What is 'Own Damage Car Insurance' in India?

Own Damage (OD) car insurance policy protects your vehicle against unanticipated accidents. This policy provides coverage for damages to your car caused by accidents, fire, natural disasters or any other misfortune. It is intended to provide one with additional coverage in addition to Third-Party (TP) cover.

 

OD coverage is no longer just available as part of Comprehensive Four-Wheeler Insurance, but can now be purchased as Standalone OD Four-Wheeler Insurance. This only applies if they have Third-Party Car Insurance.

 

The reason for creating such a policy is that a lot of them might already own a Third-Party Policy and have only recently realised that they would like to safeguard their car against OD as well.

 

This is where OD Four-Wheeler Insurance comes in to cover your own car! So, instead of waiting until your renewal to upgrade to Comprehensive Car Insurance, simply get a Standalone Shriram Own Damage Insurance now.

 

Why Should You Purchase Shriram Own Damage Coverage with Car Insurance?

OD cover is a must, as it protects the insured vehicle against unforeseen damages. Some people call it self-damage insurance or collision insurance. This coverage includes two parts: accidental damage to the insured car and theft or total loss.

 

All car owners in India are mandated to carry a minimum level of coverage. This is known as Third-Party (TP) liability insurance. Although OD coverage is not required by law, it is a valuable insurance policy to safeguard your valued possession.

 

Perks of Buying Shriram Own Damage Car Insurance

• Car owners can compare and purchase OD policy online from different companies based on their budgets and advantages.
• More cost-effective and suitable for people who can't afford a hefty premium.
• Also, the standalone OD policy can be renewed every year, which makes it easier on policyholders' wallets.
• Provides the policyholder the choice of purchasing add-ons that they wouldn't be able to get if they only had Third-Party (TP) liability coverage.

You now have a better understanding of OD Four-Wheeler Insurance benefits, but you might wonder if it covers all forms of OD

 

Inclusions in OD Car Insurance Policy

Here is a list of all the damages that Shriram Own Damage Four-Wheeler Insurance can cover

Accident: When an accident or collision causes damage to one’s vehicle, our individual Shriram OD Car Insurance will pay for the costs that one suffers.

Fire & Explosion: If an individual’s car sustains damage because of an unintentional fire or explosion, they can be sure that their personal damage four-wheeler insurance coverage will cover the costs.

Theft: If their car is stolen, it can cause a lot of stress. But having Shriram Standalone OD Four-Wheeler Insurance protects them from such unexpected hefty losses.

Man-made Disasters: Our OD insurance also covers damage to an individual’s car caused by protests, property destruction, terrorism, etc.

 

Exclusions in OD Car Insurance Policy

Regardless of the level of protection provided by our OD insurance, you should be mindful of the following situations, which are not covered by the policy

Third-Party Liabilities: OD Four-Wheeler insurance does not cover any third-party losses and is only intended to safeguard the damages to your own car.

Depreciation: The OD auto insurance coverage does not include a provision to protect the depreciation costs because your car ages and loses value over time, unless you select an appropriate add-on like our Zero Depreciation policy.

Electrical and Mechanical Breakdowns: Standalone OD Four-Wheeler insurance doesn't cover losses incurred by a car's mechanical problems unless they were caused by an accident.

Drunk Driving: If an individual’s car gets damaged while they are under the influence of alcohol/drugs, OD insurance won't pay for it.

War or Nuclear Risks: OD insurance will not cover any losses caused by wars or nuclear attacks.

Driving without a License: If your car is damaged while being driven without a valid license, OD car insurance will not cover any damages.

 

How to File a Claim for Your Own Damage Insurance Cover in India?

With the rise of digital technology, claim intimation needs least paper requirement. From telling the insurance company about the claim to getting the final payment, the whole process can be completed digitally.

Customers can also monitor the status of their claims digitally. Here are some things to keep in mind for a smoother and quicker claims process

• Time is crucial. So, the first and most important step is to convey the situation to your insurance company. This would make it easy for the insurance company to act swiftly and set up an inspection of the car, a damage assessment and an investigation will happen when things aren't clear.
• Insurers need to see documents like a claim form, car’s registration certificate, driver’s license, an estimated, bill, etc., from a network garage and so on. In some cases, they also need to see KYC documents.
• Make it a habit to keep these documents digitally accessible and you can also keep a copy of them in your car as well.
• If you can, take pictures of your damaged car at the scene. This will be considered as important proof for your insurance company to back up the claim.
• As a car owner, you have to give information like your policy number, the date and time of the accident, where it happened and how it happened, as well as the name of the driver. Please provide the same information at the police station if the accident is reported. Also, tell your insurance company right away if anyone gets hurt or if someone demises.

 

Bottom Line

If an individual care about their car, make sure to keep it safe. Some car owners still do not understand the value of standalone OD insurance and choose to ignore it because of the additional expenses. What they need to know is that the extra money spent on OD insurance can end up saving them a lot in the long run.

Also, purchasing the Shriram Own Damage Insurance policy online will be much easier because the process is digital-friendly, and one can get all the information about the product offerings, price and features at the convenience of your fingertips.

 

 

Key Highlights

• This policy provides coverage for damages to your car caused by accidents, fire, natural disasters or any other misfortune.
• OD coverage is not required by law; it is a valuable insurance policy to have for your valued possession.
• If your car sustains damage as a result of an unintentional fire or explosion, you can be sure that Shriram Own Damage Four-Wheeler Insurance coverage will cover the costs.
• Time is crucial. So, the first and most important step is to tell the insurance company about the incident. This would make it easy for the insurance company to act swiftly and set up an inspection of the car.

 

FAQ

1. Is own damage insurance mandatory for car in India?

Third-party insurance is required for all cars. Own Damage (OD) Four Wheeler Insurance is optional.

 

2. What is period of own damage cover?

An individual own damage four-wheeler insurance policy is valid for one year and must be renewed annually. According to a recent order from the IRDAI, a standalone own damage cover can be granted for one year and renewed yearly.

 

3. Who should purchase OD insurance policy?

The coverage is ideal for anybody seeking to reduce repair and damage expenses in the event of unintentional damage. Furthermore, the compensation pay-out relies on the IDV of the vehicle which is directly impacted by the car's depreciation rate. Therefore, those with vehicles less than 5 years old can purchase this coverage.