In General Insurance, a Third Party or TP insurance policy is a statuatory requirement under the Motor Vehicle Act for all Vehicle Owners. It is a type of insurance cover which offers protection against damage to the third-party vehicle, personal property and physical injury.
An own damage (OD) claim in vehicle insurance refers to a claim filed by the policyholder to cover damages to their own vehicle. This type of claim is typically used when the damage is a result of an accident, theft, fire, or natural disasters.