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- Standalone OD Car Insurance
- Standalone OD Car Insurance
- Why do you need
- How Standalone OD Insurance works?
- Add-On Covers
- Coverages
- Premium Calculation
- Who Should Buy
- Third Party Vs Comprehensive Vs Standalone OD Insurance
- Save on Premium
- Factors
- How to Buy
- Key Features
- Benefits
- Raise a Claim
- Documents
- Download Policy
- FAQs
Standalone Own Damage Car Insurance
Buying a car is most likely one of the most expensive decisions you have ever made. Not surprisingly, you place a high value on its safety. Unfortunately, road accidents are common in India. As a result, it is up to car owners to shield their cars from traffic risks. While car safety features and defensive driving techniques can help you avoid some accidents, they might not always keep your car safe. Thankfully, there is an insurance product called Own Damage (OD) Car Insurance that will financially protect your car from different types of damages. Read ahead to learn more about this product.
What is Standalone OD Car Insurance?
Standalone OD Car Insurance is an insurance product that provides monetary protection for your car against a host of accident-related scenarios. It covers vehicle theft, as well as accident-related damage, including damage caused by fire and other man-made and natural disasters. So, you can expect financial support from your insurance company if your vehicle undergoes any of these covered events. Furthermore, you can enhance and personalise your car's OD coverage by selecting Add-Ons to the policy.
Why Do You Need to Buy Standalone OD Car Insurance?
Here are some reasons why you should upgrade your Car Insurance with a Standalone OD Car Policy.
Better Coverage
The legally mandatory Third-Party Car Insurance only covers injury, death and property damage to a third party. It does not cover damages to your own vehicle. Thus, you must purchase a Standalone OD Car Policy in order to be financially protected against loss and damage to your car.
Customisable Coverage
OD Car Plans offer the option to extend coverage by including Add-Ons. There are different types of Add-Ons, each providing unique coverage. So, by getting these Add-Ons, you have the option to tailor coverage based on the degree of risk your car is exposed to.
Peaceful Ownership
It can be unsettling to consider the possibility of getting into an accident while driving and having to deal with the associated costs. However, if you have Own-Damage Insurance, you can rest assured knowing that your insurer will support you with vehicle damage-related expenses.
How Standalone Own Damage Insurance Works
Standalone Own Damage Insurance financially protects you against car damages resulting from collisions, fires and natural and manmade calamities. Moreover, if your vehicle is stolen, lost or irreparably damaged, this policy will ensure that you get compensated with the current market value of your vehicle.
Example
Here is an illustration to help you understand how Standalone Own Damage Insurance works.
While Mr. Ravi was driving his car back home after work, he met with an accident. Mr. Ravi was thankfully safe, but his vehicle sustained damages to the bumper and bonnet. Fortunately, Mr. Ravi had purchased Own Damage Car Insurance for his vehicle a month earlier.
So, without delay, he registered a claim with his insurance provider by sharing details of the accident and submitting the required claim-related documents. Once his claim was processed by his insurer, the applicable funds were dispersed to his account as per the policy terms. This enabled Mr. Ravi to pay the garage's repair bills and restore his car to working order.
What Are the Add-On Covers Under Stand Alone Own Damage by Shriram General Insurance?
The following are the Add-Ons available with Stand Alone Own Damage by Shriram General Insurance.
Roadside Assistance Cover
Roadside Assistance Cover is an Add-On that provides support if your car breaks down in the middle of a trip. It includes services like flat tyre assistance, towing, fuel delivery, jump-starts, and more. Therefore, if you travel frequently, this coverage will allow you to drive with confidence, knowing that help is only a phone call away in the event of an emergency.
Engine Protection Cover
The engine is a crucial component of any vehicle that runs on fuel. Hence, it comes as no surprise that fixing a damaged engine is expensive. An Engine Protection Cover protects against engine damage resulting from water ingression or lubricant leakage. It will especially benefit car owners situated in flood-prone areas.
Consumables Cover
A Consumables Cover provides coverage for vehicle consumables. Consumables are car parts that have a limited life and require replacement at the time of vehicle repair. Examples of consumable items include brake oil, engine oil, coolant, etc. Please note that these items are not covered under regular insurance.
Zero Depreciation Cover
This Add-On is also called a Bumper-to-Bumper or Nil Depreciation Cover. As you may be aware, the monetary value of a vehicle depreciates with age. As a result, when it comes to car repairs, insurers only pay for parts up to their depreciated value. However, with this Add-On, you can claim the total cost of replacing the old car parts with new ones.
