Motor insurance: Now buy standalone own damage cover

Motor insurance: Now buy standalone own damage cover

Vehicle-owners can now buy standalone annual own damage covers for cars and two-wheelers from any general insurance company. From September 1, insurers cannot bundle own damage and third-party insurance cover compulsory to a policyholder. “For issuance of standalone own damage annual cover as well as for renewal of the own damage component of a bundled cover, insurers shall ensure that own damage cover is offered only if a motor third-party cover is already in existence or is taken simultaneously,” says a circular issued by Insurance Regulatory and Development Authority of India (Irdai).

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