Own Damage insurance means insurance that covers any damages or losses caused to the car. When you choose an OD cover in the insurance for your car, it covers any damage caused due to an accident or natural calamity.

It is the same as the Own Damage component that you get with comprehensive car insurance. In a comprehensive policy, you get an OD cover in insurance along with mandatory third-party coverage. This covers all third-party liabilities to protect youand your car.

However, if you want to get your OD in insurance and third-party coverage separately, you can buy a standalone Own Damage policy.

A standalone Own Damage insurance policy protects your car against damages from accidents or natural calamities like floods and earthquakes. It also covers the total loss of the car and provides reimbursement from the insured sum in case of human activities like vandalism and theft.

If you don't want comprehensive car insurance for a long period of time, a standalone policy can cover your car's Own Damage for a shorter duration. Do remember to combine it with a third-party cover, which is mandatory to legally drive your vehicle.

With an OD cover in insurance, you can save you money on the premium of a comprehensive car insurance while protecting your vehicle.

Own Damage insurance for cars is important as it offers financial protection for your vehicle. Simply put, it ensures that you do not have to pay the entire cost of repairs in case of accidents or other damaging incidents.

Another essential aspect of Own Damage insurance for cars is that it maintains the value of a vehicle. Cars are a huge investment that have to be protected. With an Own Damage Cover, you can maintain your car’s resale value.

OD in insurance also offers peace of mind and provides invaluable psychological assurance to many car owners. Knowing that your car has Own Damage insurance allows you to drive without worrying about any potential financial fear of damages.

Furthermore, a standalone Own Damage policy allows you to opt for add-on services like roadside assistance, towing services, and more. These can be very helpful in case of any emergencies and offer support when you need it the most.

Lastly, you can get customisable plans to select coverage options. This allows you to get a car insurance plan that suits your needs and budget. Hence, Own Damage insurance gives you the flexibility to get the right level of protection without overpaying.

Own Damage premium is an important investment for vehicle owners who seek financial protection against damage. It is a part of broader car insurance coverage and covers the cost of repairs to or replacement of your vehicle. This way, it also offers you peace of mind by alleviating your financial burden.

Apart from covering physical damages, your OD premium in insurance provides several other benefits depending on your policy. Some examples include roadside assistance, towing services, and coverage of certain damages. The cost of your premium and what it covers depends on several factors, including IDV, age of the car, and more.

Your OD car insurance premium is a proactive approach to managing any risks related to vehicle ownership. It offers a safety net that helps you protect your investment ans reduce any unexpected financial strains.

The Own Damage premium price is calculated based on a few factors that provide accurate risk assessment to come up with an effective premium price.

An important factor that is considered by insurers is your IDV or Insured Declared Value. It is the maximum value that an insurance company pays in case of car damage. A higher IDV means a higher premium cost.

Factors, such as your car’s age and model, can also decide your Own Damage Premium price. For instance, a standard car model will always have a lower Own Damage premium price than a luxury model. Lastly, the cubic capacity or CC of your car also decides the Own Damage premium price.

Your premium price is calculated based on several such factors. Other aspects such as additional covers can also affect the final price. Moreover, carrying any NCB discount, which usually ranges from 10-50%, can also lower your Own Damage premium price.

Own Damage premium is an important expense for vehicle owners. It prevents potential financial loss due to accidents, natural disasters, theft, and vandalism.

The OD premium amount depends on several factors, such as –

  -  Vehicle Type and Value: The type and value of your vehicle significantly influence the OD premium. If you own a premium segment vehicle with advanced features, it will cost you higher premiums. This is because these vehicles have an increased repair and replacement cost.

  -  Age of the Vehicle: As the vehicle ages, its market value decreases, which can lower premiums. However, it also lowers the IDV due to depreciation.

  -  Location:  The locations where you usually drive or park your car can also have an effect on the Own Damage premium. For instance, living in an area with high theft rates or which is prone to natural disasters can lead to higher premiums.

  -  Insured Declared Value (IDV): IDV is the market value of your vehicle. Hence, a higher IDV will increase your premium amount because it increases the insurer's liabilities.

  -  No Claim Bonus (NCB): If you have accumulated NCB, your premium amount may be reduced. This acts like a reward for policyholders who dio not make any claims in previous years.

Here are some tips for getting the best deal on your car’s Own Damage insurance –

- Compare

Always compare the benefits of companies and agents before purchasing your car's Own Damage insurance. This also allows you to choose the best standalone Own Damage policy by comparing the premium rates. You can lower your existing premium as well by asking your insurer for loyalty discounts.

- Be wise with coverage and add-ons.

If you want to lower the amount of your OD premium, select a policy that lets you opt out of the features that you do not need. This will reduce your Own Damage premium to a certain extent. Moreover, be selective with your add-ons and buy only those which you truly need.

- Increase your voluntary deductibles.

Deductible is the amount you pay out of pocket when making a claim. Choosing not to pay the deductible will help you receive your complete claim amount. However, the premium of your Own Damage car insurance price will also go up. It is advisable to increase your voluntary deductibles to decrease the cost of your premium.

- Install anti-theft devices in your car.

Generali Central offers a special discount if you install ARAI-approved anti-theft devices in your car. This allows you to reduce your premium rate while decreasing the chances of vehicle theft.

A standalone damage policy gives you a balance between affordability and extensive protection. Here are some people who can benefits from this insurance plan –

  - New Car Owners

A standalone Own Damage policy covers the cost of damages caused by accidents, theft, or even natural disasters. This way, it protects your investment as a new car owner.

  - Owners of Expensive or Luxury Cars

High-value vehicles also come with high repair costs. An OD policy ensures that any damage to your vehicle does not create a huge out-of-pocket expense for you. This is why it is the perfect choice for luxury car owners.

  - Vehicle Owners with Older Policies

An OD car insurance policy is essential if your vehicle is no longer covered under a comprehensive plan. It enhances your car’s protection without needing to overhaul your entire insurance plan.

  - Budget-Conscious Owners

If a comprehensive policy is too expensive for you, a standalone Own Damage policy can provide essential coverage at lesser costs. This is because an OD insurance for your car is more affordable while providing you peace of mind.

IDV stands for Insured Declared Value. It is the maximum sum assured to a car owner in case of minor, major, or complete damage. If a car gets totalled or stolen, the owner will receive only the maximum amount equivalent to IDV. Similarly, if the repair of a car costs more than its IDV, the car owner can only claim up to IDV. This is because IDV represents the current market value of the car.

The IDV is calculated based on the current listed price of the car and the depreciation based on the car's age. If a car is up to 6 months older, then the depreciation will be 5%. For 6 to 12 months, it's 15%. For 1-2 years, it is 20%, reaching up to 50% depreciation in 5 years. After 5 years, the insurer and the buyer must mutually agree on the proposed IDV. It plays an important role when you buy Own Damage car insurance. It is important to decide the premium of the car's Own Damage insurance policy and to find adequate coverage for the car. 

Are you looking for an Own Damage car insurance for popular Indian car brands? With Generali Central, get Own Damage car insurance for popular car brands like Tata, Maruti, Mahindra, and more. From affordable prices to optimum coverage, you receive the best of all worlds for your favorite car brands.

Buy a Tata car insurance plan for popular models like Tiago, Punch, Harrier, etc., with complete coverage. You can also purchase a Maruti car insurance if you drive models like Swift, WagonR, Fronx, Grand Vitara, and many more. Browse our range of Own Damage Policies for your favorite car brand in India.