Standalone OD Car Insurance Policy

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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?

  • If you’ve recently already bought only a Third-Party Car Insurance from Digit, you can now also get a standalone Own Damage cover to protect your own car from damages and losses too.
  • If you’ve recently already bought a car, and consequently got a Third-Party car insurance from another insurer, you can then choose to buy your standalone Own Damages cover from Digit too. This will include coverage for your car from accidents, natural calamities, thefts, et al while you can also opt for add-on covers to extent the scope of your coverage. 

What is Covered in Standalone OD Car Insurance by Digit?

Damages to your car in an accident

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

Theft of your car

Will compensate for you in case your car is unfortunately stolen.

Losses caused to your car in a fire

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

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.

Add-ons available with Standalone OD Car Insurance

Car insurance add-ons which you can buy with your OD only car insurance policy

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 to safeguard and cover for tyre damages 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 taking 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 damages caused during the accident are covered. However, with this add-on, you can specifically also cover for the life of your car (the engine and gearbox!) for any consequential damages caused post the accident. This could happen due to water regression, leakage of lubricating oil, and undercarriage damages.

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.  

What’s not covered?

While an Own Damage cover is great for your car’s protection, here are 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 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.

Why should you buy Standalone OD Car Insurance by Digit?

We treat our customers like VIPs, know how…

Cashless Repairs

6000+ Cashless Network Garages for you to choose from across India

Smartphone-enabled Self Inspection

Just click the damages on your phone and you are done

Super-Fast claims

We've settled 96% of all claims for private cars!

24*7 Support

24*7 call facility even on National Holidays

Customize your Vehicle IDV

Customize your Vehicle IDV

With us, you can customize your vehicle IDV as per your choice!

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!

Step 1

Just call on 1800-258-5956. No forms to be filled

Step 2

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.

Step 3

Choose the mode of repair you wish to opt for i.e. Reimbursement or Cashless through our network of garages.

Report Card

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: 

IDV

As mentioned above, one of the main factors of your OD premium is the current market value of your car, i.e your car’s insured declared value. 

Car’s cc

Your car’s cc is nothing but your engine’s cubic capacity that directly affects the speed of your car. Therefore, the higher your cc- the higher will be the risk and consequently, your OD premium.

Car Make & Model

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.

Age of the Car

Cars too lose their value over time. Therefore, the age of your car is crucial in determining your OD premium. The older it is, the cheaper will be your OD premium.

Your NCB

If you’ve had an Own Damage cover earlier, and have made no claims yet, you will have a % of No Claim Bonus you can benefit from, to reduce your OD 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.

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

Add-Ons Available

Add-Ons Available

FAQs about Own Damage Car Insurance