Investing in a good insurance policy is important if you own a car. You can opt for other insurance coverages besides comprehensive and third-party policies. Own damage insurance policy is one such additional safety layer that is beneficial for your car in case of natural disasters, accidents, and more. It is also known as a standalone insurance policy that is optional for car owners to invest for better protection. It can help you save money and lessen your financial burden.
This article will help you learn more about the meaning of own damage insurance and its benefits.
What Does Standalone Own Damage Policy Mean?
Having a standalone own damage policy means the insurance company will cover the expenses inccured by natural disasters like floods, storms, earthquakes, and others. It also includes damages caused due to vandalism, accidents, riots, fire, theft, etc.
You can buy an own damage insurance coverage if you already have a third-party liability insurance for your car. The own damage insurance policy is one of the best options to protect your car. It offers coverage for damages that a third-party insurance coverage doesn’t include. A standalone coverage is affordable and can save you significant costs.
This kind of insurance policy isn’t mandatory for car owners. However, opting to buy an own insurance policy is highly recommended for extra protection. It offers many benefits in terms of cost coverage.
You will be eligible to avail compensation for any damages caused to your car by natural or manmade causes. This insurance policy is a sound investment that can reduce the additional expenses that arise. It offers peace of mind and lessens stress about the costs of minor and major damages to your car. It provies a crucial financial safety net to manage such unforeseen expenses that arise.
There are various add-ons available for policyholders to choose from. You can also choose any add-on along with a standalone insurance policy. It enhances your overall insurance coverage and offers protection to the insured car.
Some add-ons you can opt for along with a standalone own damage insurance policy include —
- Zero Depreciation Add-On Cover
- Consumables Add-On Cover
- Engine Protection Add-On Cover
- Key and Lock Protect Add-On Cover
- Roadside Assistance Add-On Cover
Benefits of Own Damage Insurance Policy
Having standalone own damage insurance means you can avail of this policy separately apart from your standard coverage. Buying a standalone insurance policy for your car comes with numerous benefits. These include:
- A standalone own damage car insurance policy offers coverage for a broad range of damages that occur due to accidents, theft, total damage, and natural and manmade causes.
- The own damage car insurance coverage is affordable and cost-effective for car owners who cannot afford high premiums.
- It is also an affordable insurance policy option for car owners who cannot afford a comprehensive car insurance policy.
- You can buy an own damage insurance coverage for better protection of your car against damages that aren’t covered by the third-party insurance policy.
- The insurance policy allows you to buy add-ons.
- Buying an own damage car insurance coverage relieves you from financial stress and setbacks that arise because of damages to your car.
- You can purchase a third-party insurance cover and an own damage insurance cover from different insurance companies of your choice.
- Opting for a standalone own damage insurance coverage is useful for new car owners, new drivers, and individuals who own expensive and luxury cars.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.