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What is Stand Alone Own Damage Short-Term Car Insurance?
Have you ever needed coverage for your car to supplement the mandatory third-party car insurance? That’s where our SAOD Short-Term Car Insurance comes into the picture.
Our Standalone Own Damage (SAOD) short-term car insurance plans are cost-effective, efficient and offer broad coverage. Most importantly, you can customise your standalone car insurance by selecting your coverage duration and adjusting the level of coverage.
Our SAOD short-term auto insurance is a perfect solution if you are looking for a policy to purchase with your existing third-party insurance or simply don’t have the budget to invest in a long-term comprehensive car insurance policy. Standalone Own Damage (SAOD) short-term car insurance is a type of insurance that offers financial coverage for the damages suffered by your insured four-wheeler.
Unlike third-party car insurance, which covers third-party liabilities, our SAOD short-term insurance is dedicated to covering your vehicle against unpredictable tragedies such as road accidents, natural calamities, theft, fire explosions, etc.
Our short-duration car insurance is perfect for car owners who want to have temporary coverage without investing in a long-term car policy. With this plan, you get the flexibility of choosing your coverage duration as per your requirements andbudget.
Not only that, you can also adjust your coverage to meet your unique insurance requirements. In essence, our SAOD short-duration car insurance is your #CarkaYaar, protecting your vehicle for the desired time without demanding a commitment to a long-term car insurance policy.
How Does Stand Alone Own Damage Short-Term Car Insurance Work?
Let’s say you already have third-party car insurance, but you want to protect your car during an upcoming road trip for a week. At this point, you can instantly purchase our SAOD Short-Term Car Insurance instead of buying an additional comprehensive insurance plan. Here is how short-period motor insurance works:
Buy Our Policy
The process begins when you purchase our SAOD short-term motor insurance online. Here are
- Instant Purchase: At IndusInd General Insurance, you can buy a SAOD short-term car plan instantly with zero paperwork. It is simple and quick.
- Flexible Duration: You can purchase our short-term car insurance plans for any duration, from a few days to several months, based on your needs.
- Customisable Plans: You can customise your SAOD short-term motor insurance by adjusting the coverage limit, adding useful addons, deciding on premiums/deductibles, and more.
Enjoy Short-term Coverage
18 Once you have purchased a SAOD short-term plan, you can enjoy focused coverage designed only for your vehicle.
Our plans will keep your car protected against various mishaps that are likely to occur during your selected tenure. These include accidents, theft, natural disasters, vandalism, fire, and more.
Faster Claims Settlement
You can raise a car insurance claim in case of an unforeseen tragedy, such as theft or a road accident. We ensure a smooth and timely resolution for your claim.
- Cashless Claim: By opting for our cashless claims settlement, you can get your damaged car repaired cashlessly at our 11,000+ network garages. In this scenario, a significant portion of your repair expenses will be covered by us.
- Reimbursement Claim: If you choose a reimbursement claim, you can get your vehicle repaired at any garage of your choice and get reimbursed later by submitting the necessary documents.
Benefits of Stand Alone Own Damage Short Term Car InsuranceOwn Damage Coverage
A SAOD short-term car insurance policy offers targeted coverage for the insured car against covered events, such as accidents, fire, theft, and natural calamities.
Own Damage Coverage
A SAOD short-term car insurance policy offers targeted coverage for the insured car against covered events, such as accidents, fire, theft, and natural calamities.
No Long-Term Commitment
With SAOD short-duration car insurance, you are not obligated to purchase a long-term car insurance policy, which is usually very costly.
Flexible Duration
SAOD short-term car insurance has a flexible coverage duration. Whether you need insurance for a week or a month, you can decide your policy tenure.
Cost-effective
The premiums of SAOD short-term car insurance are generally lower than comprehensive policies due to their shorter tenures.
Faster Claims Settlement
Because of their shorter tenure and straightforward coverage, short-term car insurance claims tend to get resolved faster than other insurance plans.
Why Should You Buy SAOD Short-Term Car Insurance?
Wide Range of Addons
We offer car insurance add-ons to ensure wide and dedicated coverage for your four-wheeler. From Zero Depreciation Cover and Engine Protection Cover to 24*7 Roadside Assistance, you can choose from a variety of add-ons.
Customisable Plans
Our SOAD short-term car insurance plans are completely customisable. By selecting your coverage type and policy tenure, you can enjoy excellent coverage that is worth every penny.
Cashless Claims Settlement
We have more than 10,000 cashless garages located across the country. In case of an unforeseen incident, you can get your vehicle repaired cashlessly at these facilities. We will directly settle your repair bill (except for the selected deductibles).
