Own damage motor insurance can now be bought separately
Come September 1, motor vehicle owners will be allowed to purchase standalone own damage (OD) insurance cover. An OD cover insures the vehicle against theft and damages. The guidelines will be applicable for all new and old cars and two-wheelers. At present, the industry practice is to bundle OD insurance with third party (TP) insurance policy. TP liability insurance covers the insured if he is held legally liable for damages caused to a third party.