IN YOUR SERVICE SINCE 2000


free website counters

 

0120 - 4292986

Dear Visitor,

Kindly Visit Our Office


OD only

किसी भी मोटर गाड़ी का बीमा कराएं

competitive price में local सेवा उपलब्ध
कोई भी मोटर गाड़ी - 2 पहिया से 18 पहियों तक - कोई भी

Insurance is need, not luxury. You need insurance...


OD ONLY POLICY COVERAGE

The OD policy could only be bought in combination with a third-party cover.

However, with the new guidelines issued by IRDAI, one will now get the flexibility to buy these two insurance covers separately, either from the same insurer or from different insurers.

What is standalone OD policy?

Insures have now been allowed by IRDAI to offer one-year standalone OD cover to new vehicle owners from September 1, 2019. Therefore, now they can renew/buy the own damage component by purchasing 1-year standalone OD policy from the same or different insurer.

How to buy renewal with long term third-party insurance policy,for new vehicle owners ?

In 2019, the Insurance Regulatory and Development Authority of India (IRDAI) allowed insurers to come up with three types of motor insurance plans.

1) bundled insurance.

2) standalone long-term third-party policy.

3) long-term comprehensive insurance plan.

What is standalone own damage policy?

Normally, own damage (OD) policy cover is a part of your standard motor insurance policy. What this means is that the policy will have both OD and third-party covers. The OD policy could only be bought in combination with a third-party cover.

The own damage component covers any damage caused to your vehicle occurring due to an accident or due to any natural calamity whereas the third-party cover covers liability for injuries and damages to others for which you are responsible.

As per IRDAI guidelines, insurers are not permitted to offer long-term stand-alone own damage policy, i.e., 3-year stand-alone OD plan for cars and 5-year stand-alone OD policy for two-wheelers. Therefore, you can renew the standalone own damage policy with the existing insurer or different insurer only on an annual basis.

1. A standalone long-term third-party insurance policy

Usually, third-party vehicle insurance, which is compulsory for all vehicle owners in India, is issued for one-year. In 2019, IRDAI allowed insurer to come up with 3-year third-party insurance for cars. This type of policy is termed as standalone long-term third-party insurance policy.

How to renew the policy standalone long-term third-party insurance policy
There may be some vehicle owners who opted to buy only standalone long-term third-party insurance policy last year and did not buy the OD component. Such people will not have to renew their third-party insurance for the next two years.

2. bundled cover with a 3-year or 5-year term (as applicable) for the third-party cover and a 1-year term for OD cover.

With effect from September 1, 2019, those buying new vehicles had the option of buying a bundled cover for three years for the third-party cover and a 1-year term for the own damage cover for cars. Similarly, a bundled cover with 5-year term for the third-party cover and a 1-year term for OD cover is available for two-wheelers.

How to renew the bundled cover

If you have purchased the above-mentioned type of cover last year, you can renew the own damage component from the same or different insurer. The third- party 3-year or 5-year (as applicable) cover does not need to be renewed till the end of 3 or 5 years.

A long-term comprehensive insurance policy

A long-term comprehensive policy is applicable only for new cars and two-wheelers. It provides 3-year comprehensive covers for cars & 5-year comprehensive covers for two-wheelers.

The comprehensive cover includes both vehicle OD policy and third-party insurance.

When to renew such policy

Those who opted for this policy last year or have bought the policy this year, don't have to renew the policy for the next two years.




HOW TO REACH US..... GOOGLE MAP LINK

Contact for insuring

any motor vehicle on wheels

any means any

2 wheeler to 18 wheelers

TAG CLOUD

Car Insurance in greater noida, bike insurance, vehicle policy, risk cover, 3rd party insurance,third party bima,online policy for car insurnace, door step service for car insurnace, pay online and get policy at door step, audi car insurance, mercedes car insurance, scorpio car insurance, innova car insurance, hyundai, tata, kia, maruti, honda, mahindra, fiat car insurance.