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Buy/Renew Standalone Own Damage Insurance with Digit
If you want to secure your car and yourself against unforeseen damage, loss or injuries, opt for a Standalone Own Damage car insurance policy by Digit that offers added protection beyond third-party liabilities.
With Digit, you enjoy the convenience of instant online buying or renewal of OD car insurance policy and can drive with peace of mind. You can also customize your coverage with car insurance add-ons for enhanced protection. Don’t let accidents set you back—insure your car with OD plan today!
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 OD Car Insurance by Digit?
What’s Not Covered?
While Own Damage insurance for cars is great for your car’s protection, here are a few exceptions.
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.
This goes against the law, therefore claims won’t be covered if you were driving under the influence of alcohol.
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.
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 refer to damages that take place after an accident. Unfortunately, those won’t be covered unless the damage has happened during the accident itself.
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.
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
Add-ons which you can buy with your car OD insurance policy at Digit are:
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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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 Should You Buy Own Damage Car Insurance by Digit?
Types of Car Insurance in India
Here’s the difference between third-party, comprehensive, and own damage car insurance policy in India:
Third-party vs Comprehensive vs Own Damage Car Insurance11
| Third-Party | Comprehensive | Own Damage |
Damages/Losses to own car due to an accident |
||
Damages/Losses to own car in case of fire |
||
Damages/Losses to own car in case of a natural calamity |
||
Damages to Third-Party Vehicle |
||
Damages to Third-Party Property |
||
Personal Accident Cover |
||
Injuries/Death of a Third-Party Person |
||
Theft of your car |
||
Customize your IDV |
||
Extra protection with customized add-ons |
||
| Get Quote | Get Quote | Get Quote |
How to Buy OD Car Insurance Policy Online with Digit?
Step 1
On the Digit app or website, enter the car’s registration number and mobile number, and click on ‘View Prices’.
Step 2
Select the Standalone OD plan, add-ons and IDV, and click on ‘Continue.’
Step 3
Enter your personal, nominee and vehicle details and click on ‘Pay Now.’
Step 4
Complete the payment and mandatory KYC verification process.
Step 5
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
Documents Required to Buy Own Damage Car Insurance Online
While buying a new standalone OD policy for car online from Digit, you don’t need a load of documents or paperwork; just keep the following documents handy:
Car Registration Certificate
Previous year car insurance policy, if applicable
Any of these documents for KYC verification - PAN/Aadhar/DL/Voter id/Form 16/Passport
How to File OD Car Insurance Claim with Digit?
To file a claim against Standalone Own Damage Car Insurance online, follow these steps:
Step 1
Inform your insurer as soon as possible by calling Digit on 1800-258-5956 or dropping an email at hello@godigit.com.
Step 2
Keep your details handy such as policy number, location of the accident, date and time of the accident, and contact number of the insured/caller to make the process easier.
Step 3
Present the required documents required to file the claim and wait for the insurers to verify the details. Upon verifying, your claim will be processed.
How to Do OD Car Insurance Renewal with Digit?
Step 1
Go to Digit App or website and click on the ‘My Policy’ tab.
Step 2
Select the policy pending for car insurance renewal online and click on ‘Renew Policy.’
Step 3
Now select the OD plan, IDV, add-ons and confirm the details, then click on ‘Pay Now.’
Step 4
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
How to Download Own Damage Car Insurance Policy on Digit App?
To download your renewed or already active OD car insurance policy with Digit, follow the given steps:
Step 1
On the Digit app, go to the ‘My Policies’ tab at the bottom. All your current active policies will be displayed.
Step 2
Choose the policy for which you want to download the document. Check the details and then click on ‘Download Policy’. Your car insurance policy document will be downloaded.
Who Should Get Standalone OD Car Insurance?
If You Have Only Third-party Policy
People who have only a Third-Party Car Insurance can get a standalone Own Damage cover to protect their own car from damage and losses too.
New Car Owners
If you are a new car owner, the best decision is to protect your brand-new from damage and losses by getting your own damage insurance for car, as it will help you financially when getting car parts repaired or replaced.
New Car Drivers
If you have just learnt how to drive a car, hitting the roads can seem frightening due to lack of driving experience. However, with an OD car insurance plan you can keep yourself and your car secure in unfortunate incidents.
