Own damage car insurance

Own damage car insurance

Know why you should consider buying a standalone own damage car insurance policy.

3 mins

Own-damage car insurance policy, as the name suggests, is a policy that covers loss or damage caused to the insured car. It is a standalone insurance policy and is optional to buy for car owners in India, unlike a third-party insurance policy. However, a third-party car insurance policy covers only the third-party liabilities. It does not cover the damages caused to your vehicle in case of accidents. So, with a third-party insurance policy, you will have to spend the repair costs of your damaged vehicle from pocket. You can save the money if you opt for an own damage insurance policy.

An own-damage car insurance policy covers accidental damages. Also, damages caused due to other events, such as natural calamities and man-made disasters. Read on to know in-depth about the various coverages offered by an own damage insurance policy and how it can be beneficial for you.

What is an own damage car insurance policy?

Own damage car insurance policy covers damages caused due to accidents and natural disasters. It covers damages caused from earthquakes, floods, or storms. Also, covers man-made incidents such as riots, vandalism, or terrorist attacks.

Features of own damage car insurance policy

Here are some of the key features of an own damage car insurance:

Key features


Cashless repairs

6,500+ cashless network garages

No Claim Bonus

Get up to 50% discount

Claim process

Quick and streamlined

Claim settlement ratio

98% claims settled*



Voluntary deductible



Zero, 100% digital

Benefits of own damage car insurance policy

Here are the key advantages of having an own damage insurance:

1. Flexibility

You can buy a standalone own-damage car insurance policy along with a third-party car insurance policy. An own damage insurance policy also allows you to opt for add-ons to enhance the policy coverage.

2. Affordability

Own damage car insurance is affordable and feasible for individuals who cannot afford to pay high premiums upfront. Additionally, the policy is annually renewable, reducing the financial stress on the policyholder.

3. Add-ons available

Following are some of the common add-on covers available to enhance your own-damage car insurance policy:

Consumable cover

Covers the cost of damaged consumable items, such as oil, grease, nuts, and bolts, etc. due to an accident.

Zero depreciation cover

Accounts for the decreased value of the car parts due to depreciation and adjusts the cover accordingly.

Engine protection cover

Covers the cost of repairing or replacing the engine in case of damage.

NCB protection cover

Offers a No Claim Bonus (NCB) during policy renewal even if you claim the policy.

Lock and key protect cover

Covers the cost of replacing the car keys and locks if lost or damaged.

Roadside assistance cover

Provides help in case of a breakdown, flat tyre, running out of fuel, etc.

Steps to raise an own-damage car insurance claim

Follow the below steps to file a claim for an own damage car insurance:

Step 1: Notify your insurance provider of the damage sustained by your insured vehicle.

Step 2: Upon notification, insurance providers will send surveyors to assess the damage to your car.

Step 3: You will need to provide relevant documents for claim verification.

Step 4: Get your car delivered to a garage for servicing and repairs.

Step 5: If you choose to claim for a cashless facility, the insurance company will settle the bills with the network garage. In case of a reimbursement claim, get the car repaired at any of your preferred garages. After which, submit the bills to the insurer for reimbursement. The insurer will transfer the money to the registered bank account.

Documents required for own-damage car insurance claim

To raise a claim against your policy, you need to submit the following documents:

1. Accident claims

Submit the following paperwork to file an accident claim:

● Duly filled claim form with signature
● Tax receipts
● Police FIR copy
● Driver’s driving licence (DL)
● Vehicle registration certificate's copy (RC)
● Insurance policy copy
● Payment receipts and original repair invoices
● Anticipated vehicle repair bill
● Address of the garage or vehicle inspection site

2. Car theft claims

You need to submit the following documents to raise a theft claim request:

● Insurance policy copy
● Copy of police FIR
● RTO theft declaration
● Original vehicle registration book
● Subrogation letter
● Receipts for tax payments
● Forms 35, 30, 29, and 28
● Items such as pamphlets, duplicate keys, warranty cards, etc.
● Past policy details such as insurance firm name, tenure, and time of purchasing insurance
● Obtain a claim discharge certificate and sign it

3. Third-party claims

The below-mentioned documents are necessary to file third-party claims:

● Duly filled and signed claim form
● Registration Certificate (RC) copy
● Police FIR copy
● Driver’s licence (DL) copy
● Stamped original paperwork in case of company-registered cars

Although having an own-damage car insurance policy is optional, it is important to buy this policy. It ensures you are financially covered to repair or replace any damages caused to your vehicle. For enhanced coverage, you can also choose to buy a comprehensive car insurance policy. It covers both own damages and third-party liabilities. Bajaj Finance along with leading insurance companies offers a range of comprehensive car insurance policies. Visit the Bajaj Finance Insurance Mall to view the policies and buy now.

Below are policies and its details offered on Bajaj Finance Insurance Mall:

Own-damage car insurance

Car insurance company

Network garages

Third-party cover

Personal accident cover

Claim settlement ratio

Car Insurance



15 lakh


Allianz Car Insurance



15 lakh


General Car Insurance



15 lakh


Own damage car insurance is affordable and feasible for individuals who cannot afford to pay high premiums upfront. Additionally, the policy is annually renewable, reducing the financial stress on the policyholder.


Insurance is the subject matter of solicitation. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and ManipalCigna Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer to the insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Visitors are hereby informed that their information submitted on the website may be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective value-added service provider or Assistance company.
Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.