What Is Own Damage Insurance?

Own Damage Insurance, commonly known as OD insurance, is a crucial component of motor vehicle insurance policies. It provides coverage for damages to the insured vehicle due to various perils, excluding third-party liabilities. In simpler terms, OD insurance safeguards your vehicle against losses caused by accidents, theft, natural calamities, and other specified events.

The scope of Own Damage Insurance typically includes coverage for the following:

1. Accidents: Own Damage Insurance covers damages arising from collisions with other vehicles or objects. This is particularly significant as repair costs can be substantial in the event of an accident.

2. Natural Calamities:Incidents such as floods, earthquakes, cyclones, and other natural disasters can lead to extensive damage to your vehicle. OD insurance provides financial protection in such scenarios.

3.Man-Made : Vandalism, riots, and other man-made disasters are also covered under OD insurance, ensuring that your vehicle is protected in a wide range of unpredictable situations.

4.Fire Damage: If your vehicle is damaged due to a fire, whether accidental or intentional, Own Damage Insurance steps in to cover the repair or replacement costs.

5. Theft: In the unfortunate event of your vehicle being stolen, OD insurance provides compensation based on the Insured Declared Value (IDV) of the vehicle.

6.Personal Accident Cover: Some OD policies include coverage for personal accidents, providing financial assistance for medical expenses or compensation in case of disability or death of the insured.It’s important to note that Own Damage Insurance is distinct from Third-Party Insurance. While Third-Party Insurance covers liabilities arising from damages to a third party, OD insurance focuses on the insured vehicle itself. Many vehicle owners opt for a comprehensive