Own Damage Car Insurance Policy
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What is Standalone OD Car Insurance?
Standalone Own Damage car insurance is a type of car insurance policy that is designed to specifically cover your own car’s damages and losses. This includes damages and losses caused due to accidents and collisions, natural calamities, fires, theft or any other unforeseen incident.
It is an affordable car insurance policy that offers additional coverage than the third-party car insurance policy. Though it is optional to buy OD car insurance in India, car owners can purchase OD policy only along with a third-party liability car insurance. Additionally, a person already having third-party car insurance can also buy an OD car insurance plan to cover their own car.
Why was Own Damage Car Insurance Introduced?
Since September 2019, an Own Damage cover is no longer only a part of Comprehensive Car Insurance, but, can also be bought as a standalone policy. However, this is only applicable if you already have Third-Party Car Insurance in place.
The motive behind introducing such a plan was that though many people already had a Third-Party Policy in place, it did not cover one’s own damages and injuries, which was a major issue. So, Own Damage (OD) car insurance was introduced as a result, to provide additional protection to your own car from damage.
How Does Own Damage Car Insurance Work?
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 damage and losses too.
In this case, instead of waiting for your renewal date to upgrade your plan, or buying Comprehensive Car Insurance, you can just get yourself a private car Standalone Own Damage policy, and that will do the job as well. Also, you can get add-ons with it to protect yourself against damage that is not covered under the Standalone OD car insurance policy.
Why Should You Get Standalone OD Car Insurance?
Standalone OD in car insurance offers several key benefits to car owners such as:
- Covers Your Own Damages - OD car insurance covers the damage suffered by the insured car, implying that this cover will pay for the repair costs if your car is damaged or lost due to natural calamities, theft, fire, and accidents.
- Choice of Add-ons - The OD cover for car also allows you to purchase add-ons like zero dep, engine and gearbox protect, personal accident cover, etc., to enhance your and your car’s protection.
- No Claim Bonus (NCB) - With Own Damage car insurance, you can enjoy the benefits of NCB, which rewards you for your safe driving by giving you a discount on car insurance own damage premium for the previous claim-free years.
- Affordable and Flexible - If you’re looking for an affordable insurance plan to protect you and your car, OD car insurance is the most suitable. It also offers you the freedom to choose a policy term that suits your needs, with options for annual or multi-year coverage.
What’s Covered in Own Damage Car Insurance by Digit?
Damages to your car in an accident
Covers for the damages caused to your car in case of an accident or collision.
Theft of your car
Will compensate for you in case your car is unfortunately stolen.
Losses caused to your car in a fire
In case there’s a fire and your car is damaged due to the same. Your own damage cover will cover for it.
Damages to your car due to a natural calamity
No one can stop nature’s many furies but in case your car is damaged due to it, we will be your one-stop for damage control.
What’s Not Covered in Own Damage Car Insurance by Digit?
While Own Damage insurance for cars is great for your car’s protection, here are a few exceptions.
Third-Party Liabilities
This is a standalone Own Damage Cover policy. Therefore, your third-party liabilities won’t be included in this. Your third-party car insurance or comprehensive car insurance will instead take care of the same.
Driving Drunk
This goes against the law, therefore claims won’t be covered if you were driving under the influence of alcohol.
Driving without a Licence
As a standard rule, no car insurance can accept claims if the said person is driving illegally. Therefore, claims can only be made if you were rightly driving with a valid driver’s licence.
Add-Ons Not Bought
This is pretty obvious, isn’t it? If you haven't bought specific add-ons, you won’t be able to benefit from them. For example, without opting for a tyre protect cover- your tyre will only be protected during accidents and not beyond that.
Consequential Damages
Consequential damages refer to damages that take place after an accident. Unfortunately, those won’t be covered unless the damage has happened during the accident itself.
Contributory Negligence
In simple terms, this means your car won’t be covered if you’ve done something you weren’t supposed to do. For example; if your city was already flooded and you still took your car out.
Driving without a Licence Holder
As per the law, if you only have a learner’s licence, you need to have someone with a permanent driver’s licence beside you. If that’s not the case, your car won’t be covered.
Add-ons Available with Own Damage Car Insurance by Digit
Add-ons which you can buy with your car OD insurance policy at Digit are:
Zero Depreciation Cover
Ideal for cars less than 5 years old, zero depreciation cover allows you to nullify the depreciation charged on your car and its parts and gives you the full value of repairs, costs and replacements during a claim.
Return to Invoice Cover
In case of theft or damages beyond repair, return to invoice add-on gives you the benefit of getting back the complete amount of your car's invoice value, including the cost of registering a new vehicle and its road tax respectively.
Tyre Protect Cover
Generally, tyre damage isn't covered in standard insurance unless the damage takes place during an accident. That's why this tyre protect add-on gives you the benefit of safeguarding and covering tyre damage such as tyre bursts, bulges or cuts during all other situations possible.
Breakdown Assistance
We all need a little help sometimes! Our Breakdown Assistance Add-On gives you the benefit of getting help whenever required, i.e. assistance during car breakdowns at any time you'd like. The best part? It doesn't even count as a claim!
Consumable Cover
A consumable cover gives your car an additional layer of protection. It covers the cost for all your car's nitty-gritties, such as the engine oils, screws, nuts and bolts, grease, etc. in a situation of an accident.
