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IFFCO Tokio standalone car insurance policy offers exclusive financial coverage only for the accidental damage or loss caused to the vehicle insured in case of accidents, natural calamities, theft, vandalism, collisions, etc. It does not cover any other liability related to the same car incurred for any third-party damage.
Suppose you have recently purchased only a third-party car insurance from IFFCO Tokio . In that case, you can get a standalone own damage cover to provide protection to your own car also from damages and losses. However, it is to be noted that standalone four-wheeler car insurance is not mandatory by law and is only meant to provide protection to the insured vehicle.
Feature | Standalone Car Insurance | Third Party Car Insurance | Comprehensive Car Insurance |
Coverage | Only covers loss/damage to the insured car. | Only covers third-party loss/damage due to accident by the insured car. | Covers both third-party loss/damage due to accident and loss/damage to the insured car. |
Mandatory by law | No | Yes | No |
Premium | Premium is decided by the insurer but is less than comprehensive car insurance. | Premium is fixed by IRDAI and is low. | Premium is decided by the insurer and is comparatively higher due to greater coverage. |
Add-on Covers | Add-on covers available | Add-on covers are not available | Add-on covers available |
Claims | Claims are settled as per the policy coverage, where the maximum amount of claim depends on the car IDV. | The third-party claim settlement amount is paid as settled by the Tribunal. | Claim settlement amount depends on the policy coverage and add-on covers. |
Whether you purchase IFFCO Tokio standalone car insurance online or offline, the insurer will indemnify all losses and damages to the vehicle insured or its accessories under the following scenarios:
The car insurance payout is subject to deductions due to depreciation. The depreciation rates are based on those specified by IRDAI for various car parts.
IFFCO Tokio car insurance standalone does not cover the following scenarios:
IFFCO Tokio standalone four wheeler insurance online or offline, provides a host of benefits as follows:
Premium for own damage or standalone car insurance is calculated based on the IDV decided by the insurer, add-ons purchased with the vehicle, and any discounts or additional benefits applicable on the car.
You can reduce the premium costs for your IFFCO Tokio four wheeler standalone insurance premium by increasing the amount of voluntary deductibles or the amount you opt to pay during claims. Also, if you have an insurance policy transfer, remember to transfer your NCB or no claim bonus to the current policy as well.
Your car engine's cubic capacity directly impacts the speed of your car. So, the higher your car's cubic capacity, the higher its risk of accidents will be. In turn, the standalone car insurance premium will also be higher.
A car's standalone car insurance premium depends on various factors, such as the car‘s IDV, make and model, cubic capacity and age, add-on covers, and No-claims-bonus.
Anyone who has a valid third-party car insurance from IFFCO Tokio or from any other insurer can buy IFFCO Tokio four wheeler standalone insurance online for protection of any damages to their car.