What is basic od cover

Own damage (OD) means exactly what it sounds like – damage to your own (in this case, car). The presence of the OD section in your policy means it will cover the cost of repair of your car. Such a policy is also called a stand alone own damage(OD) policy.

What is basic OD?

The own damage cover allows you to compensate for the repair and replacement expenses. OD policy compensates for damages like natural calamities, man-made calamities, due to accidents, theft or malicious acts. There are insurance companies that provide own damage insurance cover for your vehicle.

What is OD cover and TP cover?

While the OD part provides coverage for any damage caused to the insured vehicle, the TP part covers the policyholder's legal liability arising due to damages inflicted to a third party individual or property due to his/her negligence driving.

What is OD value of car insurance?

Own Damage Car insurance a.k.a. OD Insurance is a motor insurance policy that is intended to safeguard your car against unforeseen own damages. This policy offers car insurance coverage for own damages sustained by your car due to road accidents, fire, natural calamities, or any other mishap.

Is OD insurance compulsory in India?

No, an OD insurance for your car or bike isn't mandatory but is recommended for protection for your own vehicle. As per the Motor Vehicle Act, the basic Third-Party Insurance is mandatory for all vehicles.