Key Replacement Cover
This Add-On provides coverage in the event that you lose your car keys or they get stolen. It covers repair and replacement expenses, such as those for transponders or electronic key fobs. It also covers locksmith charges and the cost of replacing broken locks in the event of a burglary. So, if your car keys go missing, you can replace them quickly and do not have to panic.
Standalone Own Damage Car Insurance
The following are some of the coverages under Standalone Own Damage Car Insurance by Shriram General Insurance.
- What is Covered?
- What is not Covered?
Accidental Collisions
If your car is damaged in a road-related accident.
Man-made Disasters
If your car gets damaged as a result of riots, strikes, etc.
Natural Calamities
If your car is damaged by natural calamities like floods, cyclones, etc.
Fire and Explosions
Damages resulting from fire or explosions.
Car Theft
If your car gets stolen and cannot be found.
Total Loss
If your car is damaged and cannot be repaired.
Driving Without a Licence
If you are found to be driving your car without a valid driving licence.
Third-Party Liabilities
Injuries, death or property damage to a third party resulting from an accident involving your car.
Intoxicated Driving
Driving under the influence of mind-altering drugs or alcohol.
Electrical/Mechanical Faults
Electrical or mechanical faults in your vehicle.
Regular Wear and Tear
Wearing and tearing of vehicle parts with age.
Beyond Policy Scope
Car-related costs that are not covered under the policy terms.
How is Standalone Own Damage Car Insurance Premium Calculated?
You can find out the cost of your Own Damage Insurance for your car by heading to our website/mobile app. First, select Car Insurance. Then, after providing your phone number and vehicle details, simply click "Insure Now." Following that, select “Own Damage” and select necessary Add-Ons as per your insurance needs. Finally, a quote will be generated.
Who Should Buy a Standalone Own Damage Car Insurance Policy?
If you are a car owner and already have Third-Party Car Insurance, we recommend buying Standalone Own Damage Car Insurance. It will provide you with coverage for damages to your vehicle from road-related collisions, natural and manmade calamities, fires, explosions and theft. You can, therefore, drive with confidence, knowing that your insurance company will cover any policy-covered damages to your vehicle.
Third-Party Vs Comprehensive Car Insurance Vs Standalone Own Damage Insurance
The table below displays the differences between Third-Party vs. Comprehensive Car Insurance vs. Standalone Own Damage Insurance.
| Parameter | Third-Party Coverage | Comprehensive Insurance | Standalone Own Damage Insurance |
|---|---|---|---|
| Injuries to a third party |  | |  |
| Death to a third party | | | |
| Property damage to a third party | | | |
| Collisional damages to your car | | | |
| Fire-related damages | | | |
| Irreparable damage | | | |
| Theft | | | |
| Option to select Add-Ons | | | |
How to Save on Your Standalone Own Damage Car Insurance Premium?
Here are some tips to help you save on your Standalone Own Damage Car Insurance premium.
Factors Affecting Standalone Own Damage Car Insurance Premium
The following are the factors considered while determining Own Damage Car Insurance premium.
IDV
Insured Declared Value (IDV) is the current market value of a vehicle, which will be compensated to the insured in the event of vehicle theft or irreparable damage. The higher the IDV, the more the premium.
Age of the Car
The age of a car is factored in for calculating the Own-Damage Car Insurance premium. The calculation goes this way: the older the vehicle, the higher the premium payable.
Cubic Capacity of the Car
The engine capacity (cc) of a car is taken into account for premium computation. Vehicle’s with a higher engine capacity are charged more premium.
Location
Based on registration, vehicles are classified as Zone A and Zone B. Zone A includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. Zone B comprises the rest of India.
NCB
No Claim Bonus is a reduction in premium offered to customers who have not made a claim during a policy term. You can earn a maximum discount of 50% after five consecutive claim-free terms.
How to Buy Standalone Own Damage Car Insurance Online
You can buy Standalone Own Damage Car Insurance online by following the below-listed steps.
- Buy Standalone Own Car Insurance Online
- Renew Standalone Own Car Insurance Online
Go to the Shriram website or mobile app and select Car Insurance. Enter your car registration number and phone number and click “Insure Now.”
Select Own Damage coverage and any Add-Ons as per your insurance needs.
Complete the online payment and receive an Own Damage Car Insurance Policy for your Car.
First, head to our website or mobile app. After that, enter your policy number and verify the displayed details, such as car registration, make, model, etc.
