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      All You Need to Know About Standalone OD Insurance

      The concept of Own Damage(OD) is not a new one. For those of us who are not very well-versed with Own Damage, it refers to the damages caused to your car due to unforeseen incidents such as theft, fire, accidents etc. However, this policy is different from comprehensive insurance. Read this guide to learn more about Standalone OD insurance.

      Read more

      Damages Covered by Standalone OD Car Insurance Cover

      The intent of the Own damage or Stand-alone OD car insurance policy is to help the policyholder cover losses suffered by their car. The damages that are covered by this type of policy are as below:

      All You Need to Know About Standalone OD Insurance

      1. Accidental damages: Any sudden, external and unforeseen or accidental event or impact that can cause injury or harm to the car is deemed as accidental damage.

      2. Burglary & Theft: In case the car is destroyed as a result of a break-in or the damage done to the car is due to a burglary attempt, the damage will be covered by standalone OD car insurance.

      3. Total Loss: It refers to the complete loss of a car due to far-reaching and immutable damage or theft of the car. The own-damage car insurance covers the total loss of a car and compensates for this sort of damage.

      4. Fire & Explosions: Fires caused due to an accident or explosions that lead to damage of a car as a result of these fires are covered under the own-damage insurance policy.

      5. Natural calamities: At times a car may face damages due to flood water, hailstorms, cyclones, and other natural calamities. Moreover, if the car suffers damage due to rocks and debris from earthquakes, landslides or rockslides, etc. At such junctures, the OD cover will protect the insured from all losses.

      6. Transit of vehicles: If a car receives dents and scratches due to commotion during its transportation by road, rail, air or waterways, etc. the OD policy coverage protects the car.

      7. Malicious Damage: The OD car insurance cover also comes into play if an insured car suffers losses occurring from human causes such as riots, terror attacks, vandalism, etc.

      Who Can Get Standalone OD Car Insurance?

      As per a directive of the Insurance Regulatory and Development Authority of India (IRDAI), the standalone OD car insurance has been available as a separate cover since September 01, 2019. The directive allows car owners who have purchased their car insurance post-September 01, 2018, to get standalone car insurance for Own-damage, while the basic 3-year third-party insurance remains mandatory.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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