for cars:

Accidental Damages

Own damage standalone coverage includes repairs or replacement for damages caused by accidents. These could be due to collisions or overturning.

Natural Calamities

Standalone own damage private car policy covers losses caused by natural disasters. These include floods, earthquakes, storms and other such events.

Man-Made Events

Standalone OD insurance protects against damages from riots, vandalism or other malicious activities. It also covers damages during strikes or terrorist acts.

Fire and Explosions

Own damage insurance includes coverage for loss caused by fire, explosions or self-ignition of the vehicle.

Theft or Burglary

Standalone own damage cover protects you if your car is stolen or suffers damage during a burglary attempt.

Transit Damages

A stand alone motor own damage policy covers damages occurring during transportation. This includes movement by rail, road or air.

These inclusions ensure comprehensive protection for your car against multiple risks. Unlike third-party car insurance, a standalone own damage policy for cars directly benefits the policyholder. This type of coverage is essential for safeguarding your private car against unforeseen damages.

Choose the best standalone own damage private car policy to ensure your car remains protected.

Also Read: 10 Things You Never Knew Car Insurance Covered

Standalone own damage car insurance offers protection for your vehicle against various risks. However, it is essential to understand the exclusions under a standalone motor own damage policy. Below are common scenarios not covered by a standalone OD policy for cars:

Third Party Liabilities

A standalone own damage private car policy does not cover damages or injuries caused to third parties. Separate third-party car insurance is mandatory for such situations.

Mechanical or Electrical Failures

Own damage stand alone coverage excludes damages resulting from inherent mechanical or electrical breakdowns. Regular maintenance is necessary to prevent such issues.

Wear and Tear

Damages due to normal wear and tear, depreciation or ageing of the vehicle are not covered under a standalone own damage cover.

Driving Under Influence

The OD cover in insurance will not cover damages if the driver was under the influence of alcohol or drugs at the time of the accident.

Unlicensed Driving

If the driver does not possess a valid driving license during the incident, own damage insurance will not provide coverage.

Consequential Losses

Any subsequent damages arising from an initial incident not directly caused by it are excluded from coverage.

Usage Beyond Policy Terms

Using the vehicle for purposes other than those specified in the policy, such as commercial use when insured for private use, can lead to claim rejection.

Geographical Limitations

Damages occurring outside the geographical area specified in the policy are not covered under OD cover in insurance.

War and Nuclear Risks

Damages due to war, nuclear risks or related perils are typically excluded from coverage.

Understanding these exclusions helps in making informed decisions and managing expectations regarding your standalone own damage private car policy. Always read the policy document carefully to be aware of all terms and conditions.

We at TATA AIG, offer you a wide range of add-on features under the OD cover in insurance to enhance the coverage of your vehicle.

No Claim Bonus (NCB) Protection

NCB Protection allows policyholders to retain their No Claim Bonus even after filing a claim. It prevents the bonus earned for claim-free years from resetting to zero. It helps you save on policy renewal premiums.

Zero Depreciation Cover

Zero Depreciation Cover ensures full claim settlement without deducting depreciation on car parts. This add-on OD cover in insurance manages the cost of replaced parts, such as plastic or rubber, and offers better financial security.

Roadside Assistance Cover

Roadside Assistance Cover provides on-the-spot help during breakdowns, flat tyres or emergencies. It includes towing, fuel delivery, battery jump-start and technical support to ensure uninterrupted journeys.

Engine Protection Cover

The TATA AIG Engine Protection Cover safeguards your car’s engine from damages caused by water intrusion or oil leakage. It also covers repair or replacement costs of engine components, offering additional peace of mind.

Return to Invoice Cover

Return to Invoice Cover in OD insurance compensates the insured for the vehicle's full invoice value in case of total loss. This includes the car’s original price, road tax and registration fees, while eliminating depreciation impact.

Key Replacement Cover

Key Replacement Cover in standalone motor own damage policy reimburses the cost of replacing lost or stolen car keys. It also covers the expenses for locksmith services and reprogramming, ensuring security and convenience.

Repair of Glass, Fiber, Plastic & Rubber Parts

If you choose to repair rather than replace glass, plastic, rubber, or fibre parts at authorised service centres, your No Claim Bonus (NCB) remains unaffected.

Emergency Transport & Hotel Expenses

In case of an accident that renders your car immobile, TATA AIG covers overnight stay expenses and taxi charges for travel to your residence or the nearest city.

Loss of Personal Belongings

The OD insurance coverage extends to loss or damage of personal belongings inside the insured vehicle, including those of family members, due to perils mentioned in the policy.

Consumable Expenses

Our consumables coverage includes the cost of consumables such as engine oil, gearbox oil, lubricants, nuts, bolts and similar items (excluding fuel) that require replenishment due to an accident.

