Own Damage Car Insurance Policy
Car insurance protects you and your vehicle from many risks on the road. Though third-party insurance is compulsory, it only covers damages caused to other vehicles or individuals. If you want to cover damages to your vehicle, consider taking Own Damage Car Insurance. This type of car insurance will ensure you do not lose financially if accidents, theft, or any other unfortunate incidents Read More...
Own Damage Car Insurance Policy
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What is the Meaning of Own Damage Car Insurance?
Own Damage Car Insurance deals specifically with the damages caused to your car by accidents, theft, natural events, and even man-made disasters such as riots. With Own Damage, you will be protected against loss that happens to your vehicle, so this makes for a great add-on to your car insurance coverage along with the mandatory third-party car insurance.
Key Features of Standalone Own Damage Insurance
- Accidental Damage Coverage: Offers protection for damages caused by accidents, whether minor scratches or major collisions.
- Theft Protection: Covers the full value of your car in case of theft.
- Natural and Man-Made Calamities: Provides coverage for events like floods, earthquakes, fires, riots, or vandalism.
- Flexible Coverage: Can be bought as a standalone policy or bundled with third-party insurance.
- No-Claim Bonus (NCB): If no claim is made during the policy term, you can avail of discounts on the premium for the following year.
Benefits of Own Damage Car Insurance Policy
- Financial Security: Helps you avoid out-of-pocket expenses for repairing or replacing your vehicle due to accidental damage.
- Wide Range of Coverage: Provides coverage for various scenarios like accidents, theft, and natural disasters.
- Customizable Add-Ons: You can enhance the policy with add-ons like zero depreciation, engine protection, and more.
- NCB Discounts: Get a no claim bonus for each year you don't raise a claim, reducing your premium over time.
- Hassle-Free Claims: SBI General Insurance offers easy online claims and renewals.
Coverage Under Standalone Own Damage Car Insurance
Inclusions (Base + Add-ons):
- Third-Party Liability
- Loss or Damage to the Vehicle
- Personal Accident Cover
- Additional Legal Liabilities
- Bifuel-Kit
- Cover for Key Replacement
- Inconvenience Allowance
- Loss of Personal Belongings
- Hospital Daily Cash Cover
- Return to Invoice
- Depreciation Reimbursement
- Road Side Assistance (Basic & Additional)
- Engine Guard
- NCB Protection
- Cover for Consumables
- EMI Protector
Exclusions:
- Driving without a valid Driving Licence.
- Driving under the influence of drugs and alcohol.
- Regular wear and tear.
- Intentional damage to the car.
- Consequential loss, i.e. loss from trying to start the car after the damage has occurred.
- Illegal racing, overspeeding, etc.
- Commercial usage of the vehicle.
- Damages are caused outside the geographical limits of the policy.
Disclaimer: The above list of inclusions & exclusions is illustrative and not exhaustive. For a full list of the exclusions, please refer to the policy wordings.
How is Own Damage Car Insurance Different From Third-Party Insurance and Comprehensive Insurance?
| Type | Own Damage Insurance | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage for Own Car | Yes, covers damage to your car | No, covers only damages to third parties | Yes, includes both own car and third-party |
| Third-Party Liability | No, does not cover third-party liabilities | Yes, covers third-party liabilities | Yes, includes third-party liabilities |
| Add-Ons | Available | Not available | Available |
| Theft Protection | Yes, covers theft of your vehicle | No | Yes, theft is covered |
| Premium | The premium amount is higher initially. It can get lowered as the vehicle gets old. | Affordable, as third-party insurance is a compulsory requirement. | Higher, as it covers both own damage and third-party |
Who Should Get a Standalone Car Insurance Policy?
A Standalone Own Damage Insurance policy is ideal for:
- People who already have third party insurance but want to add coverage for their car.
- Vehicle owners seeking financial protection against theft, accidents, and calamities.
- Individuals who drive in areas prone to natural disasters or high crime rates.
