After the new rules of Insurance Regulatory and Development Authority of India (IRDAI) came into force from August 1, the obligation to take third party insurance and on-damage insurance in the package form for your vehicle has expired. Now, if the owner wants to shop for a replacement vehicle, then he can take third party insurance and own damage cover separately. Talking about the car, buying the car will become a touch cheaper with the approaching of this new rule. But does one know what’s Third Party Insurance and On Damage Insurance?

Features and benefits of vehicle insurance
The Vehicle policy provides insurance to protect the liability of theft or accident of car, bike, scooter and other vehicles thanks to an accident, natural or man-made disasters or damage/injury to 3rd party. The great Motor policy specifically covers:

• Own Damage (OD) Coverage within the insured vehicle thanks to loss or damage
• Third-party liability (TP) is thanks to third party injury/death or damage to property.
• Personal accident coverage for you and your co-passengers or driver
• Other covers like Zero Depreciation Cover, No Claim Bone Protection, Key Changes and any quite an assistance on the road 24 hours each day, seven days