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Car insurance is essential for every vehicle owner—not only because it’s legally required, but also because it protects you from unexpected financial losses. While third-party insurance covers damages to others, it doesn’t protect your own car. That’s where Standalone Own-Damage (OD) Car Insurance comes in.
If you already have a third-party liability policy, you can enhance your coverage with a standalone OD plan. It’s designed to safeguard your vehicle from damages caused by accidents, theft, natural disasters, or vandalism. Let’s explore this type of insurance in detail.
What Is Standalone Own-Damage Car Insurance?
A Standalone Own-Damage Insurance policy covers only the damage or loss to your car. It does not include third-party liability cover, which you still need separately.
In simple words, if your car is damaged in an accident or stolen, the OD policy ensures that you don’t have to bear the repair or replacement costs yourself.
The Insurance Regulatory and Development Authority of India (IRDAI) introduced the standalone OD policy in September 2019, allowing car owners to purchase own-damage and third-party covers separately instead of as a bundled package.
What Does Own-Damage Insurance Cover?
Standalone OD insurance protects your car from a wide range of risks and situations, including:
1. Accidental Damage:
Covers repair or replacement costs if your car gets damaged in a road accident.
2. Fire and Explosion:
Provides compensation if your vehicle is damaged due to fire, explosion, or self-ignition.
3. Theft:
If your car is stolen, the insurer pays you the Insured Declared Value (IDV)—the current market value of your vehicle.
4. Natural Disasters:
Covers damages caused by floods, earthquakes, storms, cyclones, or landslides.
5. Man-Made Disasters:
Protects against damage from riots, vandalism, or strikes.
6. Transit Damage:
Covers damage during transportation by road, rail, or air.
What’s Not Covered Under an OD Policy?
Despite its wide coverage, some situations are not included in a standalone own-damage policy:
- Normal wear and tear or depreciation of the vehicle.
- Electrical or mechanical breakdowns not caused by accidents.
- Damage caused while driving under the influence of alcohol or drugs.
- Driving without a valid license.
- Damage occurring outside the geographical limits of the policy.
To ensure maximum protection, you can pair your OD policy with a Third-Party Liability Insurance and useful add-on covers like Zero Depreciation, Engine Protection, or Roadside Assistance.
Benefits of Standalone Own-Damage Insurance
Here’s why buying an OD policy makes sense:
1. Financial Protection:
You don’t have to pay out of pocket for repair or replacement after an accident or theft.
2. Customizable Coverage:
You can choose add-ons to enhance protection based on your needs and vehicle type.
3. Flexibility:
You can purchase or renew your OD policy from any insurer, even if your third-party policy is from another company.
4. Higher Resale Value:
Maintaining your car with insurance-backed repairs keeps it in better condition and increases resale value.
Why Combine OD and Third-Party Insurance?
While third-party insurance is legally mandatory, it only covers damages to others—not your vehicle. Combining it with a standalone own-damage policy gives you comprehensive protection without paying for a full bundled plan.
Final Thoughts
A Standalone Own-Damage Car Insurance policy is a must-have if you already have a third-party plan and want to protect your own vehicle. It offers flexibility, customization, and peace of mind by covering accidental damage, theft, and natural calamities.
Though it’s optional, investing in an OD policy ensures that one unfortunate event doesn’t become a financial burden. Pair it with add-ons and a third-party cover, and you’ve got complete protection for your car and your wallet.