Standalone Own Damage Cover

Overview of the Standalone Own Damage Cover

Standalone Own Damage Cover is a specialized insurance policy designed to protect your vehicle against damages caused by unforeseen events. This policy is ideal for those who already have a third-party liability cover but seek additional protection for their own vehicle.

Key Features of the Cover

Understanding the coverage details of the Standalone Own Damage Cover is crucial to making an informed decision. The table below provides a clear overview of what is covered under this policy:

Benefits of Standalone Own Damage Cover

The benefits of opting for a Standalone Own Damage Cover from Bajaj Allianz General Insurance are numerous. This section outlines the advantages that policyholders can enjoy.

- Comprehensive Protection: Covers damages due to accidents, theft, natural calamities, and man-made disasters.

- Flexible Add-ons: Options to include add-ons like zero depreciation, engine protector, and roadside assistance.

- No Claim Bonus (NCB): Enjoy discounts on premiums for claim-free years.

- Cashless Repairs: Access to a wide network of cashless garages across the country.

- Quick Settlement: Fast and hassle-free claim settlement process.

- Financial Security: Protects you from unexpected repair costs, ensuring peace of mind.

- Customizable Plans: Tailor the policy with add-ons to suit your specific needs.

- Wide Network: Access to numerous cashless garages for convenient repairs.

- Enhanced Protection: Provides coverage beyond the basic third-party liability insurance.

Add-on Covers

To enhance the protection offered by the Standalone Own Damage Cover, Bajaj Allianz provides several add-on covers. These add-ons can be opted for at an additional premium and offer extended coverage for specific scenarios. Here are some popular add-on covers:

- Zero Depreciation Cover: Ensures full claim amount without considering depreciation on parts.

- Engine Protector: Covers damages to the engine due to water ingression or oil leakage.

- Roadside Assistance: Provides help in case of breakdowns, flat tires, or towing needs.

- Consumables Cover: Covers the cost of consumables like nuts, bolts, and engine oil during repairs.

- Return to Invoice: In case of total loss, get the invoice value of the vehicle instead of the depreciated value.

Eligibility Criteria

Standalone own damage cover in motor insurance is designed to provide financial protection for your vehicle against damages caused by accidents, theft, natural calamities, and other unforeseen events. To be eligible for this cover, certain criteria must be met. Firstly, the vehicle should typically be up to 5 years old, ensuring that it is relatively new and less prone to extensive wear and tear. Additionally, the vehicle owner must have an active third-party liability insurance policy, as this cover is meant to complement the mandatory third-party insurance. Lastly, the vehicle must be in good working condition at the time of purchasing the policy, ensuring that it is roadworthy and not already damaged. Meeting these eligibility criteria ensures that the vehicle is adequately protected, providing peace of mind to the owner in case of any damage or loss.

How to Maximize Your Coverage

Opt for Add-ons: Enhance your policy with relevant add-ons for comprehensive protection.

Maintain Your Vehicle: Regular maintenance can prevent breakdowns and reduce claim frequency.

Drive Safely: Adhering to traffic rules and safe driving practices can minimize the risk of accidents.

Renew Timely: Ensure timely renewal of your policy to avoid lapses in coverage.

Insure Your Vehicle With Additional Protection

The Standalone Own Damage Cover by Bajaj Allianz General Insurance offers robust protection for your vehicle, ensuring peace of mind and financial security. With customizable options and a wide range of benefits, it is an ideal choice for vehicle owners seeking comprehensive coverage beyond basic third-party liability insurance.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff. 

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period. 

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.