Cars hold emotional value and reflect the owner’s personality. To protect them against accidents, theft, and natural disasters, it’s essential to consider adding Own Damage (OD) cover to your online car insurance policy, to avail additional financial security for unexpected damages.
In other words, if you have own damage car insurance, your insurance provider may pay to repair or replace your car if it is lost or damaged due to one of the covered events.
Claims are subject to terms and conditions set forth under the motor insurance policy.
This article will discuss the importance of OD coverage and how it can benefit you in an unplanned incident. *
Who Must Purchase An OD Cover?
Car owners looking to protect their finances from vehicle damage should consider an OD cover. It’s essential for all cars, as repair and replacement costs can be high. While not legally required in India, it’s highly recommended, especially in disaster-prone areas.
An OD cover is a wise method of protection, due to the unpredictable nature of accident severity and the high cost of vehicle repairs after an accident. It’s not expensive, with a typical price of 0.8% to 1.5% of the car’s value. In addition, many lenders require borrowers to have an OD cover as part of their vehicle financing agreement due to its advantages. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Overview Of Standalone Own-Damage Cover
A type of insurance policy called Standalone Own Damage (OD) Cover protects your car against losses brought on by fire, theft, accidents, and other calamities. The option to purchase standalone OD cover may be exercised when the vehicle is already covered for third-party (TP) risks under a long-term policy.
The following topics could be included in a standalone OD cover:
- Accidental Damage: Depending on the extent of the damage, a standalone OD cover may help with the cost of repairing or replacing your car if it is involved in an accident. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Theft: Depending on the terms and conditions of the policy, a standalone OD cover may provide coverage for the cost of your vehicle if it is stolen. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Fire: Depending on the terms and conditions of the policy, a standalone OD cover might pay for the repair or replacement of your car if it is damaged by fire. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Natural Disasters: Depending on the terms and conditions of the policy, a standalone OD cover might pay for repairing or replacing your vehicle if a natural disaster, such as an earthquake or flood, damages it. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Optional Add-Ons: Standalone OD frequently includes a wide range of optional add-ons that expand the coverage and benefits, such as engine protection, zero dep in car insurance cover, Return to Invoice value (RTI), 24/7 spot assistance, EMI protection, etc. Add-ons may increase the price of your insurance policy. You can use a car insurance calculator to calculate the costs of premiums. Claims are subject to terms and conditions set forth under the motor insurance policy.*
Own damage car insurance is essential for financial security and peace of mind against car damage, including accidents, theft, fire, or natural disasters. Read policy terms carefully to choose the proper coverage. Get an OD cover for your car to ensure you’re adequately protected. *
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.