Own Damage Car Insurance

As per law, a third-party liability insurance is mandatory in India for you to drive your car on the Indian roads. Not just that, own damage car insurance policy is also considered as a prudent financial step towards safeguarding you from the huge expenses that may arise due to an accident. A third-party car insurance is a bare minimum to fulfil the mandatory regulatory requirement. However, it just protects you from the financial and legal liabilities for the damages which have been caused to other vehicles or persons. Third-party liability insurance policy does not cover the losses or damages sustained by your car for which you need an additional own-damage car insurance.

What is Own Damage Car Insurance?

Own damage insurance is quite simple. It means coverage for the damages or losses suffered by your own car. The own damage car insurance policy covers the damages that your car might suffer due to natural or man-made calamities. For instance, if your car is damaged in an accident or it catches fire, it might require repairs. The cost of such repairs will be covered by the own damage car insurance policy. Similarly, if your car is damaged in a flood or an earthquake, the policy will cover the financial loss that you suffer due to such damages.

Thus, the standalone OD policy meaning includes coverage for the car. Besides natural and man-made calamities, the policy also extends coverage for theft. If the car is stolen, the insurance company pays a lump sum amount (equal to IDV) as claim so that you are compensated for the financial loss that you have suffered.

What is covered under the Own Damage Car Insurance Policy?

Own damage car insurance policy covers you and your vehicle from the following events or contingencies:

1. Damages due to accident.

If your car suffers damages in a car accident, own damage car insurance policy would cover the expenses for repairing your car.

2. Fire.

If your car gets destroyed due to fire, the insurance provided would compensate for the damages caused due to fire.

3. Man-made calamities:

Damages caused due to man-made calamities such as riots, malicious acts, strikes, etc. is also covered in own damage car insurance.

4. Natural disasters.

Own damage car insurance keeps you protected when disaster strikes. It covers the damages or effects due to natural disasters such as storms, lightning, cyclone, earthquake, etc.

5. Self-ignition.

Own damage car insurance covers the losses and damages incurred due to combustion which occurs without the use of an external source of heat.

6. Theft.

If your car is stolen, the policy would provide compensation for the loss which you have suffered due to the theft of the vehicle.

7. Damages during transit.

If your car suffers damages while transportation by land, air or water, the cost of repair is included in your insurance policy.

You can also buy personal accident cover in addition to your own damage car insurance policy to get coverage for accidental disablements or accidental deaths. A personal accident cover pays a lump sum benefit of up to 15 lakhs if the driver/owner suffers accidental death or disablement.

What is not covered under own damage car insurance policy?

As its name suggests, standalone own-damage car insurance covers car-related losses and excludes third-party liabilities. They are certain specified exclusions under the own damage car insurance policy for which no claim would be payable by the insurance company. Here is the list of exclusions:

1. Liabilities of the third party due to damage to third-party vehicle or body.

2. Electrical and mechanical breakdowns

3. Depreciation of the vehicle due to normal wear and tear

4. Damages arising due to use of vehicle against limitations of use

5. Damages allowing outside the geographical borders of India.

6. Damages due to driving the vehicle without a valid driving licence

7. Damages due to driving the vehicle under the influence of drugs or alcohol

8. Consequential losses

9. Contractual liabilities

10. Nuclear risk or war.

Why buy own damage car insurance?

The primary reason to buy own-damage car insurance is to secure yourself from the huge financial burden which might arise when your vehicle is damaged or stolen. However, it also serves various other purposes. Here are some of the reasons to buy own damage car insurance:

1. All-round coverage: It provides all-around coverage to a vehicle. Own damage car insurance the company pays for the losses or damages due to natural calamities, accidents or man-made calamities

2. Saves huge repair cost: Own damage car insurance is a great cover for the owners of premium luxury cars due to the cost of its exorbitant repairs.

3. Validity: Own damage car insurance policy is valid for a tenure of one year and can be renewed for continued coverage.

4. Cashless settlement: You can get your vehicle repaired by enjoying cashless settlement of claims without paying a single penny.

Features of own damage car insurance plan:

Kotak General Insurance caters to your requirements by offering extensive features and a comprehensive insurance coverage for own damage which provide you benefits in various ways throughout the tenure of your car insurance journey. Here are some of the features of own damage car insurance policy:

1. You can get cashless services in Kotak General’s extended network of garages which would allow you to enjoy quick and hassle-free service across the country.

2. Own damage insurance cover is available for one year and can be renewed annually. Further, for every renewal, you can get no claim bonus discounts from 20% to 50% for every claim-free year.

3. Own damage car insurance policy can be bought online in just a few simple steps. You have the option to compare the available policies and plans in the market and buy the one which best suits your requirements at an affordable premium.

