What is the SAOD insurance policy?

A standalone own damage (SAOD) insurance policy provides the essential financial protection to the car owner for expenses related to repairing or replacing damaged parts of their own vehicle. It does not cover damages or losses to other individuals or their property.

Why is OD cover important?

If you only opt for third-party insurance, no compensation is offered if your vehicle gets damaged due to certain reasons. This is where the importance of own-damage car insurance is realised. It offers protection from loss sustained due to any natural or man-made hazard. One must re-evaluate their auto insurance and shop accordingly to ensure they are adequately covered.

Who should buy SAOD policy?

The own damage car insurance is beneficial for everyone who wants to save repair and damage costs in case of accidental damages. However, the compensation pay-out depends on the IDV of the vehicle which is directly affected by the vehicle's depreciation rate. Thus, people with new cars not older than 5 years should buy this policy.

Which is better, own damage or comprehensive?

Whether comprehensive or own damage car insurance is better depends on your coverage requirements. If you already have third party car insurance for your four-wheeler, opt for own damage insurance. However, if you don't have a third-party liability cover, buying a comprehensive car insurance plan is recommended for wider form of coverage.

Will I be compensated if my car gets stolen?

If you have own damage insurance for your car, you will get compensated in case of a total loss as per the IDV of the vehicle.

My driver was drunk and my car got into an accident, will I be reimbursed for the damages?

No. If the driver was drunk and decided to drive despite your awareness, then no claim will be entertained.

Will I need any documents for own damage car insurance renewal?

No. When you renew own damage car insurance from Policybazaar.com, you will not require any document. Simply visit our 'Car Insurance' page and enter your car details to renew your OD cover in just 5 minutes.

Own Damage Insurance

Maintaining a car can be an expensive affair owing to the ever-rising maintenance costs. Own damage car insurance is an affordable way to protect a car from accidental damage or other losses including theft and fire. Compared to comprehensive car insurance, an OD insurance cover can be bought at a cheaper rate and for a shorter duration.

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What is Own Damage Car Insurance?

Own damage or standalone own damage (SAOD) insurance is a type of car insurance that covers the cost of repairing or replacing your damaged car parts after certain insured events. These include accidents, theft, fire, natural calamities like floods, earthquakes and storms, as well as man-made disasters such as vandalism, riots and terrorist attacks.

A SAOD policy offers coverage for damages that a third-party policy won't cover. It helps you avoid out-of-pocket expenses for any minor or major damage to your car. You can purchase own-damage insurance separately if you have an active third-party car insurance, which is the mandatory coverage as per the Indian Motor Vehicles Act, 1988. Read more

Types of Car Insurance in India

To understand SAOD insurance better, take a look at different types of car insurance policies available in India:

Third-Party Insurance	Standalone Own Damage Insurance	Comprehensive Car Insurance
Covers third-party's death/disability/damage and other liabilities	Covers damages due to natural and man-made hazards	Covers both third-party liabilities + own damage expenses Single premium Add-ons available
Not affected by depreciation rate	Affected by the depreciation rate	Only OD cover in insurance affected by the depreciation rate
It is compulsory as per the Motor Vehicles Act 1988. Fines will be imposed in case the policy is not renewed	Not compulsory but recommended for wider coverage benefits	Not compulsory but recommended for wider coverage benefits
Add-ons not available	Add-ons are available	Add-ons are available
Low Premium	Higher premium but reduced with time	Higher premium compared to others

Explore More Under Car Insurance

Benefits of Own Damage Car Insurance

As mentioned before, own damage insurance provides the essential protection by covering damages to your own vehicle. Here are some benefits of purchasing Own Damage insurance for car:

Vehicle owners are no longer obligated to purchase a long-term comprehensive car insurance plan to provide both third-party coverages with OD cover
Car owners can compare and buy SAOD insurance online from different insurers depending on their budget and benefits
More affordable and effective for those who can't pay high premiums upfront or cannot afford to buy comprehensive car insurance. Moreover, the standalone OD policy can be renewed annually, which also reduces the financial burden on policyholders.
Gives the policyholder options to buy add-ons, otherwise not available with only third-party liability cover.

