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Shriram Standalone Own Damage Car Insurance
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Car insurance is required in India to drive legally. This is due to the high number of incidents in which vehicles collide, resulting in the loss of life and property. However, in order to cover the expenses, the vehicle owner incur large sums, leaving them financially strapped. A Shriram standalone car insurance policy protects your vehicle against damage caused by an accident, natural calamities, etc. It also gives you peace of mind when it comes to financial liabilities. Many businesses provide standalone car insurance coverage. Shriram is one such insurer that covers car damages in the event of a tragedy.
You would be covered against all damages caused to your own vehicle in the case of an accident if you purchased solo car insurance for your vehicle. This sort of insurance is also known as own damage vehicle insurance, which refers to the damages covered for your own automobile in case of a disaster. Your vehicle is protected by the Shriram standalone car insurance policy. Let’s check its details.
How does Shriram Standalone Car Insurance Work?
Shriram standalone car insurance is an excellent choice for protecting your vehicle in the event of an accident. By visiting the Shriram online portal, you can purchase the insurance coverage online. You can also get Shriram standalone car insurance coverage by going to your local Shriram office.
The coverage would be available for several damages, including natural and man-made disasters. You would not have to worry about paying for repairs to your own vehicle. A Shriram standalone car insurance coverage would perfectly complement your third-party car insurance policy, which is required by law, for protection against legal and financial liabilities posed by the third person to you in case your insured car injures the concerned individual and the property in an accident.
Shriram Standalone Car Insurance vs Third Party Car Insurance vs Comprehensive Car Insurance
| Basis | Standalone Car Insurance | Third-Party Car Insurance | Comprehensive Insurance |
| Legal | It is not required by the law to be purchased. | It is required by the law to be purchased. | It is not required by the law to be purchased. |
| Coverage | Covers damage to the policyholder's own car. | Damages incurred by a third party are covered. | Covers damage to the policyholder's cars as well as third-party vehicles. |
| Depreciation Effects | The coverage amount comes after factoring in the vehicle's depreciation while claiming insurance. | It is unaffected by the depreciation of the vehicle. Because here, you get the coverage for third-party liabilities only and not the vehicle’s damages. | The depreciation of the vehicle affects the coverage amount of Shriram comprehensive car insurance. |
| Add-ons | With a standalone vehicle insurance coverage, you can purchase add-ons. | A third-party car insurance coverage does not allow you to purchase add-ons. | You can purchase add-ons. |
| Premium | Premiums are greater compared to that of third-party car insurance policy but less than that of a comprehensive plan. | Premiums are low due to the limited coverage. | Premiums for comprehensive coverage are costly. |
What All is Covered Under Shriram Standalone Car Insurance Plan?
A Shriram standalone car insurance coverage covers the following damages:
- Natural disasters such as floods, earthquakes, and tsunamis, among others.
- Damages caused by man-made disasters such as terrorist attacks, bombings, etc.
- Accidental damages to the policyholder's car.
- Damages due to fire, lighting and ignition.
- If the automobile is misplaced or stolen
What All is not Covered Under Shriram Standalone Car Insurance?
A standalone Shriram vehicle insurance policy will not cover the following damages:
- Damages suffered by a third party.
- Damages caused by driving under the influence of drugs or alcohol.
- Damages caused by driving without a legal licence.
- Damages incurred as a result of driving a vehicle with an expired insurance policy.
- The vehicle's electrical and mechanical problems.
- Damages incurred as a result of utilizing the vehicle for unauthorized purposes.
- Damages incurred as a result of utilizing a personal car for commercial activities.
- Damages sustained outside of the specified geographical area.
Shriram Standalone Car Insurance Benefits
A Shriram Standalone car insurance coverage provides the following advantages:
- You do not need to get a comprehensive car insurance policy for your personal protection if you choose a standalone car insurance policy over a third-party insurance policy.
- Purchasing an Shriram standalone car vehicle insurance coverage online is simple.
- Renewal of a standalone car insurance policy with Shriram can be completed online once a year.
- With the Shriram standalone car insurance policy, the insured can also purchase a number of add-ons.
Shriram Standalone Car Insurance Review
Shriram standalone car insurance coverage may be appropriate if you need protection for your vehicle. This policy protects your own vehicle in difficult circumstances. The organization has simplified the renewal process, which may now be conducted online without any documentation. You can also file claims for accidental coverage on the company's official website.
Shriram's customer service representatives work relentlessly to resolve all of your concerns and questions about your policy or any other formalities.
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Shriram Standalone Car Insurance FAQs
1. Is it sufficient to purchase a Shriram standalone car insurance policy for my vehicle?
Even if you have a standalone car insurance policy of Shriram, you will still need to buy a third-party liability cover, which is mandatory to buy as per the Motor Vehicles Act, 1988. But buying Shriram comprehensive car insurance covering third-party liabilities as well as own damage is recommended.
2. How does the make and model of my automobile affect my Shriram car insurance premium?
If you purchase an expensive high-end car, your premiums would be high and vice versa. This is because a high-priced car model would incur substantial costs in the event of an accident. In exchange for such tall costs, Shriram will charge a greater premium for you to pay.
3. In my city, I live in a very crowded area. Would I have to pay exorbitant charges for my Shriram auto insurance ?
People who live in highly populated places are more likely to be involved in accidents and mishaps. Insurance companies, such as Shriram, take this into account when determining the premium amount for such policyholders. The higher the likelihood of accidents, the higher the premiums.
4. Will a Shriram standalone car insurance policy cover my car if it is totaled?
In the event of a total and irreparable loss of the vehicle, the Shriram standalone car insurance would cover all the policyholder's related expenses.
5. How can I renew my Shriram standalone car insurance policy?
A Shriram standalone car insurance policy can be renewed easily online. You’ve got so many options to choose from, including net banking, UPI, wallet, debit card, credit card, etc. And if you wish to do it offline, you can do that as well by cash, cheque or demand draft.