4. Kotak General’s own damage car insurance policy comes with a range of optional coverage benefits at additional premium cost. You can widen the scope of your policy through the add-ons.

Benefits of own damage car insurance plan:

Here are some of the benefits of own damage car insurance:

The primary reason to buy own-damage car insurance is to secure yourself from the huge financial burden which might arise when your vehicle is damaged or stolen. However, it also serves various other purposes. Here are some of the reasons to buy own damage car insurance:

1. Damage Cover: Own damage car insurance provides complete cover to you and your vehicle against damages caused due to man-made calamities, natural calamities, theft, strike, riot damages in inland transit, etc. Hence, if you have own damage car insurance policy, you need not worry about any financial burden that may arise due to damage to your vehicle.

2. Coverage against theft: There are always chances of a car being stolen. One might face huge loss in case of theft. Own damage car insurance policy pays a lump sum in the theft claim to enable you to replace your car.

3. Premium discounts: Attractive premium discounts are offered on the total premium while purchasing the own damage car insurance policy. Besides no claim bonus, multiple premium discounts are offered for membership of Automobile Association, safety devices installation, voluntary deductible, etc. that help reduce your premium.

4. Optional add-ons: Every individual has insurance requirements. To meet the individual requirements of the car owners, Kotak own damage car insurance provides an option to buy optional add-ons at an additional premium cost to extend the coverage of the policy and make it comprehensive. For example, if you want to protect your engine, you can buy engine protection cover add-on for additional security.

It is highly recommended to buy own-damage car insurance owning to the various advantages of own-damage car insurance to both the car and its owner.

How to buy own- damage car insurance online?

You can buy own damage car insurance online from the official website of Kotak General Insurance. The process is very simple, quick, and hassle free. Here are the steps to buy own damage car insurance online:

1. Visit the official website of Kotak General Insurance. Or simply click on, www.kotakgeneral.com

2. Then click on car insurance

3. A page would be displayed on the screen to fill in your car registration number, mobile number and email ID. Fill in the details and click on ‘Get a quick quote.’

4. On the next page, enter the details of your vehicle such as the date of registration, make, model, and variant of your vehicle, the location of your vehicle registration, etc. And click on ‘continue’

5. Kotak General Insurance will show you a list of premium quotes for the available own-damage car insurance policy suitable for your vehicle.

6. Compare the available plans online vis-à-vis their coverage and premium cost and select the one which offers comprehensive coverage at a competitive premium.

7. You can also customise the cover of your plan with suitable add-ons, change your insured declared value and look for discounts before finalizing the plan

8. Once everything is finalized, pay the premium online through the secured online gateways offered by Kotak General insurance.

Once the insurance policy is issued, the insurance company would send you the hard copy of your policy document at the address registered with the insurance company.

Who should buy own damage car insurance?

A car is one of the most precious possessions for car owners. To keep the car safe financial contingencies, car insurance is necessary. A car insurance policy is beneficial for everyone who wants to save on damage and repair costs in case of an accident or theft. Own damage car insurance policy should be brought by the following car owners:

1. For owners of new and luxury cars, the cost of repair of luxury cars is high and might pinch your pocket.

2. The car owners who have already bought third-party liability insurance as third-party liability only covers the damages are the liabilities rising to the third party but excludes own damage cover

3. Individuals want comprehensive protection against theft and other car-related damages

Own damage car insurance for an old four vehicle:

Even if you have an old vehicle, you can buy own damage car insurance for it. Own damage car insurance is available for both new as well as old cars. Furthermore, own damage car insurance is more significant for old four vehicles as the chances or frequency of repairs is high for old cars.

Add-ons for own-damage car insurance:

Here is the table showing the list of the add-ons which are available to be brought with the own-damage car insurance policy by paying the additional premium cost. Add-ons help to widen the coverage of your car insurance and suit your insurance requirements. Take a look at the available add-ons that can be brought with an own-damage car insurance policy:

Add-on Features
Consumable Covers: Consumable covers provide coverage for the cost of the consumables which are incurred at the time of repair of your vehicle. The cost of consumables is excluded from the general coverage of the insurance policy but can be brought as an add-on.
Depreciation cover: The insurance company in case of a claim considers the cost of depreciation of your vehicle and pays a lower value after deducting the depreciation of your asset. However, if you buy a depreciation cover add-on, the insurance company would not deduct the depreciation from the replaced or repaired parts and settle your claim with a higher amount.
Engine Protect: The cost of repair of the engine is not covered in the own-damage car insurance policy. You can buy an engine protection add-on to extend the coverage to the car’s engine for damages due to water seepage.
Tyre cover: Tyre protection cover add-on covers losses or damages to the tyres of your vehicle
Return to invoice: Return to invoice add-on enables you to get the difference between the Insured’s Declared Value (IDV)of the insured vehicle and the Purchase Invoice Price of the insured vehicle in the event of theft or total loss of your vehicle due to fire or any other calamity
Key replacement: Key replacement add-on covers the cost incurred in replacing the key if you have lost the original one.
Roadside assistance cover: 24 * 7 roadside assistance cover provides around-the-clock assistance to help you if your car breakdowns in the middle of the road.
Loss of personal belongings: This add-on covers the financial damages suffered by you if you have lost your belonging in the car.
Daily Car allowance: This add-on covers the cost of the hired transportation during the period when your car is broken down, damaged or stolen and is getting repaired at the garage
NCB Protect: No claim bonus can be availed only for the claim-free years and lapses in the year when you make a claim. However, with NCB Protect add-on, you can protect your no-claim bonus even after claiming any of the policy years.

How to file Own-Damage Car Insurance Claim

You can file your claim online and then follow the claim process for a quick claim settlement. The claim process for Kotak General Insurance plans is as follows -

1. Inform the company of your claim by calling 1800 266 4545. You can also visit us at www.kotakgeneral.com and fill out the Claim Intimation Form for notifying the claim.

2. For a cashless claim, take your car to a networked garage for repairs

3. After receiving the claim intimation, Kotak will send a surveyor for damage inspection within 24 hours.

4. Meanwhile, you should submit the claim-related documents to the company for processing your claim

5. Kotak will check the documents and verify your claim. Once verified, the cashless claim will be approved. After approval, the garage will repair your car and Kotak will directly pay the repair bills.

6. Pay any deductible or inadmissible expenses to settle the repair costs and to get delivery of the repaired car.

7. In the case of repairs at a non-networked garage, you will face a reimbursement claim. Kotak will arrange for a damage inspection within 24 hours of claim intimation.

8. After the inspection you can get the car repaired at any garage and pay the bills

9. Then, submit the claim form with the necessary documents and original invoices of the repairs. Kotak will reimburse the expenses that you have incurred.

Tips to choose the right own-damage car insurance plan:

Tips on how you can select the best own-damage car insurance policy for your car is discussed as follows:

1. Before you finalize your policy, ensure to check the coverage of the policy and compare the premium vis-à-vis the coverage.

2. Select own-damage car insurance policy which gives a high insured declared value so that you get a maximum claim in the event of theft or loss of your vehicle

3. You should compare the available plans in the market and then select the one which best suits are requirements at affordable premium

4. Check the network of cashless garages

5. Check the premium discounts available with the plan so that you can save more on the premium cost

6. Do not forget to claim your no-claim bonus at the time of renewal of your own-damage car insurance policy for every claim-free year and try not to make an unnecessary claim to save the no-claim bonus discount.

7. Read the policy document carefully and check the exclusions to avoid rejection of your claim

8. Buy personal accident cover with your policy to get a considerable sum assured at a low premium to meet the accidental emergencies and get additional coverage.

9. Check the available add-ons to extend the coverage of your policy and make it comprehensive.

Own-Damage Car Insurance for Brands

Kotak General Insurance offers own-damage car insurance for all the leading car brands such as

1. Hyundai

2. Maruti Suzuki

3. Kia

4. Audi

5. Toyota

6. Chevrolet

7. BMW

8. Tata

9. Mercedes Benz

10. Mahindra

11. MG

12. Others

Frequently Asked Questions about Own Damage Vehicle Insurance Policy

1. Do I need to buy standalone own damage cover and third-party cover from the same insurance company?

No, you can buy a standalone own damage cover and a third-party cover from different insurers. However, the standalone own damage cover is issued only if you already have a third-party cover on the car.

2. Does Own Damage insurance cover also include Personal Accident cover?

The personal accident cover is an optional feature that you can add to your own damage cover. The coverage is not inbuilt. The personal accident cover is also a mandatory requirement like a third-party cover. However, if you have an existing personal accident cover, you can skip the coverage with the own damage plan.

3. What is own damage in car insurance?

Own damage in car insurance means the damages that the car suffers or the theft of the car. The own damage car insurance policy covers such damages and theft of the car and provides financial compensation in car-related losses.

4. Can I buy only own damage insurance?

No, you need to have a third-party cover first and then you can buy only the own damage cover on a standalone basis.

5. Is own damage insurance enough?

No, the own damage insurance coverage is not enough. You need the mandatory third-party liability coverage too so that you can drive the car legally.

6. Who should buy OD car policy?

The OD car policy is suitable for every car owner especially those who have new or premium cars.

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