Own Damage Car Insurance
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Quick and hassle-free claim process
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4400+
Cashless Garages
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Claims
Upto 50%
No Claim Bonus
93.56%
Claim Settlement Ratio
24/7
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Note: The above data is till 30th Sep, 2024
What is Standalone Own Damage Insurance?
A third-party liability insurance is mandatory in India to legally drive on the roads. It provides coverage for financial and legal liabilities caused to others in case of an accident but does not cover damage to your own vehicle. To protect against such expenses, an standalone own-damage (SAOD) insurance policy is recommended.
Standalone own damage insurance covers your car against damages caused by accidents, natural disasters like floods or earthquakes, and man-made events like fire or vandalism. Additionally, it provides financial protection in case of theft, with the insurer compensating you with the Insured Declared Value (IDV) of the vehicle.
While third-party car insurance meets legal requirements, an own-damage policy ensures comprehensive protection for your car against unforeseen events.
Benefits of own damage car insurance plan
Own-damage car insurance isn’t just about saving your wallet from a meltdown when your car gets dinged or stolen—it’s your ride’s ultimate safety net. From accidents to unexpected mishaps, here’s why this smart move does more than just keep the financial
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Coverage under own damage car insurance
Coverage under own damage car insurance
With Zurich Kotak General Insurance’s own damage car insurance, you’re covered for everything from pesky potholes to surprise storms and even those oops moments in parking lots. Drive worry-free!
Accidental damage
• Covers expenses for repairing damage caused due to accidents or collisions. • Includes damage to the vehicle body, engine, or other essential parts.
Natural calamities
Protects against damage caused by natural disasters such as floods, earthquakes, storms, landslides, cyclones, and hailstorms.
Man-made events
Covers losses resulting from riots, vandalism, terrorist activities, strikes, or malicious acts that damage your vehicle.
Fire and explosions
Provides financial coverage for damages due to fire, explosions, self-ignition, or lightning.
Theft or burglary
In case your car is stolen, the policy compensates you with the Insured Declared Value (IDV) of your vehicle, minimizing the financial loss.
Damages during transit
Covers damages that occur while the car is being transported by rail, road, air, or waterways.
Electrical accessories
Insuring your vehicle’s every need and providing comprehensive plan that covers all electrical/non-electrical accessories.
Self ignition
Get compensated for losses incurred from combustion that occurs without the use of an external heat source.
Personal accident
Get comprehensive coverage to protect yourself and your loved ones from unpredictable events such as accidents.
General wear and tear
Damages caused due to normal wear and tear, ageing of the vehicle, or depreciation of parts over time are not covered.
Depreciation or consequential losses
Our coverage does not include depreciation or consequential losses (unless they are separately covered by add-ons).
Vehicle used otherwise
We do not cover any damage caused by the vehicle being driven otherwise than in accordance with the limitations on its use.
Electrical or mechanical failures
Breakdowns due to mechanical or electrical issues are excluded unless covered under a specific add-on.
Any contractual liability
You are not covered under our insurance policy for any contractual liability if you are found to be responsible for the damages.
Nuclear risks or war
Damages caused by nuclear activities, war, or war-like situations are not covered.
Vehicle without valid license
Please keep in mind that we do not cover damage to/by a person who is not licensed to drive the vehicle or had an invalid license.
Driving under influence
If the driver was under the influence of alcohol or drugs at the time of the accident, the policy will not cover the damages.
Illegal driving practices
Claims are not covered if the vehicle was driven without a valid driving licence or used for illegal activities.
Consequential damages
Damages that occur as a result of an earlier incident not covered by the policy are excluded (e.g., driving a car with a pre-existing issue that worsens).
Using the vehicle beyond its limitation of use
Damages caused when the vehicle is used outside its intended purpose (e.g., private vehicles used for commercial activities) are excluded.
Deliberate or intentional damages
Claims are denied if damages are caused intentionally or due to negligence.
Types of car insurance policy
Type of Insurance | Coverage | Mandatory/Optional | Key Features | Best For |
Third-Party Car Insurance | Covers legal and financial liabilities towards third parties for injuries, death, or property damage. | Mandatory as per Indian law. | It protects against third-party liabilities but does not cover your own vehicle. | Meeting legal requirements at an affordable cost. |
Stand-Alone Own Damage Car Insurance | Covers damages to your own vehicle due to accidents, natural calamities, man-made events, theft, or fire. | Optional but recommended for financial security. | Focuses solely on damages or losses to your own car. | Car owners who already have third-party insurance but need protection for their own vehicle. |
Combines third-party liability coverage and own damage cover, offering all-around protection. | Optional but provides complete protection. | Covers third-party liabilities and damages to your vehicle in one policy. | Car owners are seeking comprehensive coverage for their car and third-party liabilities. |
What is the Insured Declared Value (IDV) in OD car insurance?
Purpose
IDV determines the sum insured under your OD policy. It directly impacts your premium—higher IDV means a higher premium and vice versa.
Calculation
IDV is calculated based on the car's ex-showroom price minus depreciation. Electrical and non electrical accessories not included in the vehicle IDV..
