What is stand alone damage?

Asked by: Art Hammes  |  Last update: December 22, 2022
Score: 4.8/5 (6 votes)

As the name suggests, standalone own-damage car insurance is a policy that specifically covers for your own car's damages and losses. This includes damages and losses caused due to accidents and collisions, natural calamities, fires, and thefts.

What is standalone own damage?

Standalone Own Damage Car Insurance. Own damage (OD) means exactly what it sounds like – damage to your own (in this case, car). The presence of the OD section in your policy means it will cover the cost of repair of your car. Such a policy is also called a stand alone own damage(OD) policy.

What is standalone own damage two wheeler policy?

A standalone own damage bike insurance is a type of two-wheeler insurance plan wherein the policyholder receives protection for their own insured bike against any losses or damages incurred due to an accident or mishap.

What is the meaning of own damage in car insurance?

Own Damage Car insurance a.k.a. OD Insurance is a motor insurance policy that is intended to safeguard your car against unforeseen own damages. This policy offers car insurance coverage for own damages sustained by your car due to road accidents, fire, natural calamities, or any other mishap.

What is meaning of own damage?

Own Damage . – means loss or damage to the insured vehicle itself by way of sudden accident and perils specified in the policy schedule and not specifically stated in the policy exclusions.

Motor Insurance : Standalone own damage policy | Complete Information | policyplanner.com

37 related questions found

What is difference between own damage and comprehensive?

An OD insurance covers the insured vehicle against damages, loss, theft, etc. However, it does not cover third-party liabilities. A Comprehensive plan, on the other hand, is a combination of Own Damage and Third-party Liability insurance.

Can I claim car insurance for own damage?

In the event of an own damage claim, that is, where your own vehicle is damaged due to an accident, you must immediately inform insurance company and police, wherever required, to enable them to depute a surveyor to assess the loss.

Is own damage insurance enough?

No, it is not compulsory to buy an Own Damage cover. Yes, it is compulsory to buy a Third-party Car Insurance policy in order to follow the law. Is it sufficient? Since you have to compulsorily buy a Third-party plan, getting the Own damage cover will add to your insurance coverage.

Is own damage insurance necessary?

Buying a car insurance for own damage (OD) is not compulsory. However, the compliance rate of this mandatory provision is low. As per a Supreme Court committee report of March 2018, only one in three vehicles hold third-party liability insurance. The purchase of insurance for own damage is even lower.

What is standalone policy?

As the name suggests, standalone own-damage car insurance is a policy that specifically covers for your own car's damages and losses. This includes damages and losses caused due to accidents and collisions, natural calamities, fires, and thefts.

Can I claim insurance for bike scratches?

Can I claim insurance for bike scratches? As it is your bike insurance, you can claim it for whatever you like.

Is it mandatory to have two-wheeler damage insurance?

If you own a two-wheeler in India, you must be aware that insurance for bikes is made mandatory by the law. Therefore, it is vital to get financial protection for your two-wheeler against damages due to an accident.

What is difference between od and TP insurance?

While the OD part provides coverage for any damage caused to the insured vehicle, the TP part covers the policyholder's legal liability arising due to damages inflicted to a third party individual or property due to his/her negligence driving.

What is stand alone liability insurance?

A stand-alone policy will cover costs and expenses from the date of an incident. Under a management liability policy, the statutory liability insuring clause will only enliven when the regulator compels the director, officer or company to attend a formal inquiry.

Is OD insurance mandatory for car?

No, an OD insurance for your car or bike isn't mandatory but is recommended for protection for your own vehicle. As per the Motor Vehicle Act, the basic Third-Party Insurance is mandatory for all vehicles.

What is own damage policy period?

A bundled cover with a 3-year or 5-year term (as applicable) for the third-party cover and a 1-year term for OD cover. With effect from September 1, 2018, those buying new vehicles had the option of buying a bundled cover for three years for the third-party cover and a 1-year term for the own damage cover for cars.

Does own damage cover third party?

Own damage cover is not a mandatory cover as per the Indian motor laws. Third party liability cover is mandatory to legally ply on the roads of India. It excludes third party liabilities. Third party insurance does not cover own damages sustained by the insured vehicle.

Does comprehensive cover own damage?

Comprehensive car insurance covers you for third-party and your own damages.

Is 3 years insurance mandatory for cars?

In 2018 Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for all new cars sold after 1st September 2018 to have at least a 3-year third party insurance policy.

Is it worth claiming on car insurance for a dent?

In a nutshell, small dents/scratches on your car's surface does not require a car insurance claim. In fact, it is best to refrain from raising a claim in such a scenario, as you may otherwise lose a lot of money.

Is painting covered under car insurance?

Various factors go into deciding whether you can or should claim insurance on your car body/paint repairs namely: Extent of damage: as a thumb rule, consider insurance claims only if repair and painting is needed for more than 2 body panels (or Rs 6000+ in repair charges)

How do I claim insurance on a bumper damage?

To make a claim, you must intimate your insurance provider immediately after the accident. Your insurance provider will take care of your medical and repair costs arising due to the accident. However, this is done only after a strict examination of the vehicle and the proofs of the accident.

Is it worth having fully comprehensive insurance on an old car?

This might prompt you to ask: is my comprehensive car insurance premium still worth it? The answer really depends on your wheels, but a good rule of thumb is: until the sum of your annual premium and excess outweigh that of your car, it is probably still in your best interests to keep your comprehensive policy.

Which insurance covers your car from accident damage?

Comprehensive car insurance policy

Comprehensive car insurance is the most extensive policy type and covers third-party liabilities as well as own damage costs, loss due to theft, natural disasters etc. You will receive the IDV or the total market value in case your vehicle is stolen or damaged beyond repair.

What is own damage and zero DEP?

You can get car insurance coverage for own damage only if you buy a Comprehensive Plan. On the other hand, you need to separately buy the Zero Depreciation car insurance add-on to get coverage against depreciation on the vehicle. Both covers help you get more out of your car insurance plan.