What is lower OD premium?
It only covers liabilities arising from damage caused to a third party. The damage could be due to an accident resulting in injury, death, or damage to property. The OD part of motor insurance is optional and it covers damage to the insured vehicle in case of an accident. This part of insurance also covers thefts.
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.
What is difference between OD and TP?
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.
Is OD insurance compulsory in India?
No, the Standalone OD Insurance is optional; however, Third-party Two-wheeler Insurance is mandatory as per The Motor Vehicles Act, 1988.
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