Own damage in car insurance

ananth_shenoy

What is meant by own damage in car insurance? I have been told that it is the portion of the insurance that covers damage to your own car in the event of an accident. Is this correct?

Lazyrabbit623

When you purchase car insurance, there are two types of coverage you can choose from: liability coverage and collision coverage. Liability coverage protects you from having to pay for damage or injuries that you cause to someone else. Collision coverage, on the other hand, protects you from having to pay for damage to your own vehicle. Own damage in car insurance refers to the latter.

Surabhi_manjunath

Own Damage (OD) cover, also commonly referred to as a Comprehensive Car Insurance policy, is a type of insurance that covers any financial liabilities that you may face due to damage caused to your car in an accident, theft or natural disaster.

It includes -

Damage caused to your car due to collision/accident: If your car is damaged in an accident while you are driving on a public road, this cover will provide you with the financial assistance needed to repair the damages to your vehicle.
Damage caused due to theft: If your car is stolen, a comprehensive car insurance policy will provide you with the financial assistance needed to replace your vehicle and recover any financial losses incurred due to the theft.
Damage caused due to natural disasters: If your car has been damaged due to floods, earthquakes, hailstorms or any other natural disasters, this cover will provide you with the financial assistance to repair the damages to your car.
Liability for damages to a third party: Own damage car insurance not only provides you with a legal responsibility to cover the damages to your vehicle, but also offers coverage for any damages to a third party’s property or body in case of an accident.

In brief, Own Damage (OD) cover, or a Comprehensive Car Insurance policy, is a type of insurance that covers any financial liabilities that you may face due to damage caused to your car in an accident, theft or natural disaster.

sadbutterfly363

Own Damage in car insurance covers damages to your vehicle caused by an accident, fire, theft, or natural calamity. Own Damage is typically limited to the damage caused to the car itself, not to any other property or injury to other people, so it is important to make sure you have the right coverage to cover any potential damage to property or harm to others. Own Damage coverage typically covers repair or replacement of your car, depending on the severity of the damage. Some policies may also cover towing and/or storage costs if necessary. It is important to read the details of your insurance policy to make sure you have the right coverage for your wants and needs.

GOPIKA845

Own damage in car insurance refers to the damage that a car owner's vehicle may sustain in the event of an accident or any other resultant mishap. This can include damages caused due to vehicular collisions, fire, theft, natural disasters, and other similar circumstances that can cause damage to one's own vehicle.

When a car owner has an own damage cover in their car insurance policy, the insurance company assumes responsibility for the cost of repairing the damages suffered by the vehicle. This can include the cost of labor, replacement parts, and any other related expenses that are necessary to restore the car to its original condition.

It is important to note that own damage coverage is an add-on feature that one must opt for when purchasing a car insurance policy. The car owner can choose the extent of coverage that they require to ensure that they are adequately protected in the event of an accident or other unforeseen circumstances.

In the event of an accident, the car owner is required to report the incident to their insurance company within a specified period of time. They will then need to provide evidence of the damages suffered by their vehicle, such as photographs and repair bills. The insurance company will then assess the damages and determine the cost of repairs, which they will cover as per the terms of the insurance policy.

In summary, own damage coverage in car insurance provides car owners with financial protection against the cost of repairs that their vehicle may require due to damages caused by unforeseeable circumstances. This add-on feature is an important consideration when purchasing car insurance and can provide peace of mind to car owners in the event of an accident or other damages to their vehicle.

Deekshitha_rao

Own damage in car insurance refers to the damage caused to one's own vehicle due to accidents, theft, natural calamities, or any other reason beyond your control. In simple terms, if your vehicle is damaged or loss is incurred, you are eligible to claim for own damage under your car insurance policy.

Own damage is an important aspect of car insurance, as it covers the financial loss due to damage or loss of your vehicle. This implies that in case of any damage to your vehicle, you will not have to bear the entire financial burden of the repair or replacement cost. Instead, the insurance company will pay for the repair or replacement of your damaged vehicle, within the limits and terms of your car insurance policy.

When you opt for own damage cover, you will be able to file a claim against the insurance company for the damage or loss of your vehicle. However, you need to keep in mind that the total amount of claim that you are eligible for depends on the insurance sum assured and the terms and conditions of the car insurance policy. Moreover, you will also have to pay a certain amount of deductible (a pre-determined amount that the policyholder needs to pay before the insurance settlement) at the time of claim settlement.

Therefore, own damage cover in car insurance protects your finances from the financial impact of any uncertain events that cause damage or destruction to your vehicle, giving you peace of mind while driving. It is always advisable for car owners to opt for a comprehensive car insurance policy that provides adequate own damage cover to protect their vehicle and finances from unexpected accidents or risks. So, make sure to choose the appropriate car insurance policy that offers comprehensive own damage cover as per your specific requirements.

greenbutterfly442

When you purchase a car insurance policy, one of the key components is own damage coverage. Simply put, own damage refers to any damage sustained by your own vehicle due to unforeseen incidents like accidents, theft, fire, natural calamities or any other relevant causes.

In the case of an accident, own damage covers the repair or replacement costs of your car as well as any other damages sustained, such as damaged parts or accessories. On the other hand, in the case of theft or a natural calamity like a flood or earthquake, any resultant damage to your car will also be covered by own damage.

It’s important to note that own damage coverage is not mandatory as per law, unlike third-party liability insurance coverage. However, it’s highly recommended that you include it in your policy to ensure comprehensive protection.

Own damage coverage is further divided into two types - comprehensive cover and standalone own damage cover. A comprehensive coverage plan offers protection against both third-party liability as well as any own damage sustained. On the other hand, standalone own damage cover provides coverage exclusively for own damage incidents.

In conclusion, owning a car comes with its fair share of risks and uncertainties. By including own damage coverage in your car insurance policy, you ensure that you’re prepared for any contingencies that may arise on the road. With comprehensive coverage, you can enjoy complete protection for your car against all eventualities, giving you peace of mind and the freedom to drive without any worries.