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You can Buy Insurance Policy From
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What is Own Damage Car Insurance?
Own Damage Car insurance a.k.a. OD Insurance is a motor insurance policy that is intended to safeguard your car against unforeseen own damages. This policy offers car insurance coverage for own damages sustained by your car due to road accidents, fire, natural calamities, or any other mishap. It is designed to give you added coverage apart from the third-party liability.
Benefits of Own Damage Car Insurance
An own-damage car insurance policy offers the following benefits:
1. No Obligation To Opt for Long Term Comprehensive Plans
New car/vehicle owners are not obligated to buy a long term comprehensive car insurance policy to meet the mandatory requirement of 3-year third party car insurance cover. With a standalone own damage policy, policyholders can opt for a third party car insurance plan for 3 years alongside a standalone damage plan for 1 year, which can be renewed on a yearly basis.
2. Flexibility Regarding Choice of Insurance Company
After the release of the Insurance Regulatory and Development Authority of India (IRDAI) order, where they have allowed the car owners to buy a standalone own damage policy cover other than a third party liability cover, which means that the car insurance policyholders are allowed to opt for different car insurance companies for both the covers.
3. Economical Car Insurance
With the availability of standalone own damage insurance policy and third party liability covers separately, car insurance policies have now become much more affordable for car owners. Additionally, the policyholders can now purchase their own damage policy at the best offered price to add-on to their financial benefit.
Who Should Buy a Standalone Own Damage Insurance?
A standalone own-damage cover will compensate the policyholder for losses including accidental damages, damages due to transit, theft or vandalism, natural calamities and man-made disasters. However, the limit to the compensation you can receive depends on the Insured Declared Value or IDV. The IDV, in turn, is heavily determined by the depreciation rate which gets higher with the car’s age.