Why should you consider purchasing standalone own damage car coverage? Firstly, this policy makes sense only if you have a limited liability policy mandated under the Motor Vehicles Act, 1988. If that is the case, you can look at some other plausible reasons for buying a standalone own-damage car insurance policy.
An estimate for a repair might be more than the vehicle's value. The best thing about the policy is that you won't lose any money, even if you cannot resell your vehicle. Another reason to buy your own-damage insurance is if there is no chance that your vehicle will recover value on its own or can just be repaired without affecting its value. You want to decrease the number of possible problems that may happen to the vehicle and ensure it is protected from damage.
While buying standalone own-damage car insurance policy, you can consider many factors to assess its utility. Let's begin!
What is a Standalone Own Damage Car Insurance Policy?
Own-damage car insurance policies are standalone policies that only cover the cost of repairs and replacements after a vehicle is damaged.
A standalone own-damage car insurance policy offers the own damage cover you get in a comprehensive car insurance policy. This means it includes features such as:
- Repair costs for your vehicle if it suffers damage from a road traffic accident you were involved in – including death or injury to any other person involved.
- Replacement rental costs for your vehicle if it's off the road for more than seven days because of damage caused by an RTA involving you or one of your passengers.
5 Things to Consider Before Selecting a Standalone Own Damage Car Insurance Policy
Before choosing a standalone own-damage car insurance policy, you must consider some essential factors. This will help you get the right policy for you. Here are some things for you to consider before you get behind the wheel without any car insurance online:
1. Shop Around Before Selecting Your Policy
Like with any other type of insurance coverage, there are many different options available regarding standalone own damage car policies, including deductibles and coverage limits. You'll want to shop around before settling on a policy with terms that are right for your needs or budget.
2. Your Driving Record Matters
You must understand how your driving record will affect the cost of your own-damage insurance. Suppose you have multiple traffic violations or accidents on your record. In that case, it will be more expensive for you to get this type of coverage because these incidents raise the risk of further accidents in the future.
However, if you maintain a clean record or have never been involved in an accident or traffic violation, there is less chance that something wrong will happen while driving. This could result in lower premiums for own damage car insurance policies.
3. Consider Your Vehicle's Age and Condition
Car insurance companies factor in depreciation when determining how much they'll charge you for coverage. If you have an old vehicle that is no longer worth repairing, you may want to consider purchasing standalone own-damage car insurance.
This way, if someone hits your vehicle, there won't be any problems with fixing or replacing it through insurance. The money from this policy can help pay for repairs and replace damaged items such as tires, lights, mirrors and paint jobs.
4. Look Out for Additional Safety Features
If you want to add extra protection against theft or vandalism, look for optional features such as anti-theft devices, tracking devices, and alarms. Some insurers even offer discounts on these additional safety features if they're included in your policy. Check whether there are any exclusions or restrictions on the type of vehicles covered by the policy. Some standalone own-damage car insurance policies do not cover certain kinds of cars, such as classic models or sports cars. Check with your insurer to determine if they offer such coverage and how much extra it will cost you per month or year.
5. Do Not Overlook Important Coverage Options
When buying a car insurance policy, many critical factors can affect its cost. For example, if you have chosen an expensive model or your vehicle has been modified, it may become difficult to find an affordable cover that offers all the features you want.
Many companies offer standalone own-damage car insurance policies that meet your needs. However, before signing up with any provider, ensure they provide all the necessary coverage options at competitive prices not to burden you with unexpected expenses later.
Wrapping Up
As it turns out, there are a wide variety of choices when it comes to choosing car insurance. But if you're in the market for standalone own-damage coverage, and you clearly understand what coverage you need, the process will be quick and painless. In fact, by following the steps above, you could be well on your way to cheaper insurance premiums in no time. That being said, a standalone own damage insurance policy can't prevent you from paying penalties. So, this policy is recommended if you have a third-party car insurance policy only. But if you have a comprehensive car insurance policy, you can do away with a standalone policy. The reason - a comprehensive policy does what a standalone does besides providing the mandatory third-party cover to prevent penalties.
Read more-
