What is Own Damage Claim in Motor Insurance?

Own Damage claim in motor insurance is a type of insurance coverage for the damages caused to the insured vehicle by an accident, theft, fire, or another event. It is one of the most important components of a motor insurance policy. It covers the costs of repairing or replacing the vehicle, depending on the extent of the damage. The insurer will pay the cost of repair or replacement, as long as it is within the insured amount specified in the policy. This means that if the cost of repair or replacement is more than the insured amount, the policyholder will need to bear the difference.

Own Damage claim coverage is optional and can be added to the policy for an additional premium. It is important to understand the coverage limits of your policy and any exclusions or deductibles that may apply. It is also important to note that in most cases, the Own Damage claim is only applicable to the insured vehicle, and not to any other vehicles that may be involved in the accident.

What is Covered Under Own Damage Claim in Motor Insurance?

Own Damage claim coverage in motor insurance typically covers the following: repairs to the insured vehicle due to an accident, theft, fire, or another event; replacement of the insured vehicle in case of a total loss; and towing and storage charges in case of an accident. It is important to note that the policy will not cover any damages that occur due to the driver’s negligence or recklessness. The insurer will also not pay for any damages that occur due to normal wear and tear or mechanical breakdown.

How to Make an Own Damage Claim?

Making an Own Damage claim is relatively simple and straightforward. The policyholder must inform the insurer about the incident as soon as possible. The insurer will then assess the damage and decide whether to provide coverage for the claim. If the claim is accepted, the policyholder will need to provide documents such as repair bills, photos of the damage, police reports, and other documents as requested by the insurer.

Once the documents are submitted and the claim is accepted, the insurer will reimburse the policyholder for the repair or replacement costs. It is important to note that the insurer may pay the claim in full or in installments, depending on the policy terms and conditions. It is also important to note that if the insurer finds out that any information submitted by the policyholder is incorrect or false, the claim may be denied.

What are the Benefits of Own Damage Claim?

Own Damage claim in motor insurance provides financial protection against the costs of repairing or replacing the insured vehicle due to an accident, theft, fire, or other event. It helps the policyholder save money on the cost of repairs or replacement. The coverage also helps save the policyholder from bearing the entire cost, as the insurer will pay a portion of the costs.

Another benefit of Own Damage claim coverage is that it helps reduce the cost of the policy. This is because the insurer will consider the risk associated with the insured vehicle, and the Own Damage coverage helps reduce the risk. This, in turn, helps reduce the cost of the policy.