Additional Covers/Add-Ons Under OD Car Insurance
You can enhance your OD insurance with the following add-ons:
- Zero Depreciation Cover: Ensures full claim settlement without accounting for vehicle depreciation.
- Engine Protection Cover: Engine guard in car insurance covers engine damages not caused by accidents, like water ingression.
- Engine Protection Cover Roadside Assistance: Offers emergency services like towing, minor repairs, and fuel delivery.
- Consumables Cover: Covers the cost of consumables like nuts, bolts, and oil during repairs.
What is the Insured Declared Value (IDV) in OD Car Insurance?
The Insured Declared Value (IDV) is the maximum sum insured under the policy. In case of total loss or theft, the insurance company will reimburse you up to the IDV. The IDV decreases each year as the vehicle ages, so it’s crucial to declare an accurate value to ensure you get fair compensation.
Related Blog: Insured Declared Value in Car Insurance
Factors Affecting Own Damage Car Insurance Premium
- Vehicle Age: Older vehicles have lower IDV, leading to lower premiums.
- Model and Make: Expensive or luxury vehicles usually have higher premiums.
- Location: Cars driven in high-risk areas, such as cities prone to theft, may attract higher premiums.
- Add-Ons: Adding optional covers like zero depreciation increases the overall premium.
- No-Claim Bonus: A higher NCB can lead to lower premiums.
- IDV: The car's Insured Declared Value directly determines the OD premium. Higher IDV means higher premiums, and vice versa.
Also Read: How is NCB Calculated in Vehicle Insurance?
How to Buy Own Damage Car Insurance Online?
- Enter your information: Visit the SBI General Insurance website or download the mobile app and provide your information to receive a quote.
- Choose coverage and add-ons: Tailor your insurance policy by selecting your desired coverage and any add-ons required.
- Complete payment and relax: Make an online payment and receive your policy via email.
How to Renew Own Damage Car Insurance Online?
- Download Mobile App: Download the SBI General Insurance Mobile App from the Play store or App Store and log in using your mobile number.
- Select Renewal Option: If you have an SBI general policy, you can choose the policy you wish to renew from the service tab. Ensure you review the coverage and add-ons.
- Update Details: Update any changes in your car details or personal information. This includes changes in address, contact details, or modifications to the car.
- Review and Pay: Review the renewal premium and make the payment. Check for any discounts or offers for renewals and receive your policy via email.
Documents Required For Own Damage Car Insurance Policy
To purchase or renew an OD insurance policy, you typically need:
- Vehicle Registration Certificate (RC)
- Identity proof (Aadhaar, PAN, etc.)
- Proof of previous insurance (if renewing)
- Driving License
- Address proof
How to Claim Car Insurance For Own Damage?
To file a claim, follow these steps:
- Visit the Website: Go to our website to initiate a claim.
- Register Your Claim: Fill in the required details to initiate the claim.
- Submit Documents: Provide necessary documents for survey and inspection.
- Approval for Repairs: Wait for approval to proceed with repairs.
- Vehicle Delivery: After repairs, we will settle the costs directly with the network garage.
FAQs Based on Own Damage Car Insurance
OD cover is important because it protects your vehicle from damages caused by accidents, theft, and other incidents, ensuring you don’t bear the financial burden.
Yes, first-party insurance refers to own damage insurance, as it covers damages to your vehicle.
Yes, you can buy a standalone OD cover if you already have third party insurance.
Car owners who want to protect their vehicles from damage, theft, or calamities should buy an OD policy.
A standalone policy provides coverage only for own damage, without including third-party liability.
It is optional. However, it is highly recommended for those seeking coverage beyond third-party liability.
Yes, theft of your car is covered under OD insurance, and you will be compensated up to the IDV.
No, damages caused under the influence of alcohol or drugs are not covered under car insurance.
Yes, you’ll need documents like your vehicle's RC, driving license, and proof of previous insurance (if renewing).
The cost depends on factors like your car's IDV, age, location, and add-ons chosen.
Disclaimer: The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest office and also read the policy document and sales brochure carefully before concluding a sale.
*T&C Apply
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