About Own Damage Policy

Importance of Own Damage Coverage:

1. Financial Protection: OD coverage helps policyholders to recover the cost of repairs or replacement of their vehicle in case of damage or loss.

2. Reduced Financial Burden: Without OD coverage, policyholders would have to bear the entire cost of repairs or replacement, which can be a significant financial burden.

3. Peace of Mind: OD coverage provides policyholders with peace of mind, knowing that they are protected against financial losses in case of vehicle damage or loss.

Types of addons

In India, Own Damage (OD) insurance policies for vehicles often come with various add-ons that can enhance the coverage and provide additional benefits to policyholders. Here are some common add-ons available in Own Damage insurance in India:

1. Zero Depreciation Add-on: This add-on waives off the depreciation amount on the vehicle's parts in case of a claim, ensuring that the policyholder receives the full claim amount.

2. Engine Protector Add-on: This add-on covers engine damage due to water ingression, oil leakage, or other mechanical failures, which are not covered under the standard policy.

3. Return to Invoice Add-on: This add-on covers the difference between the invoice price of the vehicle and its current market value in case of a total loss or theft.

4. Consumable Cover Add-on: This add-on covers the cost of consumable items such as engine oil, coolant, brake fluid, and other spare parts that need to be replaced during repairs.

5. Roadside Assistance Add-on: This add-on provides 24/7 roadside assistance, including towing, fuel delivery, and other emergency services.

6. Key Replacement Add-on: This add-on covers the cost of replacing lost or stolen vehicle keys.

7. Windshield Cover Add-on: This add-on covers the cost of replacing or repairing the windshield in case of damage.

8. Tyre Cover Add-on: This add-on covers the cost of replacing or repairing damaged tyres.

9. Electrical and Electronic Components Cover Add-on: This add-on covers damage to electrical and electronic components such as audio systems, navigation systems, and other accessories.

Please note that the availability of these add-ons may vary depending on the insurance company and the specific policy chosen. It's essential to review the policy documents and terms and conditions before purchasing any add-ons.

Difficulties in Claiming from Third Party Insurance

1. Complex Claim Process: The claim process for Third Party Insurance can be complex and time-consuming, involving multiple stakeholders and paperwork.

2. Low Claim Settlement Ratio: The claim settlement ratio for Third Party Insurance in India is relatively low, which means that many claims are rejected or settled at a lower amount than expected.

3. Long Waiting Period: Policyholders may have to wait for a long time to receive their claim amount, which can be frustrating and inconvenient.

4. Limited Coverage: Third Party Insurance typically covers damages to third-party property or injury to third-party individuals, but may not provide adequate coverage for damages to the policyholder's vehicle.

Tips for Easy Claim Settlement

1. Choose a Reputable Insurer: Select a reputable insurance company with a good claim settlement ratio and a user-friendly claim process.

2. Read Policy Documents Carefully: Understand the terms and conditions of your policy, including the claim process and coverage limits.

3. Maintain Accurate Records: Keep accurate records of vehicle maintenance, repairs, and any other relevant documents to support your claim.

4. Report Claims Promptly: Report claims promptly to avoid delays and ensure a smooth claim settlement process.

5. Seek Professional Help: If you encounter difficulties in claiming from Third Party Insurance, consider seeking professional help from a claims consultant or a lawyer.