Coverages Under Own Damage Car Insurance

What is Covered in Policy

Accidental damages caused to the insured vehicle are included in policy coverage
Compensation is given in case the vehicle is lost or stolen
Damages caused to the insured vehicle by ignition, lightning, fire etc.
Losses incurred due to terrorist attacks, riots and other man-made disasters are also covered in OD insurance policy
Damages due to natural calamities including floods, hailstorms, earthquakes etc. are covered

What is Not Covered in Policy

No third-party liabilities will be covered under the own damage insurance policy
Consequential damages due to an accident not covered
Damages caused by the owner's negligence won't be covered, for example, driving through floods
Loss incurred due to illegal activities or under the influence of alcohol will not be covered
Damages caused to the insured car when the driver was not carrying a driving license are also excluded from policy coverage
Losses arising out nuclear peril or civil war are not covered

Additional Covers Under Own Damage Car Insurance

A policyholder can also enhance the coverage of his/her SAOD policy by purchasing car insurance add-ons at an extra premium. Some add-ons offered under an own damage vehicle insurance policy include:

Nil Depreciation Cover

Consumables Cover

NCB Protect Cover

Engine Protect Cover

Roadside Assistance Cover

Key and Lock Protect Cover

Explore Add-Ons for Your Car Insurance

Zero Depreciation Car Insurance

Compulsory Personal Accident Cover

Bumper to Bumper Insurance

NCB Protector Add-On Cover

Bundled Policy

Roadside Assistance Cover

Return to Invoice (RTI) in Car Insurance

Engine Protection Cover

How Do You Calculate the Premium for Own Damage Insurance?

The premium of SAOD policy for cars is slightly higher than third-party liability but lower than comprehensive car insurance. To calculate and compare the premium of own damage insurance, you can use Car Insurance Premium Calculator. This online tool can help you calculate premium based on your car's model, variant, price and registration year.

Using Car Insurance Calculator

Simply enter your car details on the calculator and it will tell your car's IDV as well as your own damage car insurance price. You can also compare the premiums of multiple insurers and choose the one that suits your requirement.

What is the Insured Declared Value (IDV) in OD Car Insurance?

All claims made on a motor insurance policy are entirely dependent on the damage suffered by the car. In case of the total loss of the vehicle, when it cannot be used again, the policyholder will be compensated based on the depreciation value of your vehicle. Deducted based on the number of years the car has been used, IDV is calculated after considering the depreciation rate of the vehicle.

We will simplify the calculation of the IDV through a chart:

Vehicle Age	Depreciation
Less than 6 months	5%
6 months-1 year	15%
1-2 years	20%
2-3 years	30%
3-4 years	40%

Once the IDV is confirmed, simply multiply the IDV by the premium rate as stated by the car insurance company. The own damage premium can be calculated after making deductions related to discounts and benefits.

How to Buy Own Damage Car Insurance Online?

You can purchase SAOD insurance online from Policybazaar.com in just a few simple steps. Take a look:

On the homepage, select the 'Car Insurance' page from the 'Insurance Products' dropdown
Now enter your car number or if you have a new car select the 'Brand New Car' option
Select your car RTO, model, variant and registration year
Now fill in the registration form
Enter previous policy expiry date and claim details if any
Select the type of plan as 'Own Damage' from the dropdown
You will not be shown OD car insurance quotes by multiple insurers
View the plan details, and select the additional covers along with your plan
Proceed to premium payment
Once verified, pay the own damage premium amount via desired payment mode
Once paid, your OD car insurance plan will be issued to you. You will receive your car policy documents at your email id.

How to Raise a Claim Under Own Damage Car Insurance?

To raise an Own Damage car insurance claim, you can follow these simple steps:

Intimate the insurance company about the damages sustained by the insured vehicle
Upon intimation, the insurance company will send a surveyor to inspect the damages caused to the insured car
You will also be required to show certain important documents for the purpose of claim verification
Now the insured vehicle will be sent to one of the network garages for repairs
Once the repairs are done, the insurance company will settle the cashless claim with the network garage.
If the insured vehicle has been repaired in a non-authorised network garage, the insurer will reimburse you the entire claim amount after the repairs.

How to Raise a Claim Under Own Damage Car Insurance?

FAQs About Pay As You Drive (PAYD) Insurance

What is the SAOD insurance policy?

A standalone own damage (SAOD) insurance policy provides the essential financial protection to the car owner for expenses related to repairing or replacing damaged parts of their own vehicle. It does not cover damages or losses to other individuals or their property.
Why is OD cover important?

