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- Recent years
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What is Standalone OD Car Insurance?
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.
Why OD Car Insurance was introduced?
Since September 2019, an Own Damages cover is no longer only a part of a Comprehensive Car Insurance but, can also be bought as a standalone policy. Of course, this is only applicable if you already have a Third-Party Car Insurance in place.
The whole point of introducing such a plan is, that many of you’ll may already have a Third-Party Policy and have only now come to realize that you’d like to protect your own car from damages too.
That’s where an Own Damage car insurance will ensure that your own car is protected too! So, no need to wait for your renewal to upgrade to a Comprehensive Car Insurance, instead just buy a standalone Own Damages Cover now.
How Standalone OD Car Insurance works?
Let’s take an example to understand this better. Say, you’ve recently bought your new Toyota Etios and while you were at the showroom itself, the dealer sold you a three-years bundle third-party policy for your Toyota Etios.
Now, it’s only a year later you realize that apart from third-party liabilities, you’d like to protect your own car from damages and losses too.
In this case, instead of waiting for your renewal date to upgrade your plan, or buying a Comprehensive Car Insurance, you can just get yourself an Own Damage car insurance policy, and that will do the job for the time being.
Who should get a Standalone OD Car Insurance?
What is Covered in Standalone OD Car Insurance by Digit?
Add-ons available with Standalone OD Car Insurance
Car insurance add-ons which you can buy with your OD only car insurance policy
What’s not covered?
While an Own Damage cover is great for your car’s protection, here are few exceptions.
How to file an Own Damage Car Insurance Claim?
After you buy or renew our car insurance plan, you live tension free as we have a 3-step, completely digital claims process!
Just call on 1800-258-5956. No forms to be filled
Get a link for Self-Inspection on your registered mobile number. Shoot your vehicle’s damages from your smartphone through a guided step by step process.
Choose the mode of repair you wish to opt for i.e. Reimbursement or Cashless through our network of garages.
How fast are Digit Insurance Claims Settled?
This is the first question that should come to your mind when switching your insurance company. Good you’re doing that!Read Digit’s Claims Report Card
Own Damage Car Insurance Premium Calculation
How the OD Car Insurance Premium is Calculated?
Technically speaking, here’s how an OD premium is calculated:
IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]
Tips on how to reduce your OD premium
Increase Voluntary Deductibles - In an OD cover, there’s something known as ‘Voluntary Deductibles’, which refers to the amount of money you choose to pay during claims. Therefore, based on your feasibility you can increase the percentage of your voluntary deductible, which will directly reduce your OD premium.
Declare Correct IDV - With Digit, you are given the option to customize your IDV yourself. Therefore, make sure your IDV is always right since this will affect both your OD premium and your claim amounts too during claim settlements.
Don’t Forget to Transfer your NCB - If you’ve had an Own Damage or Comprehensive Car Insurance policy before, ensure you transfer your NCB to your current policy, to get your accumulated discount.
Factors Affecting your OD Car Insurance Premium
In an Own Damages cover, your car premium is mainly calculated by your car’s cc and your car’s IDV. Apart from that, the following factors too are considered while calculating your Own Damages cover premium:
Compare: Third Party, Own Damage & Comprehensive Car Insurance
Third-Party Car Insurance
Own Damages Car Insurance
Comprehensive Car Insurance
A Third-Party Car Insurance is the most basic type of car insurance policy, that covers for only third-party liabilities; such as damages to a third-party property, person or vehicle.
An Own Damages is a new, standalone policy that only covers for damages and losses to one’s own car.
A comprehensive car insurance is a complete package policy that covers for both third-party liabilities and own damages, both under one policy.
It is mandatory by law to at least have a third-party car insurance.
It is not mandatory to have an own damage car insurance.
It is not mandatory to buy a comprehensive car insurance policy.
Every car is eligible for a third-party insurance.
Any car that already has a valid third-party car insurance can also buy an own damage cover to protect their own car as well. Without a valid third-party car insurance, you can’t buy an OD policy.
Any car that doesn’t already have a Third-Party Car Insurance can buy a Comprehensive Car Insurance Policy.
No Add-Ons Available