Own-damage car insurance, sometimes called fully comprehensive car insurance, is a type of policy that protects you in the event that you cause damage to your own vehicle in an accident or otherwise.
Own-damage insurance policies are standalone coverages and do not have to be bundled with any other coverage, such as liability insurance or medical payment coverage.
You can simply buy standalone own-damage car insurance and then add on whatever other kinds of car insurance coverage you need, such as collision and comprehensive coverage.
What is standalone own-damage car insurance?
While some auto policyholders may choose not to purchase an additional standalone policy for damage coverage from their insurance carrier, others may want that extra layer of protection.
Standalone own-damage policies typically cover repairs or replacement of any covered part of your car up to predetermined limits; they often also offer medical payments and personal injury protection. Because they are purchased separately from a comprehensive policy, standalone policies provide you with flexibility in terms of deductibles, coverages and more.
As such, it’s worth considering whether it might be beneficial for you. Talk with an independent agent about what options are available in your state and when it might make sense for you to add one on.
The Benefits of Standalone Own Damage Car Insurance
Own damage car insurance is one of those policies that some people think about when getting new or replacement auto coverage. However, there are many drivers who might not even know that standalone own damage policies exist.
You might be surprised at how much it can help you if you have major accidents or need repairs frequently. With these benefits in mind, read on to learn more about standalone own damage car insurance and whether it’s right for you.
How Can I Apply for Standalone Own Damage Car Insurance?
The good news is that you don’t have to wait until something happens in order to apply for standalone own damage car insurance. If you’re looking into it and can put together a basic financial plan, it’s easy enough to get started.
You might also be able to talk with someone at your bank or another local business. After all, since such policies aren’t mainstream yet (in part because they’re not required by law), you won’t be competing with many other people for coverage.
Is there anything I should know about applying for this policy?
There are two things you should know about applying for standalone own-damage car insurance. First, they’re more expensive than other policies because they only cover damage you cause to your vehicle.
Since there’s no third party involved in any kind of collision or accident (unless you damage other cars on your property), the insurance company is taking more risk by insuring you without a built-in client base.
That means that premiums are typically between 20 and 50 percent higher than those of comprehensive policies with third party coverages.