Yes, own damage insurance is valid in India. Own damage insurance is a type of car insurance policy which covers the financial costs caused by the damage to your own vehicle in the event of an accident. It is also known as comprehensive motor insurance.
It is important to know that, in India, it is mandatory to have insurance to drive any motor vehicle (i.e. cars, buses, etc.) on public roads. Own damage insurance is a part of motor insurance and forms a vital component of any comprehensive policy. Here are the key points to consider:
• Own Damage Insurance covers damage to your vehicle due to an accident, malicious acts, burglary, theft, natural calamities, and man-made disasters.
• It provides protection of your vehicle from incurring losses due to the repair or replacement of any damaged parts.
• In India, the benefits associated with own damage insurance vary from insurer to insurer, given the prevailing market competition.
• Own Damage Insurance is bought on an annual basis as a part of the comprehensive policy and must be renewed before the expiry date.
By having your own damage policy, you can cover yourself against unexpected financial troubles during a crisis. Therefore, it is always recommended to have your own damage insurance when purchasing a motor insurance policy. To know more, you can explore more on the internet or speak to an insurance professional.