Reliability
IndusInd General Insurance is named among the company's most trustworthy insurance providers. By choosing our motor insurance plans, you can have peace of mind knowing your vehicle is financially protected by a reliable provider.
SAOD Short Term Car Insurance - Inclusion & Exclusion
What is Covered?
Own Damage: Our SAOD short-term car insurance plans cover expenses arising from unexpected damage to your insured vehicle.
Natural Calamities: IndusInd General short-term car insurance plans cover damages arising from natural calamities such as floods, earthquakes, storms, landslides, etc.
Man-Made Disasters: Our SAOD temporary car insurance plans also offer coverage for damages arising from man-made disasters such as riots, strikes, vandalism, etc.
Fire and Explosions: Our plans cover damages to your insured car caused by an unforeseen fire or related incident.
Theft: Our SAOD short-duration car insurance plans also cover the repair and replacement expenses incurred due to the theft of your insured vehicle.
What is Not Covered?
Self/Voluntary Damage: Our SAOD short-term car insurance plans do not cover any kind of self-inflicted damage to your insured car.
Damage Due to Illegal Driving: Any damages to the insured vehicle due to illegal or irresponsible driving are not covered.
Third-party Liabilities: Our Standalone Own Damage cover does not cover the damages done to a third party or property by your insured vehicle.
Damage Due to War/Nuclear Attack: Our short-term insurance plans do not cover any damage incurred to the insured vehicle due to war or a related situation.
Who Needs Stand Alone Own Damage Short-Term Car Insurance?
New Car Owners
Those who have recently purchased a car are among the common prospects of our SOAD short-term car insurance. You can purchase it with the mandatory third-party insurance.
Seasonal Car Owners
If you don’t use your car throughout the year, then buying car insurance for the short term is highly recommended over a year long insurance plan.
Car Owners Who Live in Disaster Prone Areas:
Our SAOD short term auto insurance is an excellent risk mitigation solution if you live in an area prone to natural disasters such as flood, earthquake, etc.
Others
Apart from the ones mentioned above, anyone who is looking to add an extra layer of protection to their vehicle can buy our SAOD short-term car insurance.
When Should You Buy SAOD Short-Term Car Insurance?
There is no right time to buy SAOD short-term car insurance. You can purchase it anytime you feel the requirement. Here are some common scenarios when it is ideal to get SAOD short-term car insurance:
Understanding IDV: What is the Insured Declared Value (IDV) in OD Car Insurance?
In case of total loss or damage of your insured four-wheeler, your insurance company agrees to reimburse your car value as per its IDV or Insured Declared Value. In simple terms, IDV refers to the highest amount your insurance provider will give you. Note that this is the current market value of a car, which is calculated based on the make, model, age, depreciation rate and a few other factors. Here is a depreciation schedule to calculate IDV, as per IRDAI:
| Rate of Depreciation |
|---|---|
Below 6 months | 5% |
6 months to a year | 15% |
1 to 2 years | |
2 to 3 years | 30% |
3 to 4 years | 40% |
4 to 5 years | 50% |
To help you a bit more, here is the formula to calculate the IDV of an insured car: Insured Declared Value = Manufacturer’s Price - Depreciation Value
How to Buy SAOD Short-Term Car Insurance Online?
Assess Your Coverage Needs
Begin by understanding your coverage requirements. Determine your coverage duration and areas of coverage.
Visit the IndusInd General Insurance Website
Go to our website to buy car insurance online. At IndusInd General Insurance, you can purchase SAOD short-term car insurance in a few simple steps.
Enter the Required Details
Fill in your personal and vehicle details such as name, email ID, address, vehicle make and model, vehicle RC and a few others.
Customise Your Plan
Next, customise your SAOD short-term car insurance by adjusting your coverage, duration, add-ons and other benefits.
Make Payment
Finally, make the payment using your preferred online payment method, such as a credit/debit card, UPI, net banking, etc.
Download Policy Documents
Once your policy purchase is successful and you have received the confirmation, you can download the policy documents.
Eligibility Criteria for Buying SAOD Short-Term Car Insurance
Eligibility Criteria:
The eligibility criteria for buying short-term insurance for a car is the same as the eligibility criteria for any other type of car insurance. Here are the basic requirements you must fulfil if you want to buy a SAOD insurance car for 1 month or more:
- Your age must be 18 years or above.
- You must have a valid driving licence.
- You must own a vehicle with a valid Registration Certificate (RC).
Note: Apart from this, you should also have a third-party insurance policy mandated by the Motor Vehicle Act of India.
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Claim Process for Stand Alone Own Damage Short Term Car Insurance
At IndusInd General Insurance, we have made the SAOD short-term car insurance claim process simple and quick. All you need to do is follow the given steps:
Inform Us: First and foremost, inform us soon after the unfortunate event. But before, ensure that it is covered under our policy. You can report the incident to us via call or the IndusInd Self-i App.
