Own-damage car insurance policy, as the name suggests, is a policy that covers loss or damage caused to the insured car. It is a standalone insurance policy and is optional to buy for car owners in India, unlike a third-party insurance policy. However, a third-party car insurance policy covers only the third-party liabilities. It does not cover the damages caused to your vehicle in case of accidents. So, with a third-party insurance policy, you will have to spend the repair costs of your damaged vehicle from pocket. You can save the money if you opt for an own damage insurance policy.
An own-damage car insurance policy covers accidental damages. Also, damages caused due to other events, such as natural calamities and man-made disasters. Read on to know in-depth about the various coverages offered by an own damage insurance policy and how it can be beneficial for you.
What is an own damage car insurance policy?
Own damage car insurance policy covers damages caused due to accidents and natural disasters. It covers damages caused from earthquakes, floods, or storms. Also, covers man-made incidents such as riots, vandalism, or terrorist attacks.
Features of own damage car insurance policy
Here are some of the key features of an own damage car insurance:
Key features |
Benefits |
Cashless repairs |
6,500+ cashless network garages |
No Claim Bonus |
Get up to 50% discount |
Claim process |
Quick and streamlined |
Claim settlement ratio |
98% claims settled* |
Add-ons |
Available |
Voluntary deductible |
Available |
Paperwork |
Zero, 100% digital |
Benefits of own damage car insurance policy
Here are the key advantages of having an own damage insurance:
1. Flexibility
You can buy a standalone own-damage car insurance policy along with a third-party car insurance policy. An own damage insurance policy also allows you to opt for add-ons to enhance the policy coverage.
2. Affordability
Own damage car insurance is affordable and feasible for individuals who cannot afford to pay high premiums upfront. Additionally, the policy is annually renewable, reducing the financial stress on the policyholder.
3. Add-ons available
Following are some of the common add-on covers available to enhance your own-damage car insurance policy:
Consumable cover
Covers the cost of damaged consumable items, such as oil, grease, nuts, and bolts, etc. due to an accident.
Zero depreciation cover
Accounts for the decreased value of the car parts due to depreciation and adjusts the cover accordingly.
Engine protection cover
Covers the cost of repairing or replacing the engine in case of damage.
NCB protection cover
Offers a No Claim Bonus (NCB) during policy renewal even if you claim the policy.
Lock and key protect cover
Covers the cost of replacing the car keys and locks if lost or damaged.
Roadside assistance cover
Provides help in case of a breakdown, flat tyre, running out of fuel, etc.
Steps to raise an own-damage car insurance claim
Follow the below steps to file a claim for an own damage car insurance:
Step 1: Notify your insurance provider of the damage sustained by your insured vehicle.
Step 2: Upon notification, insurance providers will send surveyors to assess the damage to your car.
Step 3: You will need to provide relevant documents for claim verification.
Step 4: Get your car delivered to a garage for servicing and repairs.
Step 5: If you choose to claim for a cashless facility, the insurance company will settle the bills with the network garage. In case of a reimbursement claim, get the car repaired at any of your preferred garages. After which, submit the bills to the insurer for reimbursement. The insurer will transfer the money to the registered bank account.
Documents required for own-damage car insurance claim
To raise a claim against your policy, you need to submit the following documents:
1. Accident claims
Submit the following paperwork to file an accident claim:
● Duly filled claim form with signature
● Tax receipts
● Police FIR copy
● Driver’s driving licence (DL)
● Vehicle registration certificate's copy (RC)
● Insurance policy copy
● Payment receipts and original repair invoices
● Anticipated vehicle repair bill
● Address of the garage or vehicle inspection site
2. Car theft claims
You need to submit the following documents to raise a theft claim request:
● Insurance policy copy
● Copy of police FIR
● RTO theft declaration
● Original vehicle registration book
● Subrogation letter
● Receipts for tax payments
● Forms 35, 30, 29, and 28
● Items such as pamphlets, duplicate keys, warranty cards, etc.
● Past policy details such as insurance firm name, tenure, and time of purchasing insurance
● Obtain a claim discharge certificate and sign it
3. Third-party claims
The below-mentioned documents are necessary to file third-party claims:
● Duly filled and signed claim form
● Registration Certificate (RC) copy
● Police FIR copy
● Driver’s licence (DL) copy
● Stamped original paperwork in case of company-registered cars
Although having an own-damage car insurance policy is optional, it is important to buy this policy. It ensures you are financially covered to repair or replace any damages caused to your vehicle. For enhanced coverage, you can also choose to buy a comprehensive car insurance policy. It covers both own damages and third-party liabilities. Bajaj Finance along with leading insurance companies offers a range of comprehensive car insurance policies. Visit the Bajaj Finance Insurance Mall to view the policies and buy now.
Below are policies and its details offered on Bajaj Finance Insurance Mall:
Own-damage car insurance |
||||
Car insurance company |
Network garages |
Third-party cover |
Personal accident cover |
Claim settlement ratio |
- |
Yes |
15 lakh |
95.45% |
|
6,500+ |
Yes |
15 lakh |
98% |
|
6,600+ |
Yes |
15 lakh |
92% |
|