Depreciation rates for IDV calculation are predefined by the Insurance Regulatory and Development Authority of India (IRDAI).
Coverage for Total Loss
In case of vehicle theft or total damage, the insurer compensates you with the IDV amount after deducting deductibles and depreciation.
Customizable IDV
Some insurers allow minor adjustments to the IDV. While a higher IDV means better coverage, it also increases the premium. Conversely, under-declaring your IDV may reduce premiums but leave you underinsured.
Exclusions
Regular wear and tear or partial damages to the vehicle are not paid based on IDV.
How to calculate premium of own damage insurance?
The premium for Standalone Own Damage insurance is calculated based on multiple factors, including the car's Insured Declared Value (IDV), age, location, and applicable discounts or loadings.
Formula for Own Damage Premium:
OD Premium=(IDV×OD Rate)/100+(Loading - Discounts)\text{OD Premium} = (\text{IDV} \times \text{OD Rate}) / 100 + \text{(Loading - Discounts)}OD Premium=(IDV×OD Rate)/100+(Loading - Discounts)
Where:
IDV (Insured Declared Value) = Current market value of the car (excluding depreciation)
Own Damage Insurance Rate = Defined by the Insurance Regulatory and Development Authority of India (IRDAI) and varies based on vehicle type and engine capacity
Loading = Additional charges based on risk factors (e.g., modifications, high-risk locations)
Discounts = No Claim Bonus (NCB), Voluntary Deductibles, and other applicable offers
Example Calculation:
Assume:
IDV = ₹5,00,000
OD Rate = 2%
No Claim Bonus (NCB) = 20%
Other Discounts = 5%
OD Premium=(5,00,000×2%)−(20%+5%)\text{OD Premium} = \left(5,00,000 \times 2\%\right) - (20\% + 5\%) OD Premium=(5,00,000×2%)−(20%+5%)=10,000−2,500=₹7,500= 10,000 - 2,500 = ₹7,500=10,000−2,500=₹7,500
Additional Charges:
GST @18% is applicable on the final OD premium.
Add-on covers like Zero Depreciation, Engine Protection, Roadside Assistance may increase the premium.
Add–on covers available with own damage car insurance policy
Customize your coverage with our amazing add-ons - they're like bonus features for your car protection!
Depreciation cover
Ensures full claim settlement in case of partial loss without factoring in the depreciation of parts like metal, rubber, or plastic during repairs. Ideal for new or relatively new vehicles.
Engine protect
Covers damage to the engine due to water ingress, oil leakage, or mechanical breakdown caused by external factors. Especially useful for vehicles in flood-prone areas.
Return to invoice
In case of total loss or theft, compensates you with the full invoice value of the vehicle (including registration and taxes) instead of just the IDV. Recommended for new vehicles.
Tyre cover
This add-on covers for the cost of repair and/or replacement of tyres and tubes caused by accidental loss or damage. Know more about car insurance tyre add-on cover.
Roadside assistance
Provides support for emergencies like towing, fuel delivery, flat tyre repairs, or breakdown assistance. Offers peace of mind during long drives or remote travel.
Consumables cover
Covers the cost of consumables like engine oil, brake oil, lubricants, nuts, bolts, and other items used during repairs. Beneficial for covering repair-related out-of-pocket expenses.
Daily car allowance
In the case of a claim, when the car is under repairs, the add-on pays a daily allowance which you can use to cover the cost of alternate transportation. know more about car insurance daily car allowance add-on cover.
NCB Protect
This add-on protects the NCB discount which the insurer is eligible upon renewal for the next policy year, which would been otherwise lost, if claims were made in the policy year.
Loss of personal belongings
This add-on covers the financial loss that you might suffer if personal belongings are stolen from the insured car. know more about car insurance loss of personal belongings add-on cover.
How to buy own damage car insurance online from Zurich Kotak General Insurance
Insurance made effortless—because your time is precious, and so is your ride!
Say goodbye to paperwork and hello to a smooth, speedy online process that gets your car insured in no time. Simple, fast, and stress-free—because that’s how it should be.
Click on the "Get a Car Insurance Quote" button on the Zurich Kotak Car Insurance Page
Fill in your car details such as registration number, model, make etc.
Fill in you personal details and make the payment online.
How to get an online quote for car insurance
See how simple it is to get a car insurance quote with us
Visit Zurich Kotak General Insurance website
Log in to your Zurich Kotak General Insurance profile using the OTP sent to your mobile number
Fill in your details such as car registration number, mobile number and email id (optional).
Click on the "Get A Quick Quote" button on the Zurich Kotak Car Insurance Page and review coverage
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Click on the "Get a Car Insurance Quote" button on the Zurich Kotak Car Insurance Page
Fill in the required details such as registration number, model, make, etc.
Fill in you personal details and make the payment online.
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Tips to choose the right own-damage car insurance plan
Steer your way to the best own-damage car insurance with these smart tips—because your car deserves nothing but top-notch protection.
Before you finalize your policy, ensure to check the coverage of the policy and compare the premium vis-à-vis the coverage.