Engine and Gear-box Protection Cover
Do you know that the cost of replacing your engine is approximately 40% of its cost? In a standard car insurance policy, only damage caused during an accident is covered. However, with Engine and Gear-box Protection add-on, you can specifically also cover for the life of your car (the engine and gearbox!) for any consequential damage caused post the accident. This could happen due to water regression, leakage of lubricating oil, and undercarriage damage.
Key and Lock Protect Cover
The price of replacing or fixing the lockset of the vehicle is quite high. If you avail Key and Lock Protect add-on cover, you can get compensated by the insurer for the cost incurred.
Daily Conveyance Benefit
The benefit of having this Daily Conveyance Benefit add-on cover is that you can get a fixed amount for your daily commute, if the vehicle is in the garage for a long duration of time.
Loss of Personal Belongings
In case, if you or your immediate family lose some personal belongings while travelling in the insured vehicle, Loss of Personal Belongings add-on cover can be beneficial. It ensures that you are compensated for the loss of valuables.
Pay As You Drive (PAYD) Cover
If you opt for this add-on cover, you declare and agree that you will run the vehicle for a maximum number of kilometres as per the plan opted for. The Pay As You Drive Cover ensures that you are eligible for a discount on the premium of Own Damage cover of the base policy.
EV Shield Add-on cover
The EV Shield add-on cover is available for EV or Hybrid Vehicles (petrol/diesel + electric) and compensates you in case of loss or consequential damage to your vehicle. This includes loss or damage to the electrical panel for the vehicle charging point, vehicle charger including charging cable, and roadside assistance services related to EV’s battery issues.
Why Customers Trust Digit Car Insurance?
1.2 Crore+
Policies Sold
75 Lacs+
Cars Insured
8 Lacs+
Claims Settled
3000 Crore+
Paid-in Claims
96% Claims Settled
FY'25
9000+
Cashless Garages
Disclaimer: "The total no of claims settled since inception till 31st December 2024" Disclaimer: "The total no of unique private car vehicles insured since inception till 31st December 2024" Disclaimer: "The total amount of claims paid since inception till 31st December 2024" Disclaimer: This Claim Settlement Ratio is calculated for Overall Motor line of business of Digit. CSR Is calculated for FY'25. CSR Ratio is count of (Claims paid + Claims Closed) / (Claims O/S at Start + Claims Reported - Claims O/S at End) |"Disclaimer: The total count of network garages as of 31st December 2024"
Key Features of Digit's Own Damage Car Insurance Policy
Car Insurance Plans by Digit that Fit Your Needs
Third-Party Plan
Comprehensive Plan
Own Damage Plan
Third-party vs Comprehensive vs Own Damage Car Insurance
Third-Party
Comprehensive
Own Damage
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Damages/Losses to own car due to an accident |
×
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✔
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✔
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Damages/Losses to own car in case of fire |
×
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✔
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✔
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Damages/Losses to own car in case of a natural calamity |
×
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✔
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✔
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Damages to Third-Party Vehicle |
✔
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✔
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×
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Damages to Third-Party Property |
✔
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✔
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×
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Personal Accident Cover |
✔
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✔
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×
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Injuries/Death of a Third-Party Person |
✔
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✔
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×
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Theft of your car |
×
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✔
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✔
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Customize your IDV |
×
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✔
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✔
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Extra protection with customized add-ons |
×
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✔
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✔
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Digit's Cashless Garages
Get cashless repairs at 9000+ garages across India
A Digit Car Insurance customer received a total loss claim of ₹48.70 Lakh in Mumbai
How is the OD Car Insurance Premium Calculated?
The car insurance own damage premium is slightly higher than third-party liability plan but lower than comprehensive car insurance, and it depends on various factors.
However, here’s how to calculate the OD premium for car:
IDV X [Premium Rate (decided by insurer)] + [Add-Ons (e.g. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]
Factors Affecting Own Damage Car Insurance Premium
In an Own Damage cover, your car premium is calculated depending on various factors, which are discussed below:
IDV
One of the main factors that determines the OD premium in your car insurance is the Insured Declared Value of your car, which is the current market value of your car. The higher the IDV, the higher the premium.
No Claim Bonus
If you’ve had an Own Damage cover earlier and have made no claims in the previous policy terms, you will be rewarded with a discount under NCB in car insurance that will reduce your OD premium.
Make, Model and cc of Car
The type of your car too matters in calculating your OD premium. The more high-end your car is, the higher would be its OD premium too. Similarly, your car’s cc or your engine’s cubic capacity also directly affects your car insurance own damage premium.
Age of the Car
Cars tend to lose their value over time. Therefore, the age of your car is crucial in determining your OD premium. The older your car, the lower your OD premium.
Location of the Car
The RTO location of your car or the city where you drive it also influences the Standalone Own Damage premium. Driving in a metropolitan city with higher traffic and accident rate will fetch you a higher premium.
Add-ons Opted
Every add-on cover comes with a price. Therefore, the number and type of add-ons you opt for will directly affect your OD premium as well.
Tips on Reducing Your OD Car Insurance 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.
FAQs about Own Damage Car Insurance
Content Writer
Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.
Product Head - Motor
Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.