Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Own damage cover in motor insurance pays for repair or replacement of the insured’s own vehicle after an accident, theft, or natural calamity.
The part of car insurance that pays for damage to your own vehicle, not the other party’s.
Optional in a standalone own-damage policy but bundled in comprehensive motor insurance along with mandatory third-party cover; depreciation applies based on vehicle age unless zero-depreciation add-on is bought.
After a collision damages the insured’s own car, the own damage cover pays for the bodywork repair, minus applicable depreciation.
The part of car insurance that pays for damage to your own vehicle, not the other party’s.
Own Damage Cover helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.