Own Damage Insurance

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Difference between the Third-Party Premium and Own Damage Premium

We know that as per the Motor Vehicle Act, 1988 in India we can have two kinds of policies. One can be a comprehensive policy with Own Damage and Liability Cover, and the other can be a standalone Third-Party Liability Policy. Over the years, the liability claims have risen resulting in the increase of the Third-Party premium.

	Third-Party Premium	Own Damage Premium
Basis of Calculation	It is fixed by the Insurance Regulator depending on the Cubic Capacity of the vehicle.	Own Damage Premium on the other hand is computed based on the IDV, year of purchase, location and type of the vehicle.
Stability	The Third-Party premium can be increased and decreased by the regulator IRDAI.	The Own Damage premium will decrease as the value of the vehicle will depreciate over the years.
Share in Motor Premium	Always would be a share as fixed in the Motor Policy, be it comprehensive or standalone.	It may or may not form share in the Motor Policy premium.

Own Damage Insurance

Own Damage Insurance

A Detailed Guide about Own Damage Insurance a.k.a. OD Insurance

Who is eligible to buy an Own Damage Insurance?

Who should get a Standalone OD Insurance?

What is covered in OD Insurance?

Damages to your vehicle in an accident

Theft of your vehicle

Losses caused to your vehicle in a fire

Damages to your vehicle due to a natural calamity

What’s not covered?

Third-Party Liabilities

Driving Drunk

Driving without a Licence

Add-Ons Not Bought

Consequential Damages

Contributory Negligence

Driving without a Licence Holder

Add-ons available with Own Damage Insurance

What is Own Damage Premium?

How is the Own Damage Premium is calculated?

How to reduce OD insurance premium?

Difference between the Third-Party Premium and Own Damage Premium

What should I get?

An Own Damage Insurance, Third-Party Insurance or Comprehensive Insurance?

FAQs about Own Damage Insurance in India

✓ What does OD mean in insurance?

✓ Who is eligible to buy an od insurance?

✓ What are the different types of motor insurance policies available?

✓ Is OD insurance mandatory by law?

✓ When did an OD insurance come into effect?

✓ Can I still buy an OD policy if my Third-Party policy is expiring in June?

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