What you should know about ‘OD only’ renewal of Car/Bike Insurance

If your new vehicle is bought after 1st September 2018, you will require ‘OD only’ renewal..

All new cars and bikes that are sold by dealers from 1st September 2018 will have 3 years and 5 years third party insurance as per the Order of the Honourable Supreme Court of India.

That is, a new car sold on 1st September 2018 will have third party (TP) insurance coverage up to 31st August 2021 and a new bike up to 31st August 2023.

Car/Bike Insurance Policies with 1 year OD and 3/5 Years TP Covers

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Engine Protect Cover

Engine Protect is an add-on cover which provides protection against damage to engine and its parts due to ingress of water, which is common during monsoon or due to hydrostatic lock, leakage of lubricating oil, damage to gear box, etc.

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NCB Protection

NCB Protection (NCB Protector) add-on cover protects the No Claim Bonus earned until previous year, even if there is a claim in this year’s policy. No Claim bonus (NCB) is applicable on renewal of the policy for every claim free policy year

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24×7 Roadside Assistance

Under 24 x 7 Roadside Assistance cover, in the event of breakdown of your vehicle, insurers will extend assistance on the spot like providing refuelling, towing, change of flat tyre, battery, minor repairs, accommodation assistance, loss of key, etc., to make the vehicle mobile and provide immediate comfort to the insured. 

However, the scope under this add-on and value of the cover will differ from insurer to insurer based on their product plan. Few insurers offer minimum scope of 24 x 7 assistance at free of cost and others charge a premium.