Choose an Own Damage Policy along with necessary Add-Ons.
Make an online payment to renew your Standalone Own Damage Car Insurance online.
Key Features of Shriram Own Damage Car Insurance
The following are the key features of Shriram Own Damage Car Insurance.
Benefits of Buying Standalone Own Damage Car Insurance from Shriram General Insurance
The following are the benefits of buying Standalone Own Damage Car Insurance from Shriram General Insurance.
How to Raise a Standalone Car Insurance Claim Online
Here are the steps to raise a claim with Shriram General Insurance for Standalone Own Damage Coverage.
Register a claim online on our website/mobile app. Alternatively, you can call 1800-300-30000/1800-103-3009, and our customer support team will guide you.
Submit the required details, such as the vehicle kilometre reading, engine and chassis number, FIR (if applicable), etc.
As soon as your claim request gets processed we will send the applicable funds to your bank account.
Documents Required for Filing a Standalone Own Damage Car Insurance Claim Online
You need to submit the following documents during a Standalone Own Damage Car Insurance Claim.
- Driving Licence
- Registration certificate with fitness certificate
- Claim form duly filled and signed
- Estimate, Bills, Payment receipt and discharge Voucher
- Signature ID proof (Insured)
- A cancelled cheque and the customer's bank information for claim payment via (NEFT)
- Where the premium exceeds 25,000/-, the customer's bank details with a cancelled cheque
- FIR (If filed or required)
How to Download Your Standalone Own Damage Car Insurance Policy Copy
Follow these simple steps to download your Standalone Own Damage Car Insurance.
Step 01
Enter our website or mobile app and sign into your Shriram Car Insurance account.
Step 02
Go to the policy download section. Enter your policy number and the vehicle’s registration, engine, or chassis number, then click “Get my Policy.”
Note:You can also opt to get your Standalone Own Damage Car Insurance Policy mailed to you.
Shriram Car Insurance in Major Cities in India
Delhi
Chennai
Mumbai
Ahmedabad
Gurgaon
Bangalore
Agra
Bhopal
Pune
Indore
Jaipur
Dehradun
Shriram Car Insurance for Popular Car Brands
Road Tax by States
- Road Tax for Delhi - 4-12.50%
- Road Tax for Tamil Nadu - 12-20%
- Road Tax for Haryana - 4-10%
- Road Tax for Maharashtra - 7-14%
- Road Tax for AP - 12-14%
- Road Tax for Kerala - 7-17%
- Road Tax for Karnataka - 13-18%
- Road Tax for Punjab - 6-8%
- Road Tax for Gujarat - 6%
- Road Tax for Rajasthan - 5-10%
- Road Tax for Uttarakhand - 4-5%
- Road Tax for Uttar Pradesh - 7%
FAQs on Standalone Own Damage Car Insurance
Why do I need to buy Standalone OD Car Insurance?
The legally mandatory Third-Party Car Insurance provides coverage against only injury, death and property damage to a third party. It does not cover damages to your car. As its name suggests, Standalone Own Damage Car Insurance provides coverage for damages to your own vehicle, including coverage against theft.
What are the Add-On covers under Stand Alone Own Damage by Shriram General Insurance?
The Add-Ons we provide include a Roadside Assistance Cover, Engine Protection Cover, Consumables Cover, Zero Depreciation Cover, and Key Replacement Cover. Each Add-On provides unique coverage for your vehicle.
What's covered in Standalone Own Damage Car Insurance by Shriram General Insurance?
The coverage includes accidental collisions, man-made disasters, natural calamities, fire and explosions, car theft, and total loss scenarios.
What's not covered under Standalone Own Damage Car Insurance by Shriram General Insurance?
Exclusions from this OD Insurance include driving without a licence, third-party liabilities, intoxicated driving, electrical/mechanical faults, regular wear and tear, and car-related costs beyond the policy scope.
How is Standalone Own Damage Car Insurance Premium Calculated?
The premium is calculated based on factors such as Insured Declared Value (IDV), age of the car, cubic capacity of the car, location, and No Claim Bonus (NCB) eligibility.
How to buy Standalone Own Damage Car Insurance online?
The process for buying Standalone Own-Damage Car Insurance online involves selecting Own-Damage coverage and Add-Ons according to your needs, completing the online payment, and receiving the policy for your car.
How to raise a Standalone Car Insurance claim online?
To raise a claim, register online or contact customer support, submit the required details, and receive the applicable funds upon claim processing.
