How To Insure Your Car for Standalone Own Damage In India


03 Aug 2023

Own Damage Car Insurance: Learn how to get a car insurance with a standalone own damage cover in India. Understand how the premium for the same is calculated

In India, buying third party car insurance is mandatory, but this type of insurance only covers damages to third-party vehicles and not your own car. However, having insurance where damages to your car are covered is immensely helpful in avoiding a financial crisis. Standalone own damage insurance covers any damage to your car due to accidents or unforeseen events such as natural calamity, theft, etc. And to get both these benefits in one insurance, opt for a comprehensive car insurance policy.

Comprehensive insurance covers standalone own damage as well as third party insurance. You can protect your car with Kotak Car Secure - a comprehensive insurance plan that covers partial or complete damage to your car along with third-party insurance. Let’s delve into standalone own damage insurance.

What are the damages covered under standalone OD car insurance?

To understand OD car insurance, let’s know what all damages are covered under this policy

• The partial or total damage caused due to natural calamity (like fire, storm, earthquake etc.)

• The partial or total damage caused due to man-made calamity ( burglary, theft, riot etc.)

If your car suffers from any of the above damages, you can raise a claim with your insurance provider if you have an Own Damage car insurance.

What is the need for having Own damage car insurance?

If there is any damage to your own vehicle, you would need to bear the entire expenses in the absence of insurance. Bearing the complete expenses of car damage is like burning a hole in your pocket. So to avoid such a situation, it is prudent to get own-damage car insurance because damages are inevitable.

In case you only have third party insurance, you can buy a standalone own damage car insurance and switch to comprehensive car insurance on renewal. The premium for standalone car insurance is high, but it decreases over the period. Here are a few factors how you can reduce the premium amount of Own damage car insurance.

1. Choose a higher voluntary deductible: Voluntary deductible is the amount that you are willing to pay from your own pocket in case of any damage to your car. Choosing a higher voluntary deductible will lower your claim amount, thereby decreasing your premium amount.

2. Select the right IDV: Selecting too high IDV will increase the premium on your car insurance while selecting too low IDV decreases the claim amount. This is why selecting the right IDV is crucial in terms of paying the premium as well as getting adequate coverage.

3. Use your No claim Bonus: If you have availed of car insurance for your own damage or comprehensive car insurance, remember to transfer your no claim bonus on the renewal of your policy. No claim bonus decreases your premium amount significantly.

4. Choose your Add-ons wisely: We at Kotak general insurance have a plethora of add-ons that you can choose to increase your coverage. Be mindful of the add-ons that you choose, as this will increase your premium amount.

How To Calculate The Premium For Own Damage Car Insurance?

The premium of your car insurance depends upon multiple factors like age of the car, IDV of the car, fuel type, model etc. You can also calculate your car insurance premium online with the help of a car insurance calculator on our Kotak car insurance page.

Now that you know why insuring your car with standalone own damage car insurance is essential, choose one immediately before it’s too late. For the best car insurance in India, checkout Kotak Car Secure insurance cover benefits.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.