If you only opt for third-party insurance, no compensation is offered if your vehicle gets damaged due to certain reasons. This is where the importance of own-damage car insurance is realised. It offers protection from loss sustained due to any natural or man-made hazard. One must re-evaluate their auto insurance and shop accordingly to ensure they are adequately covered.
Who should buy SAOD policy?

The own damage car insurance is beneficial for everyone who wants to save repair and damage costs in case of accidental damages. However, the compensation pay-out depends on the IDV of the vehicle which is directly affected by the vehicle's depreciation rate. Thus, people with new cars not older than 5 years should buy this policy.
Which is better, own damage or comprehensive?

Whether comprehensive or own damage car insurance is better depends on your coverage requirements. If you already have third party car insurance for your four-wheeler, opt for own damage insurance. However, if you don't have a third-party liability cover, buying a comprehensive car insurance plan is recommended for wider form of coverage.
Will I be compensated if my car gets stolen?

If you have own damage insurance for your car, you will get compensated in case of a total loss as per the IDV of the vehicle.
My driver was drunk and my car got into an accident, will I be reimbursed for the damages?

No. If the driver was drunk and decided to drive despite your awareness, then no claim will be entertained.
Will I need any documents for own damage car insurance renewal?

No. When you renew own damage car insurance from Policybazaar.com, you will not require any document. Simply visit our 'Car Insurance' page and enter your car details to renew your OD cover in just 5 minutes.

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Car Insurance Reviews & Ratings

5 / 5 (Based on 9 Reviews)

(Showing Newest 9 reviews)

Mridual

Gurugram, March 05, 2024

★★★★★

Understanding Customer support

My bundled policy with the dealer was about to get over so I decided of renewing my policy online this time. Had a lot of questions about Insured Declared Value and certain addons which wanted to add to my plan (my dealer never cleared these things to me). Got a deep understanding of this team from PB customer support and chose a Digit Own damage plan along with zero dep and Engine protect addon for my Nexon car at a really good price.

Varun

Jaipur, March 01, 2024

★★★★★

Good service

The whole process took very less time to insure my Datsun car. I did not face any trouble while purchasing a future Generali own damage cover from Policybazaar. The team did a really good job and answered all my queries.

Raghav

Delhi, February 25, 2024

★★★★★

Hassle free experience

The team made everything easy for me. Mr. Satish executive gave me brief information about the Future Generali Standalone own damage car plan and whenever I had any doubts he cleared all my doubts by giving satisfactory answers. My experience with Policybazaar has been hassle-free and very good. I purchased the plan instantly for my Tata Tiago car.

Partap

Mumbai, February 21, 2024

★★★★★

Best service

I have recently customized my own damage insurance from SBI for my Volkswagon Taigun. Policybazaar was giving me great facilities in add on cover such as zero depreciation. So I added more features and it came within my budget. I must say that Policybazaar always provides the best service to its customers.

Mahipal

Nasik, February 18, 2024

★★★★★

Easy to compare

I chose Bajaj Allianz among the many plans offered by the different insurance companies on the website of Policybazaar because they were offering me a lot of of benefits and it was affordable for me. They provides the same good service in the online process as it gives in the offline process.

Paramjeet

Dehradun, February 11, 2024

★★★★★

Add on cover

I have customized my National own damage car plan with add ons for my new Honda City car. I have added Nil depreciation, ncb protect and invoice protect covers to my plan. Mr. Jitesh customer support executive was very helpful and helped me customize my plan through the website of Policybazaar.

Rachin

Roorkee, February 03, 2024

★★★★★

Good service

I appreciate the efforts and amount of time given to me when I connected with Policybazaar team regarding SBI own damage car insurance. It has tailor- made car insurance plans which I got cuztomised for my last year bought Tata Altroz 2023 model as per my requirements.

Sanjay

Merrut, January 08, 2024

★★★★★

Claiming is easy

Purchasing a Royal sundaram (own damage) car insurance plan through policybazaar a few months back, on my Tata Nexon was one of my best decisions. My car got severely damaged due to an accident and when I applied for claim, I got it repaired within a few days. I highly recommended it.

Aman

Kota, December 13, 2022

★★★★★

Kotak Mahindra Car Insurance

I was amazed to find that without any paperwork I can buy a plan. Without any hassle, I bought a Kotak Mahindra OD car plan for my Ford Figo car. It was pretty easy to compare the quotes on their website. I found it really easy to compare the plans as per my budget and needs.

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