Monday, March 4, 2024

What is Tata AIG Standalone Own Damage Car Insurance, why is it important for people?

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An own damage cover is an affordable way to get your car back in running condition after an accident. Car maintenance and repairs can turn into a costly expense and the more expensive your car is, the more it will cost to repair. This is where Tata AIG’s standalone OD policy comes in handy. Not only do you get your repair expenses covered, you also get a host of other benefits like faster settlement of claims, access to a network of garages, up to 99% settlement of claims (FY 2022-23).

What is Tata AIG’s Standalone Own Damage Policy and why is it important to have it? Read further to know the provisions which are and are not included in it.

car insurance What is a Standalone Own Damage Policy?

A standalone OD policy is an additional cover that you can buy along with your third-party four-wheeler insurance policy. This will cover financial losses caused due to damage caused to your car due to external events such as an accident, natural calamities or theft. In insurance, a standalone OD cover should not be treated like a standalone third party plan. The main difference between the two is coverage.

A third party car policy will cover damage caused to a third party person or vehicle, while an OD policy will cover damage caused to your car. Unlike third party insurance, this is also completely optional. You can choose to skip buying OD cover if you feel you don’t need it but we would recommend that you buy it as repair costs, especially for new and luxury cars, are very expensive.

Key Features of Tata AIG Standalone OD Policy

Why is a standalone OD policy important?

Although this is an optional cover, somewhere down the line you need to start investing in the protection of your car. This is because no matter how carefully you drive, accidents are an inevitable consequence of being a driver. This applies even more if you live in an accident-prone area or a high-risk city.

Also, road accidents are not the only pitfalls you should be prepared for. Incidents such as theft, fire, natural disasters, vandalism etc. can also cause significant damage to your car.

Hence Tata AIG’s standalone OD policy becomes very important when you online car insurance Are buying. Alternatively, you can also take a comprehensive car insurance policy from Tata AIG if you want to get third party and own damage protection under one car insurance plan.

Tata AIG’s OD cover included in insurance

• Accident and external damage: If your car is damaged in a road accident, an OD cover in insurance will be helpful in covering the repair expenses. Damage caused during transportation by road, rail, water or air is also covered.

• Theft, dacoity and burglary: An OD policy can help cover your entire IDV amount in case of theft (total loss of your car), where it cannot be traced. Damage caused due to violent attempts of burglary or robbery is also covered.

• Personal Injury: If you have a third party policy by any other insurance provider then you can buy Personal Accident (PA) cover along with your Tata AIG OD policy. This is also offered as a built-in feature in their car insurance online.

• Fire and explosion: Incidents such as self-ignition, lightning, implosion and explosions that cause fire and damage to your car will also be covered.

• Humanitarian Disasters: Terrorism, riots, strikes, sabotage or other causes of damage caused with malicious intent are also covered under this policy.

• natural disasters: Damage caused due to flood, storm, cyclone, storm, waterlogging, tornado, hailstorm and frost are also covered. In case of earthquake, fire and shock damage to your car is also covered.

Tata AIG OD cover not included in insurance

• Third Party Liabilities: Any personal injury or damage caused to a third party due to any accident or collision will not be covered.

• Depreciation: Own Damage cover will not cover the cost of depreciation of parts during repairs. If you want to avoid paying this cost, we recommend that you also take Tata AIG’s Zero Depreciation cover along with your OD policy.

• Electrical and mechanical wear and tear: An OD cover in insurance will not cover electrical and mechanical breakdowns unless they are caused by an accident.

• Damage due to violation of law: Damage caused by accidents due to traffic violations such as drunk driving, driving without a license, breaking traffic signals etc. will not be covered as any legal violation committed by you will be considered as a violation of the policy.

• War or nuclear risk: Direct or indirect losses arising out of large-scale events such as war, nuclear attack, military rebellion, protest, acts of foreign enemies etc. will not be covered.

Required for cars older than 5 years

car insurance Tata AIG’s Standalone Own Damage Policy in India is perfect for anyone who wants to save on the repair costs of damages caused due to an accident. The compensation you receive depends on the IDV of your car. Therefore, it is recommended for cars older than 5 years.

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