Difference Between OD And TP Insurance:
According to Nitin Kumar, head of motor insurance at Policybazaar.com, the difference between OD and TP motor insurance policies lies in the coverage that they offer. “A TP motor insurance policy is mandated as per the Motor Insurance Act and provides coverage for damages and injuries caused to a third party by the policyholder. On the other hand, OD insurance provides coverage for damage or loss to policyholders' vehicles due to accidents, theft, natural disasters, etc. In the case of an accident with your vehicle, your insurer will pay for the damages. Apart from accidental damages, your insurer will also pay for damages due to fire, floods, earthquakes, and other natural calamities, along with theft,” Kumar said.