Team AckoJun 14, 2021
There’s nothing worse than seeing that your parked car has been hit and damaged. It’s obvious that someone has hit your vehicle. If you are lucky, maybe the security cameras or witnesses might be able to tell you what happened. So, what happens when you see a parked car accident? Own Damage (OD) cover in your vehicle insurance is a very effective way to deal with this situation.
In this article, find out what to do if someone damages your car? And, what are the things that you should do immediately?
If someone hits your parked car and leaves, usually the one at fault, without providing contact details, it’s considered as a hit and run accident. Some examples of parked car accidents are as follows:
A vehicle hits your parked car that was unattended, and the driver leaves the scene of the accident without providing their contact details.
A driver hits your parked car and does not leave the scene and is ready to cooperate in resolving the issue.
Investing in a car not just includes the cost to buy the vehicle, it also needs regular maintenance. With maintenance costs on the rise, a dent or damages to your vehicle will leave you requiring more funds to fix the dent or damages. Therefore, your car needs financial protection to cater to situations such as the parked car accidents.
Apart from remaining calm and alert, here is what you can do if someone hits your parked car:
Note Important Details of the Offender: Make a note the contact details of the person who has damaged your vehicle. However, if it’s a hit and run accident, it’s advisable not to follow the offender, instead, make a note of the vehicle number and the model.
Engage with the Witness of the Accident: In case someone is a witness to the accident, ask them for details of the offender and if they are ready to testify for you. Take their contact details if they are ready to testify.
Get Photographs of the Scene of the Accident: Ensure you take enough photographs of the damages sustained by your vehicle. This will help you when you raise a claim as well as for investigation purposes.
File an FIR: Report the incident to the police with an FIR since they will proceed with the investigation upon FIR.
Inform Your Insurance Company: Inform your insurer about the incident and raise a claim for the financial losses due to the damages.
Also, Read: Physical Damage Coverage in Car Insurance
Bundled into the Comprehensive car insurance, Own Damage (OD) covers financial losses to the insured vehicle arising due to accidents like theft, fire, accidental damages, etc. It compensates you for expenses towards repair or replacement of parts of your car.
While the mandatory Third-Party car insurance covers financial losses of the insured vehicle arising out of damages to the third party or their property, the Comprehensive car insurance covers Own Damage along with Third-Party damages. Accidents come unannounced and parked car accidents are one of them. By insuring your car with the Comprehensive car insurance policy, you can get your car fixed in case it was an accident to your parked car.
The coverage of Own Damage is as follows:
Damages due to natural calamities such as floods, fire, earthquakes, etc.
Vandalism, riots, etc.
Parked car accidents.
Below are what the Own Damage car insurance does not cover under the policy:
Third-party damages or to their property.
Injuries to the third party.
Damages by/to a person driving the car without a valid driving licence.
Regular wear and tear.
Electrical or mechanical breakdown.
Damages caused to the insured vehicle while driving under the influence of alcohol or other intoxicating substances.
Also, read: How Car Types Affect Your Car Insurance Premium
The premium you pay towards coverage against financial losses against damages to your car is known as OD Premium. Through the payment of the Own Damage premium, your car is covered against:
Theft, fire, etc.
Natural calamities such as floods, earthquakes, etc.
Transit of vehicles by road, rail, inland waterways or air.
Vandalism, riots, strikes, terrorist attacks, etc.
The Own Damage Premium for a car is calculated based on:
Make, model and age.
Declared Value of the vehicle.
Engine cubic capacity (CC).
Also, read: Vehicle Scrappage Policy in India
While the Comprehensive car insurance policy includes both the Third-Party and Own Damage cover, the Standalone Own Damage insurance policy covers only damages to the insured car. The insurance policy will cover your car in case of:
Loss or damages to the insured vehicle due to fire.
Theft, burglary or housebreaking.
Riot or strike.
Earthquake (fire and shock damages).
Flood, hurricane, storm, other natural calamities.
Damages sustained by in transit by road, rail, air or waterway.
Landslide or rockslide.
Along with the Standalone Own Damage insurance policy, you can include several Add-ons. Below are the details:
Invoice Cover: Under this Add-on, in case of total loss/theft/constructive total loss of the insured vehicle during the policy period, the insurer will pay the difference between the IDV and the Invoice Value of the insured vehicle. This will include applicable road tax and registration fees.
Engine Protect: This type of Add-on will reimburse the insured vehicle up to the amount specified in the policy for the expenses incurred due to repair or replacement arising out of damages of the internal parts of the engine, gearbox and differential assembly.
Personal Belongings – Damage: In case of an accident of the insured car, the insurer will pay an amount up to the sum assured for the cost incurred towards the repair or replacement of the personal belongings of the insured kept inside the insured vehicle.
Zero or Nil Depreciation: The insurer will pay the depreciation amount deducted on the value of parts replaced in case of partial loss claim arising out of accidents.
NCB Protect: The insured will get the No Claim Bonus while renewing the policy in the event of any claims raised during the policy period.
Roadside Assistance: The insured vehicle will get emergency assistance in case of a flat tyre, battery jumpstart, on-spot repair, spare key retrieval, emergency towing, etc.
The following documents required while raising a claim under Own Damage:
Copy of the insurance policy.
FIR copy (as per case).
Registration certificate of the car.
Driving licence of the driver of the insured car.
Photos of the damages taken at the accident spot.
Here some of the frequently asked questions about parked car accidents and the insurance policy associated with it:
Will the insurance company pay if someone hits my parked car?
You can raise a claim under the Comprehensive car insurance policy as this includes the Own Damage coverage. Third-Party car insurance does not cover Own Damage since it is exclusive to the third party damages.
What is Third-Party or Liability Car insurance?
Under this type of car insurance policy, only financial losses arising out of damages to a third party or their property and not damages to the insured vehicle is covered.
What is the difference between Own Damage Premium and Third-Party Premium?
While the premium for the Own Damage cover is calculated by including losses incurred by both the third party and the insured vehicle, however, the Third-Party premium is based on financial losses incurred by the insured vehicle due to damages sustained by the third party or their property.
How to raise a claim for parked car accidents?
The process to raise a claim for parked car accidents is similar to Own Damage claim. But before you raise a claim, ensure you have made a note of the third party details (if available), photos of the accident spot along with the damages to your vehicle and file the FIR with the police to initiate the claim process.
How much protection does Own Damage cover provide?
The amount that your insurer compensates you in case of your own damage claim depends on the car’s Insured Declared Value (IDV) or the sum assured amount.
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