Save up to 50% by opting for minimal motor insurance cover: Experts

Owners of younger or more valuable vehicles should stick to comprehensive cover

The pandemic has forced people to work from home, which means they are using their vehicles much lesser than in pre-Covid-19 times. As a result, they have lesser reason to worry about accidental damage. In this scenario, many vehicle owners are wondering if they should persist with comprehensive motor insurance cover, or shift to a minimal cover.

Motor insurance has two components — third party (TP) and own damage (OD). The TP cover is mandatory and is inexpensive. The OD cover is optional, but is the more expensive component. A comprehensive policy has both TP and OD covers.

Experts suggest that if