Electric Surge Protection

This OD insurance cover protects against loss or damage to an electric vehicle. It includes charging equipment due to short-circuiting, arcing, self-heating, electric leakage or water ingress.

Tyre Secure

The tyre secure add-on covers expenses for the repair or replacement of tyres and tubes damaged due to an accident.

A standalone own damage car insurance policy is optional and complements the mandatory third-party car insurance. It is ideal for car owners who seek protection for their vehicle without opting for a comprehensive policy. Let us find out who should consider a standalone own damage private car policy.

Owners with Existing Third-Party Liability Insurance

If you already have third-party liability insurance, adding an own damage standalone policy cover provides protection for your vehicle against unforeseen damages.

New Car Owners

Purchasing a new car involves a significant investment. Opting for a standalone own damage private car policy ensures your vehicle is protected against potential damages from the outset.

Cost-Conscious Individuals

For those who find comprehensive car insurance policies expensive, a standalone motor own damage policy offers a more affordable alternative, providing essential coverage without the higher premiums.

Owners of Vehicles Purchased After September 2018

Following regulatory changes, vehicles bought after this date can opt for a own damage standalone policy. It offers flexibility to car owners to choose coverage that suits their needs.

Policyholders Seeking Flexibility

A standalone own damage policy allows you to choose different insurers for third party and own damage coverage. It enables you to tailor your insurance portfolio to your preferences.

Individuals with Older Vehicles

If your car is older and you primarily want coverage for potential damages without the additional features of a comprehensive policy, a own damage standalone policy is suitable.

Drivers in High-Risk Areas

If you frequently drive in areas prone to accidents or natural calamities, having your own damage standalone coverage ensures financial protection against potential damages.

Standalone own damage car insurance premium is the amount you pay to cover damages to your own vehicle. This premium is calculated based on factors such as the car's Insured Declared Value (IDV), age, engine capacity and location. A higher IDV or engine capacity typically results in a higher premium.

Additionally, opting for add-on covers can also increase the premium. It is essential to choose coverage that balances cost with adequate protection for your vehicle.

To determine your own damage premium, visit our Car Insurance page and use the Car Insurance Premium Calculator after entering your car registration number. To find out your car’s own damage premium, you must first know the Insured Declared Value (IDV), which represents the current market value of your vehicle. You can calculate your car’s IDV using the following formula:

IDV = (Vehicle’s Showroom Price - Depreciation Cost) + (Cost of Any Car Accessories - Depreciation Cost)

Once you have the IDV, 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

Understanding your car's own damage insurance coverage ensures that you provide adequate financial protection against any unforeseen damages to your vehicle.

Also Read: Car Insurance Premium Calculator

Several factors influence the premium of a standalone own damage car insurance policy. Understanding these can help you manage costs effectively.

Vehicle's Make and Model: High-end or luxury cars mostly attract higher premiums due to increased repair costs.

Car's Age and Insured Declared Value (IDV): Older vehicles with lower IDVs generally have reduced premiums, as they have a depreciated value.

Engine Capacity: Cars with larger engines may incur higher premiums due to their increased risk profile.

Geographical Location: Living in areas with high traffic density or crime rates can lead to increased premiums for OD insurance.

Driving Record: A clean driving history with no claims can result in lower premiums. It reflects responsible driving behaviour.

Add-On Covers: Opting for additional covers like zero depreciation or engine protection increases the premium but offers enhanced protection.

Voluntary Deductibles: Choosing a higher voluntary deductible can lower the premium of standalone own damage cover, as you agree to pay more out-of-pocket in case of a claim.

Anti-Theft Devices: Installing approved anti-theft devices can reduce premiums by mitigating the risk of theft.

No Claim Bonus (NCB): Accumulating NCB rewards claim-free years with discounted premiums, encouraging safe driving practices.

By considering these factors, you can make informed decisions to optimise your standalone own damage insurance coverage and manage premium costs effectively.

Insured Declared Value (IDV) is the maximum sum insured for your car in case of total loss or theft. The insurance company decides this amount based on the car’s current market value. It plays an important role in determining the premium for a standalone own damage car insurance policy.

How IDV Affects Standalone Own Damage Insurance

The IDV of a vehicle impacts the premium of stand alone motor own damage policy. Here is how:

Premium Calculation: The IDV directly impacts the premium of your stand alone motor own damage policy. A higher IDV increases the premium, while a lower IDV reduces it.

Claim Settlement: In case of total loss or theft, the insurer compensates you based on the IDV of your standalone OD policy for cars. Choosing the right IDV ensures adequate coverage.

Depreciation Impact: The IDV decreases yearly due to depreciation. The insurance company calculates the IDV of a standalone own damage private car policy based on the age of the vehicle.

Schedule of Depreciation for Calculating IDV of a Car

The IDV helps determine the right balance between premium and claim benefits in a stand alone OD insurance policy. Setting the correct IDV ensures fair compensation in case of total loss. Choose an IDV that reflects your car’s actual market value to get the most out of your own damage insurance.

