Own Damage Cover In Two Wheeler
Updated On Aug 09, 2021
Read this article to find out the features of your own damage bike insurance cover and the benefits of purchasing it.
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Your bike is a cherished item, but maintaining and caring for it may be costly. Accidents have gotten more unexpected as the number of vehicles on the road has increased. The costs of repairing your bike's damages as well as compensating for the loss of a third party will be high and burdensome. Thus, purchasing bike insurance coverage will offer you financial aid in the event of an emergency. Different policies, however, provide different levels of coverage. Find out what a standalone own damage bike insurance policy covers in this article.
What Is A Standalone Own Damage Bike Insurance Cover?
A standalone own-damage bike insurance cover provides similar benefits to a comprehensive policy. It is, however, an insurance policy designed for customers who have previously purchased a regular third-party insurance policy and require additional protection against financial obligations that come along with owning a bike.
In the event of an accident, an own damage bike insurance policy will give financial support to pay for the repair of the bike's damaged parts. Regular third-party bike insurance coverage will offer you financial help in the event of a third-party loss but it does not offer any aid to the policyholder in repairing any damage to his or her two-wheeler.
In the event of an accident, theft, or natural disaster, acquiring a standalone own damage bike insurance policy will give the necessary financial aid to clear exorbitant costs incurred to repair the damages made to your bike.
What Are The Features of A Standalone Own Damage Cover?
The following are the features of a standalone own damage cover for bike insurance -
1. The policyholder obtains coverage for both covered vehicles as well as third-party liability under this insurance plan.
2. An individual's own damage insurance is comprehensive, with add-on riders available to supplement their baseline insurance coverage.
3. When compared to third-party insurance, the price for own damage insurance is a little more expensive.
4. Under this plan, the insured bike is protected against natural and man-made disasters, as well as damage caused by a third party as a result of an accident or incident involving the insured bike.
Comparing Standalone OD Cover And Comprehensive Bike Insurance
The majority of individuals believe that own damage insurance and comprehensive bike insurance are the same things. Standalone own damage coverage is not the same as a conventional insurance policy. It excludes third-party liability and only covers damage to your bike as a result of an accident, theft, or man-made or natural disaster. A comprehensive bike insurance policy is a common policy that covers third-party responsibility as well as damages to your bike caused by causes other than traffic accidents.
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The IRDAI has just introduced its own damage insurance as an additional cover. This cover can be added to your ordinary third-party insurance policy to provide additional protection. If you've bought basic third-party insurance coverage, you won't be able to change it until the policy term ends. As a result, you can get a separate Standalone Own Damage insurance cover to protect yourself from pricey bike repair fees.
What Are The Benefits of Purchasing Own Damage Cover?
As an addition to your third-party insurance coverage, you can acquire a standalone own damage bike insurance policy. A standalone own-damage bike insurance policy covers any damage to the bike that occurs in the following circumstances -
1. In the event that an accident causes damage.
2. Floods, earthquakes, and other natural disasters
3. If your bike is stolen, you will be compensated.
4. Covers any damage caused by a man-made calamity, such as a fire.
The best thing about Standalone Own Damage bike insurance is that you may buy it separately and pay a different premium that will not be added to your regular policy. This means that you may compare several OD insurance premium prices and buy the one that best fits your budget.
It's critical to get the correct insurance policy in order to get the coverage you need for your two-wheeler. Ensure you study the policy documents thoroughly and comprehend the policy's contents. Make sure you get a policy that gives you the most coverage for a reasonable price.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.