Srinagar- As the festive season ushers in prosperity and new beginnings, India's automobile market is once again gearing up for record-breaking Diwali sales. In 2024, car registrations surged past 4.25 lakh passenger vehicles by October 29, according to Autocar India - and 2025 is expected to see a similar, if not higher, festive boom.

However, amid the excitement of bringing home a new car or bike, one crucial aspect that buyers often overlook is choosing the right motor insurance cover. A well-chosen insurance plan not only ensures compliance with Indian law but also offers financial protection and peace of mind for years to come.

Understanding the Basics: Third-Party and Own Damage Covers

As per the Indian Motor Vehicles Act, 1988, and the Indian Road Safety Act, third-party motor insurance is mandatory for all vehicle owners. This policy covers damage caused to another person's vehicle, property, or life due to an accident involving your vehicle.

However, this basic coverage does not include any damage to your own vehicle. That's where an Own Damage (OD) Cover comes in - protecting your car or bike from accidental damage, fire, theft, or natural calamities. The best time to opt for this cover is while purchasing a new vehicle, as insurers often offer it at a more affordable rate.

Go Comprehensive for Complete Peace of Mind

For those seeking all-round protection, a Comprehensive Motor Insurance Policy is the way to go. It combines third-party liability, own-damage protection, and personal accident cover for the owner-driver. This policy also extends coverage when your vehicle is being transported via road, rail, air, or water - a boon for intercity relocations.

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