Read More: Insured Declared Value (IDV) In Car Insurance.

You can lower your standalone own damage car insurance premium while still ensuring adequate protection for your vehicle without overspending. Here are some effective ways to minimise the cost of your standalone OD insurance premium:

Opt for Voluntary Deductibles

Choosing a voluntary deductible at the time of purchasing your standalone own damage car insurance can help lower your premium. A voluntary deductible is an amount you agree to pay from your pocket during a claim while the insurer covers the remaining cost.

Choose the Correct IDV

TATA AIG allows you to set an appropriate Insured Declared Value (IDV) for your vehicle, and ensure optimal coverage without inflating your own damage premium. Choosing the correct IDV prevents unnecessary high premium payments.

Utilise No Claim Bonus (NCB)

If you have previously held your own damage or comprehensive car insurance policy, ensure your No Claim Bonus (NCB) is transferred to your new policy. This discount helps lower your premium when you renew your coverage.

Buy Online and Save up to 75%

Purchasing TATA AIG standalone own damage insurance online can fetch you up to a 75% discount on your premium. Online policies come with exclusive perks, which makes them a cost-effective option for vehicle owners.

Select only necessary add-ons

TATA AIG offers a variety of add-ons to enhance your policy, but each comes at an extra cost. To keep your standalone own damage insurance premium affordable, opt only for add-ons that are truly necessary for your coverage needs.

Maintain a Clean Driving Record

Safe driving reduces the risk of accidents and violations. It helps you maintain lower premiums. TATA AIG offers discounts for claim-free histories. By obeying traffic rules and avoiding reckless driving, you can keep your standalone own damage car insurance affordable and stress-free.

Install Safety and Anti-Theft Devices

Installing approved safety features like airbags, ABS and anti-theft alarms minimises the chances of theft. We at TATA AIG recognise these precautions and offer discounts. A car with enhanced security reduces financial risk, which makes standalone own damage cover more cost-effective in the long run.

Limit Unnecessary Modifications

Modifying your car with expensive accessories or performance upgrades increases its insured value, which leads to higher premiums. Avoid non-essential changes to keep your standalone OD policy for cars affordable while ensuring optimal protection for your vehicle.

Review and Adjust OD Insurance Coverage

Regularly reviewing your standalone own damage private car policy helps you stay aligned with your coverage needs. If your vehicle’s value has depreciated, adjust your coverage accordingly. Removing unnecessary add-ons can help lower the cost of your own damage standalone coverage without compromising protection.

Opt for Pay-As-You-Drive Insurance

If you drive less, you can now pay less with a pay-as-you-drive insurance plan. This plan bases your premium on actual mileage rather than a fixed rate. This flexible approach helps optimise the cost of your standalone own damage cover while ensuring essential protection.

Step 1: Visit TATA AIG's Website: Go to the Car Insurance section on the TATA AIG website.

Step 2: Enter Vehicle Details: Input your car's registration number and click 'Get Price' to proceed.

Step 3: Provide Personal Information: Fill in your personal details, such as contact information and address.

Step 4: Customise Your Policy: Select the standalone own damage cover and choose any add-ons like zero depreciation or engine protection.

Step 5: Review and Confirm: Carefully review all entered information and selected coverages.

Step 1: Make Payment: Pay the premium using available online payment methods.

After payment, you will receive the policy document via email.

Filing a claim under your TATA AIG standalone own damage car insurance policy involves several steps. Following these steps ensures a smooth and efficient process.

Step 1: Immediate Notification

Inform TATA AIG promptly after an incident. You can do the following to file a claim for your own damage standalone policy:

Call our toll-free number: 1800-266-7780.

Email: general.claims@tataaig.com.

Visit the "Claims" section on our website.

Step 2: Documentation Preparation

Gather essential documents, such as:

A duly filled claim form.

A copy of your driving licence.

The car's Registration Certificate (RC).

A copy of the First Information Report (FIR), if applicable.

Step 3: Vehicle Inspection

A TATA AIG surveyor will assess your vehicle's damage. They will prepare a report detailing the extent of the damage for OD insurance claim.

Step 4: get Your Car Repaired At a Garage

You have two options for vehicle repair:

Cashless Claim: Get your car repaired at a TATA AIG network garage. We have 10,000+ cashless garages in India. We settle the bill directly with the garage.

Reimbursement Claim: Get your car repaired at a garage of your choice. Pay the bills upfront and submit them for reimbursement.

Step 5: Claim Settlement

After verifying all documents and the surveyor's report, TATA AIG will process your claim. We will either pay the network garage directly or reimburse you, depending on your chosen method.

TATA AIG has a record of 99% Claim Settlement Ratio. By adhering to these steps, you can efficiently file a claim under your standalone own damage cover with TATA AIG.