Standalone OD for Motor TW

Motor Insurance Policy

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🚗 What is Standalone Own Damage (SAOD) Insurance?

A Standalone Own Damage policy protects your vehicle against loss or damage if you already have a valid Third-Party insurance policy. It covers accidental damage, theft, fire, natural calamities, and malicious acts.

👤 Who Can Buy This Policy?

Any vehicle owner whose vehicle is registered in India and already has an active Third-Party Liability policy.

✅ What Does the Policy Cover?

Coverage	What’s Included
Accidental Damage	Covers repair expenses due to collision or road accident
Theft / Total Loss	Compensation up to IDV if the vehicle is stolen or beyond repair
Natural Calamities	Flood, earthquake, cyclone, landslide, tsunami, etc.
Man-Made Events	Riots, strikes, vandalism, terrorism, etc.
Fire & Explosion	Damage due to fire, self-ignition, or explosion
Third-Party liability is not included under SAOD. It must be purchased separately.

💰 What Affects the Premium?

Insured Declared Value (IDV)
Engine cubic capacity (CC)
Age of vehicle
Geographical zone
Add-on covers chosen

📌 How is the IDV (Sum Insured) Decided?

IDV is the current market value of the vehicle after applying standard depreciation as per rules.

Vehicle Age	Depreciation %
0 – 6 months	5%
6 – 12 months	15%
1 – 2 years	20%
2 – 3 years	30%
3 – 4 years	40%
4 – 5 years	50%
For vehicles older than 5 years or discontinued models, IDV is mutually agreed upon between insurer and owner.