Are you thinking about getting car insurance?
If you care about your vehicle, you might be interested in Own Damage Coverage.
This page introduces the characteristics, coverage, advantages and disadvantages of “Own Damage Coverage Car Insurance”.
What is the Own Damage Coverage Car Insurance
Own Damage coverage is insurance that pays for repairs if your car is damaged.
You cannot add Own Damage coverage on your own.
In order to subscribe to Own Damage coverage, you must also subscribe to Third Party Liability.
Introduce about Own Damage Coverage Cost
Own Damage coverage does not cover injuries to yourself or your passengers.
However, even if you use it in conjunction with Third Party Liability, it can be used at a lower cost than Comprehensive Coverage.
In addition to discounts such as no-claims bonuses, the “high safety of the car” and the “age of the car” are also factors that lower insurance premiums.
What is the Add on Customize
Own Damage Coverage has many add-on options that can be customized.
The add-on options vary depending on the insurance company. We will introduce the most common ones.
Zero depreciation
With Own Damage Coverage, if your car is damaged, the insurance pays out after depreciation is deducted. If you sign up for this option, you can receive compensation without depreciation being deducted.
Consumables
This additional cover covers the cost of replacing or refilling consumable items such as bolts and screws, oil filters, fuel filters and bearings.
Engine Protector
This additional cover covers expenses incurred due to flooding, oil leaks, hydraulic lock etc. This can help you save money on engine repairs for your car.
Roadside assistance
No matter where you are stuck in India, we are just a call or a click away from assisting you and coming to your location to help you deal with your car troubles.
Key and lock replacement
This add-on is designed to reduce costs that can occur due to misplaced or lost keys.
Loss of belongings
This additional option covers the loss of personal belongings such as clothes, laptops, mobile phones and vehicle documents such as registration certificates.
Use of Network Garage
At Own Damage coverage we work with a number of network garages, all of which are managed by insurance companies.
If your car is damaged in an accident, you can use one of these network garages.
At Network Garages, repairs are cashless as we bill your insurance company directly.
No Claims Bonus
Own Damage coverage provides a discount in the event of no accidents through a no claims bonus.
The no-claim bonus provides a discount if no accidents occur after taking out the insurance.
| Number of Years | NCB Discount |
|---|---|
| One Claim Free Year | 20% |
| Consecutive Two Claim Free Years | 25% |
| Consecutive Three Claim Free Years | 35% |
| Consecutive Four Claim Free Years | 45% |
| Consecutive Five Claim Free Years | 50% |
What compensation Own Damage coverage Car Insurance
- Costs of damage to your own car
Own Damage coverage basically covers the cost of repairs if your car is damaged in an accident.
In addition, compensation is also provided for damage to other parts of the vehicle that are not caused by the accident. The coverage for damage to your own vehicle is broad.
- Accidental External
- Transportation by rail, road, inland waterway, elevator and air
- Malicious or terrorist acts
- Riots and strikes
- Burglary, burglary, theft
- Fire, explosion, spontaneous combustion, lightning
- Landslides, rockslides
- Flood, storm, cyclone, earthquake, hurricane, rainstorm, inundation, hail, frost
What don’t compensation Own Damage coverage car insurance
- An insurance policy alone does not cover losses caused by normal wear and tear on the vehicle.
- Accidents caused by drunk driving
- Accidents involving third parties when the driver’s license is invalid or not in possession
- Accidents caused when the contracted vehicle is used for illegal activities, racing or commercial purposes
- Accidents where the vehicle was being driven by someone other than the owner or designated driver
- In the event of an invasion or war causing injury to a third party or damage to a third party’s vehicle
What Advantages and Disadvantages Own Damage coverage Car Insurance
What Advantages Own Damage coverage
Protect your car at a low cost
Own Damage coverage is available at a lower price than Comprehensive Coverage because it does not cover injuries to yourself or your passengers. Although it is a cheaper option, it gives you peace of mind knowing that your own car is protected.
Short-term contracts make it easy to sign
Own Damage coverage can also be purchased for short periods of time. There may be times when you don’t use your car much, so you can save money by only buying coverage when you need it and protecting your own car.
What Disadvantages Own Damage coverage
Cannot join Own Damage coverage on their own
Own Damage coverage cannot be purchased on its own. It must be purchased together with Third Party Liability, and it takes time and money to purchase each separately.
Not being able to protect yourself or your loved ones from injury
In the event of an accident, you may be able to protect your car from damage, but you will not be able to protect yourself or your loved ones from injury. Not having medical expenses covered in an emergency is a negative factor.