Own Damage Insurance: Understanding the Basics and Benefits


Insurance is a way of protecting ourselves financially from the risks of accidents or any unforeseeable event. It helps us to manage the financial burdens of damage or loss caused by unexpected circumstances. Insurance can be of different types, such as health insurance, life insurance, home insurance, motor insurance, and many more. In this article, we will discuss motor insurance, specifically own damage insurance, its basics, and benefits.

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What is Own Damage Insurance?

Own damage insurance is a type of motor insurance that covers the cost of damage caused to your vehicle in the event of an accident, theft, or any other loss. It is a crucial component of motor insurance as it provides protection to the policyholder’s property, i.e., the vehicle. As the name suggests, own damage insurance covers the damages incurred by your own vehicle.

Many people confuse own damage insurance with third-party insurance. While both types of insurance provide protection to the vehicle, the two differ in their coverage of damages. Third-party insurance covers damages caused to a third party’s property or vehicle, while own damage insurance covers damages to your vehicle.

What is Covered Under Own Damage Insurance?

Own damage insurance covers a wide range of damages caused to your vehicle. These damages include:

1. Accidents: Own damage insurance covers accidents caused to your vehicle, including collisions, rollovers, or any other accident that damages your vehicle.

2. Natural Disasters: Natural disasters such as earthquakes, floods, landslides, or any other similar event that damages your vehicle are covered under own damage insurance.

3. Fire: Own damage insurance also covers damages caused to your vehicle due to fire or an explosion.

4. Theft: If your vehicle is stolen, own damage insurance covers the cost of recovering it, or paying out the claim amount in case it is not recovered.

5. Malicious Acts: Any damages caused to your vehicle due to malicious acts such as vandalism are also covered under own damage insurance.

Benefits of Own Damage Insurance:

1. Protection Against Financial Loss: Own damage insurance provides protection against financial loss resulting from damage or loss of your vehicle. It helps in managing the cost of repair or replacement of the vehicle, ensuring that it does not adversely affect your financial stability.

2. Peace of Mind: Own damage insurance provides peace of mind, knowing that your vehicle is protected against unforeseen circumstances. It allows you to drive without any worries, ensuring you can enjoy your ride.

3. Flexible Coverage: Own damage insurance allows policyholders to choose from different coverage options, selecting the one that best suits their needs. It offers flexibility in terms of coverage, deductible, and premium amount.

4. Additional Coverage: Own damage insurance also offers additional coverage options such as engine protection, roadside assistance, and zero depreciation, which provide extended protection to your vehicle.

5. Affordable Premiums: Own damage insurance offers affordable premiums, making it accessible to all vehicle owners. The premium amount depends on factors such as the vehicle’s make and model, usage, age of the vehicle, and the coverage selected.


Vehicle damages can cause a significant dent in our financial stability. Without proper insurance coverage, managing the cost of repair or replacement can be challenging. Own damage insurance helps in managing such costs, providing protection against financial loss due to damage or loss of your vehicle. It provides peace of mind, flexibility in coverage, and affordable premiums, making it a crucial component of motor insurance. So, do not wait any longer and get own damage insurance for your vehicle today!

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