The increasing urban population has made it difficult to find appropriate parking spaces. At such times you end up parking your vehicle on the streets or not in a dedicated parking space.
Now you may wonder that there is risk in doing so. Certainly, there is!
You never know who can damage your car. This damage can be as petty as kids playing and you end up with a dented vehicle or a broken side mirror. The possibilities are endless. But one of the riskiest scenarios when parking on the streets is someone else hitting your car. It is frustrating when it is no fault of yours.
You can only find who damaged it by looking at the security footage available. But does your car insurance policy cover such damage?
Yes, it does! An Own Damage (OD) cover ensures you remain financially stress-free in such unwanted situations.
What should I do when someone damages my parked car?
Here are some essential things that can be followed when your vehicle is damaged –
Making a note of the offender: In case you witness the accident, ensure you make a note of the details of the offender. The vehicle’s registration number and the model and make of the vehicle can come handy.
Speak to any witness to the accident: If someone is a witness to such damage to your car, you can enquire the details of the offender. Also, ask if they are willing to testify for your damage and note their details like contact number.
Capture the evidence in photographs: While making an insurance claim, this is a crucial step. The insurance company demands proof for any damage suffered by your car. At such times, producing photographic evidence proves useful.
File First Investigation Report (FIR): When you notice that your car has sustained damages when parked unattended, you must file an FIR with the concerned police officials. It will help them officially investigate the matter.
Intimate your Insurer: Do not forget to intimate your insurer about such damage to your vehicle. This will help you stay financially afloat to insure the cost of damage.
While you can opt for many cheap car insurance plans, buying a comprehensive cover with own damage protection comes handy to protect against such unforeseen events.
Available as a part of your comprehensive cover, the own damage portion provides for any financial loss due to thefts, accidents, and compensating for any cost towards repairs as well as replacement.
What is the importance of an Own Damage Cover?
A third-party cover insures against financial losses to any third person; comprehensive insurance plans provide for own damage along with third party cover. Accidents are unfortunate and happen at most inopportune times, and a parked accident is one among such. Availing comprehensive cover ensures you are financially secured from such unprecedented financial blows that might break your bank.
When looking for own-damage car insurance covers, don’t forget to check standalone own-damage policies too. This policy will provide for insurance cover only for your own damage, unlike a comprehensive insurance plan, and is recommended only when you’re hard on your finances. Note that a standalone policy can only be purchased if your car is already insured with a third party cover.
To conclude, the silver lining to your parked car accident is that it is covered under your insurance policy. In case you own a third-party cover, make sure you opt for a comprehensive or standalone own damage cover at your next car insurance renewal. Stay prudent and get insured.