Motor Own Damage Insurance is a form of insurance to help you in the event of damage to your car in an accident.Motor Own Damage Insurance covers a wide variety of cases,from broken windows to theft or damages arising out of an accident.
Motor third-party insurance cover,which is also referred to as the‘act only’cover,is a statutory requirement under the Motor Vehicles Act,1988.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 contract(the car owner and the insurance company).The policy does not provide any benefit to you.However,it covers any legal liability that you may incur due to death/disability of third-party and/or loss or damage to the third-party property while using the car.