OD Full Form in Insurance

What is the Full Form of OD in Insurance?

The OD Full Form in Insurance is Own Damage. “Own Damage” means all insurances where any damage is accrued to the vehicle of the policyholder due to accidents, theft, fire, or natural calamity. This is essential damage to the car forming part of comprehensive car insurance policies that provide financial protection of the physical integrity of the insured vehicle.

Own Damage Coverage Summary:

This is that kind of cover under which the vehicle of the policyholder is secured against various kinds of risks: accidents, acts of vandalism, theft, fire, and natural calamities. This generally takes place under comprehensive car insurance and ensures financial security in relation to the vehicles possessed by the people.

Scope of Own Damage Protection:

Under Own Damage, it extends to loss or damage that occurs due to the occurrence of various perils such as collision with another vehicle, impact by falling objects or animals, malicious damage, theft of the insured vehicle, impact by fire, and loss due to natural calamities such as flood, earthquake, or tempest. This indemnifies or undertakes repair to cover damages to the insured vehicle finally, which reduces one of the heavy financial burdens of the policyholder.

Claim Process and Documentation Requirements:

See, in the event of an Own Damage claim, the policyholder is to intimate the insurance company at the earliest and submit the required documentation, which includes a duly filled claim form, photographs of the vehicle damaged, police FIR (First Information Report) in the event of theft or vandalism, and authorized workshop repair estimates. Before reaching that stage, insurance companies may do some surveying or inspections in relation to the magnitude of damage and its validity for claim before the stage of reimbursement or execution of required repairs.