File an FIR: Next, file an FIR (if applicable). This is especially important for events like theft, vandalism, road accidents, etc. You will require a copy of your FIR during the final claims settlement. Hence, save the copy carefully.
Document the Damages: The next step is to gather the evidence through photographs, videos, newspaper cuttings and so on. This will help you get a faster claim approval.
Fill and Submit Claims Form: Download and complete the claims form and send it to us along with the specified documents. You can find the document requirements here.
Verification by Surveyor: Upon receiving your claims request, we will send our surveyor to access the losses.
Cashless Vs Reimbursement Claim: Once your claim has been approved, you can choose between cashless or reimbursement claim settlement.
- Cashless Claim: With this option, you can get your car repaired at a IndusInd General network garage cashless. You just have to pay small deductibles.
- Cash Reimbursement: With this option, you can have your car repaired at any non-network garage and be reimbursed as per the policy terms. For this option, you need to send the original invoices and a few other documents to the given address.
Third-Party Vs SAOD Vs Short Term SAOD Vs Comprehensive Car Insurance
Parameters | Third-party Car Insurance | SAOD Car Insurance | SAOD Short-term Car Insurance | Comprehensive Car Insurance |
|---|---|---|---|---|
Scope of Coverage | Only covers third-party injuries, damages and losses. | Only covers the damages and/or losses to insured vehicles as per the list of inclusions. | Covers damages/losses to the insured vehicle for a short period. | Covers damages/losses to insured as well as third party or property as per the list of inclusions. |
Legal Mandate | Mandatory | Not mandatory | Not mandatory but recommended | Not mandatory but highly recommended. |
Premiums | Lower | Higher than third-party insurance but lower than comprehensive insurance plans. | Usually lower, but can vary based on customisation. | Higher due to comprehensive coverage and a broad list of inclusions. |
Add-ons | Not available. | Limited add-ons. | Multiple add-ons available. | Multiple add-ons available. |
Suitable For | Every motor vehicle owner | Individuals who want protection for their own vehicle against potential risks. | Individuals who want own-damage coverage for a limited period. For example: seasonal drivers, travellers, etc. | Individuals seeking complete protection for their vehicle as well as third-party liabilities, against potential risks. |
This is disclaimer for the Table
How is SAOD Short-Term Car Insurance Premium Calculated?
Multiple factors are taken into consideration when calculating the SAOD insurance premium. Some of the important premium calculation factors are:
- Type of vehicle (make and model)
- Age of vehicle
- Cubic capacity of engine (CC)
- Geographic location
- Insured Declared Value
Please note that SAOD premium calculation is highly influenced by the IDV of the insured vehicle. Here is how it is calculated
IDV = Manufacturer’s Price - Depreciation Value
Once you have the IDV of your car, you can use the below formula to calculate the SAOD short-term car insurance rates for your policy:
SAOD Premium = IDV X [Premium Rate] + [Addons] - [ Discount and Other Benefits]
How to Reduce SAOD Short-Term Car Insurance Premium Amount
Select Higher Deductibles
The most effective way to reduce premiums for short-term insurance for cars is to opt for higher deductibles.
Opt for the Right IDV
Ensure that you have used the right IDV for your vehicle. The IDV directly impacts the premiums and claims settlement amount.
Avoid Unnecessary Add-Ons
SAOD car insurance plan add-ons come at a price that can significantly increase your premiums. So, avoid buying covers you don’t need.
Buy Online
Buying IndusInd General insurance plans online can significantly reduce your short-term car insurance rates with up to a 40% discount.
Factors Affecting SAOD Short-Term Car Insurance Premium
Age and Make-Model of Car
Newer cars attract higher premiums due to their higher IDV. Similarly, luxury and premium cars have higher premiums than regular cars due to their repair and replacement costs.
Insured Declared Value
A higher IDV results in higher premiums because of your car’s higher replacement/repair cost. On the other hand, a lower IDV can lead to lower SAOD short-term auto insurance premiums.
Cubic Capacity of Engine (CC)
Vehicles with large engine capacities have higher short-term car insurance premiums than low CC vehicles. This is again due to the higher repair and replacement costs.
Addons
If you purchase multiple add-ons, your premiums will automatically increase. To save on premium, it is suggested that you purchase only necessary add-ons for your unique needs.
No Claims Bonus
A No Claims Bonus or NCB is a benefit that is given when you haven’t made a claim during the policy year. By driving safely and ensuring no claims, you can significantly reduce your premiums.
Tips for Choosing the Best SAOD Short-Term Car Insurance Policy
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