Luxury Car Owner
Getting your luxury car’s parts repaired or replaced in case of any damage or loss can affect your pocket heavily. This is why expensive and luxury car owners must have OD car insurance to cover their own damage.
If You Live in Accident-Prone Area
Driving in congested or bigger cities with high traffic and higher accident rates always has its own set of risks. Therefore, it is better to ensure your car’s safety first by securing it with your Own Damage car insurance.
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:
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.
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 No Claim Bonus that will reduce your OD premium.
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.
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.
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.
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
Is Own Damage Car Insurance mandatory in India?
No, Own Damage Insurance (OD insurance) is not mandatory by law in India. However, it is important to get one because it protects your car and you against financial losses.
Do I need to buy my Standalone Own Damage Car Insurance cover and third-party car insurance from the same insurance provider?
No, you can buy your standalone OD car insurance policy from the same or different insurance provider, it’s up to you!
Who is eligible to buy an Own Damage car insurance?
Anybody with a valid Third-Party Car Insurance is eligible to buy Own Damage insurance for their car.
Why is car OD insurance cover important?
Own Damage car insurance is important because it financially protects you even if your own car gets damaged due to certain reasons. This benefit is not provided by third-party insurance.
How is Own Damage premium calculated?
The car insurance own damage premium is calculated based on several factors including make, type, cc, and age of the vehicle, its IDV, NCB, and the location where car is driven.
Can I raise a claim for damage to my own car?
Yes, you can claim insurance for damage to your own car only if you have bought Own Damage Car insurance policy.
Who should buy a Standalone OD policy for car?
An OD car insurance policy is beneficial for every car owner in India who wants to save repair and damage costs in case of accidental damage to their own vehicle, and who already have a third-party car insurance policy.
What are the other types of car insurance policies available?
There are primarily three types of car insurance policies available - Third-Party Car Insurance, Own Damage Car Insurance and Comprehensive Car Insurance.
Can I buy only Own Damage car insurance?
Yes, you can buy Own Damage insurance for car as a standalone policy; however, you still need to have a mandatory third-party insurance for your car as per the laws in India.
What is the difference between Standalone OD and Comprehensive Car Insurance?
Standalone OD insurance covers damage or loss to only your car, while comprehensive insurance covers damage or loss to both - your car and third-party liabilities.
Does Own Damage policy include Personal Accident cover?
Yes, Personal Accident Cover is mandatory for all car owners in India and can be availed when buying your Own Damage car insurance.
My driver was drunk at the time of my car accident. Will I be reimbursed for the damage to my car?
Driving under the influence of alcohol is not covered under Own Damage insurance, so in such a situation no claim will be entertained.
Is a Standalone OD policy for car optional in India?
Yes, OD car insurance is an optional insurance plan. However, one should buy it to protect your own car against any type of accidental damage.
Will I need any documents to renew own damage insurance for car?
No, with Digit you only need to follow a few simple steps after vising our website or app to renew own damage insurance for car, as no documents are required.
Can I transfer Standalone OD Car Insurance to a new owner?
Yes, you can transfer Standalone OD Car Insurance to a new owner, but the premium might change based on the new car owner's profile.
For how long is the Standalone OD car insurance valid?
A private car Standalone Own Damage Policy is valid for a year and must be renewed each year. This is applicable to all new and old cars.
Can I buy add-ons with OD car insurance?
Yes, Own Damage insurance for car allows you to choose from around 10 add-ons available to enhance your OD coverage.
Does a basic car insurance policy cover own damage as well?
No, the own damage component is covered only under the comprehensive car insurance policy and not under the third-party car insurance plan.
How many times can I claim Own Damage car insurance?
You can file as many claims as you want under the Standalone Own Damage car insurance policy. However, the same will depend on your insurer’s policy so you should check with your insurer.
Can I customize the Standalone Own Damage (OD) policy?
Yes, you can purchase car insurance add-ons based on your needs that can help customize your OD car insurance policy.
Is there a waiting period for OD car insurance?
Generally, there is no waiting period for Own Damage car insurance; however, certain damage or loss due to theft might have specific waiting periods as per insurer’s policy terms.