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Own damage car insurance, often known as standalone car insurance policy, is a type of insurance that covers insured vehicle of a policyholder. Edelweiss standalone car insurance is a type of car insurance designed to protect your vehicle from unintentional damage. It provides coverage for your car's own damages caused by road accidents, fire, natural disasters, or any other calamity. The purpose is to provide you with additional coverage.
Edelweiss four-wheeler standalone insurance protects you against damage to your car caused by events such as fire, theft, and vandalism. In the event of an accident, your own damage policy reimburses you for the cost of repairing or replacing pieces of your car that were damaged in the collision.
Features | Third Party Car Insurance | Comprehensive Car Insurance | Standalone Car Insurance |
Coverage | It insures your car against damages caused to third-party person, cars and property. | Comprehensive car insurance protects you from a third-party person ,property and vehicle damage, as well as damage caused to own car by natural/man-made disasters, and other events. | Only the insured car is covered by Edelweiss four-wheeler insurance standalone or own-damage car insurance. |
Insurance Premium | Because it only offers third-party coverage, the insurance premium is quite low. | It has a high cost since it covers both third-party and own-damage coverage. | The cost of standalone own-damage auto insurance is low. |
Necessity | Optional to buy | Mandatory to buy | Optional to buy |
Add-ons | No add-ons are available with third-party car insurance. | A variety of add-on options are available like NCB retention, engine protection, zero depreciation, etc. | A variety of add-on options are available with Edelweiss standalone car insurance. |
Under your own-damage Edelweiss car insurance policy, you are covered for the following:
When it comes to own damage coverage, there are a few exceptions:
The following are some advantages of own-damage automobile insurance:
After the Insurance Regulatory and Development Authority of India (IRDAI) issued an order allowing car owners to purchase a standalone own damage policy cover in addition to a third-party liability cover, car insurance policyholders are now able to choose between different car insurance companies for both covers.
Automobile insurance policies have gotten considerably more reasonable for car owners as standalone personal damage insurance policies and third-party liability covers are now available. Additionally, policyholders may now add-on to their financial advantage by purchasing their own damage coverage at the best available price.
Individuals who purchased their vehicle after September 1, 2018, and have a third-party insurance policy can obtain a standalone own-damage auto insurance policy.
Yes, the person will be compensated as per the Insured Declared Value of the vehicle.
Factors like car’s model, age, cubic capacity, IDV of the car, no claim bonus, add-ons (if opted) etc. affect the premium rate.
Add-ons like engine protection, return to invoice cover, zero depreciation cover, roadside assistance cover etc. are available.
One can visit the official website, compare the policies available, including add-ons and pay for the policy.