Select own-damage car insurance policy which gives a high insured declared value so that you get a maximum claim in the event of theft or loss of your vehicle
You should compare the available plans offered by Zurich Kotak General Insurance and then select the one which suits your requirement at an affordable premium.
Check the network of cashless garages
Check the premium discounts available with the plan so that you can save more on the premium cost
Do not forget to claim your no-claim bonus at the time of renewal of your own-damage car insurance policy for every claim-free year and try not to make an unnecessary claim to save the no-claim bonus discount.
Read the policy document carefully and check the exclusions to avoid rejection of your claim
Buy personal accident cover with your policy to get a considerable sum assured at a low premium to meet the accidental emergencies and get additional coverage.
Check the available add-ons to extend the coverage of your policy and make it comprehensive.
Steps to renew own damage car insurance policy online from Zurich Kotak
Hit the refresh button on your car’s safety.
Follow these simple steps to renew your own damage car insurance and keep the protection running smoothly, mile after mile.
Visit https:www.zurichkotak.com/renewal and choose the car insurance policy that you want to renew
Enter your policy number and mobile number and click on ‘Submit’.
Your policy number will be verified and you will be able to check the details of your existing policy. You can continue to renew the existing policy or make changes.
Pay the renewal premium and your policy will be done instantly!
How to file a car insurance claim at Zurich Kotak General Insurance
Filing a claim has never been this easy – we made sure of it
Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
On cashless facility confirmation, the vehicle can be repaired at a preferred network garage, on payment made directly to the garage.
You will only be required to pay the deductible as mentioned in the policy, and the depreciation value, salvage, etc., as informed by the surveyor.
Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
Post work approval by the insurer, the vehicle can be repaired by the policyholder at the garage of their choice.
Submit all bills, payment receipt along with your policy details to us, and we will make the payment within 7 working days of completion of the documentation.
Documents required to file own damage car insurance claim
Get familiar with the documents needed for speedy claim process
Documents required for car insurance claim
To raise a motor insurance claim under different situations mentioned above, you will require the following documents.
Registration Certificate (RC) Copy
Policy Copy
Policy holder's valid ID proof
Drivers Driving license
FIR Copy (In case of theft and TP claim)
Duly filled Claim form
Any further requirements will be conveyed basis inspection
How to download own damage car insurance policy copy?
Here is your step-by-step guide to access your policy copy
Losing your car insurance policy may lead you to pay heavy fines, although you have one. But now, you can immediately download your car insurance policy copy from our website.
Enter your policy number
Enter your registered mobile number Or your registered email Id
Click on Get OTP
Type the OTP and click on download car insurance policy document
Zurich Kotak General Insurance cashless network garages
Our cashless network garages makes roadside assistance a sleek experience at the time of uncertainty
Buying a car insurance gives access to cashless network garages which provides convenience and hassle-free car repairs covered by Zurich Kotak General Insurance without the need for upfront payment.
Car Insurance glossary
There's always more to know about Car Insurance
The Insured Declared Value (IDV) is the insurer's maximum coverage for a vehicle during a policy period. It is calculated using the vehicle's selling price and depreciation, and serves as compensation in case of total loss.
The No Claim Bonus is the discount on the own damage portion on the premium offered to the policyholder from the car insurance company for responsible driving and not filing damage claims during the preceding policy year.
Zero Depreciation Cover is an add-on wherein the entire claim amount is settled by the car insurance company without factoring in depreciation value of the insured car. This cover is applicable to vehicles that are less than 5 years old.
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Own Damage Car Insurance - Frequently Asked Questions
No, you can buy a standalone own damage cover and a third-party cover from different insurers. However, the standalone own damage cover is issued only if you already have a third-party cover on the car.
The personal accident cover is an optional feature that you can add to your own damage cover. The coverage is not inbuilt. The personal accident cover is also a mandatory requirement like a third-party cover. However, if you have an existing personal accident cover, you can skip the coverage with the own damage plan.
Own damage in car insurance means the damages that the car suffers or the theft of the car. The own damage car insurance policy covers such damages and theft of the car and provides financial compensation in car-related losses.
No, you need to have a third-party cover first and then you can buy only the own damage cover on a standalone basis.
No, the own damage insurance coverage is not enough. You need the mandatory third-party liability coverage too so that you can drive the car legally.
The OD car policy is suitable for every car owner especially those who have new or premium cars.
No, it is optional. However, it complements third-party liability insurance to provide comprehensive protection.
It covers accidental damages, fire, theft, natural disasters (like floods or earthquakes), and man-made events (like riots or strikes).
Normal wear and tear, electrical/mechanical breakdowns, and damages caused while driving under the influence are excluded.
Yes, you can purchase standalone Own Damage insurance if you already have third-party coverage.
The premium depends on the car's make, model, age, insured declared value (IDV), and location.
Yes, you can transfer the policy to the new owner by informing us.
You need the policy copy, claim form, FIR (if applicable), car registration certificate, and repair bills.
Yes, but the insurer may inspect the car before renewing the policy.
Notify us, provide necessary documents, and take the car to a network garage for repairs.