Car insurance policy offers you insurance cover for accidental damage caused to your car, or injury to third parties or damage to third party property. • Learning the terminology will help you clearly understand the cover and make an informed decision. Here’s a look at the most important terms you should be familiar with: • 1. Own Damage (OD)This covers loss or damage to the vehicle insured due to accident including Fire, theft etc in addition to Third Party Liability for bodily injury and/ or death and Third Party Property Damage.
2. Third Party Insurance (TP) Third party insurance or third-party liability cover, which is sometimes also referred to as the ‘Act Only’ cover, is a statutory requirement under the Motor Vehicles Act. It is referred to as a ‘third-party’ cover since the beneficiary of the policy is someone other than the two parties involved in the insurance contract. 3. Legal Liability A Third Party Liability means the amount of compensation a vehicle owner needs to pay to third parties who suffered injuries or damage to property, in an accident involving the insured vehicle. The claimants include legal heirs of the person who died in the accident.
4. Comprehensive Cover Comprehensive car insurance cover will protect you against any accidental loss or damage to the Private Car caused by the following unforeseen events: · Fire, explosion, self ignition or lightning · Burglary, housebreaking or theft · Riot or strike · Earthquake (fire and shock damage) · Flood typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost [Source: https://www.royalsundaram.in/blog/car-insurance/19-car-insurance-terminologies-you-should-know/]
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