Standalone Own Damage Bike Insurance For Beginners
Published On Jun 10, 2021 11:00 AM By InsuranceDekho
This article provides basic information on standalone own damage bike insurance for beginners.
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Your bike is your prized possession, but it can be expensive to maintain and take care of. With the increase in the number of vehicles on the road, accidents have become extremely unpredictable. The cost incurred to repair the damages sustained by your bike along with compensating for the third party’s loss will be expensive and burdening. Therefore, investing in a bike insurance policy will provide you with financial assistance in times of need. However, different policies offer different coverage. In this article, you can find out what a standalone own damage bike insurance policy covers.
What Is a Standalone OD Bike Insurance Cover?
A standalone own damage bike insurance offers facilities similar to that of a comprehensive bike insurance policy. However, it is an insurance cover that is meant for those who have already purchased a standard third-party bike insurance policy and need extra coverage to protect themselves from financial liabilities.
An own damage bike insurance cover will provide financial assistance to pay for the repair of the damaged parts of the bike in case of any accidents. A standard third-party insurance policy will provide you financial assistance to compensate for the loss of the third party. It does not provide any sort of assistance to the policyholder to repair any damage caused to his/her bike. Thus, purchasing a standalone own damage bike insurance cover will provide the required financial assistance to clear expensive bills incurred to repair the damages caused to your bike in case of any accident, theft, or natural disaster.
Standalone OD Insurance V/S Comprehensive Bike Insurance Policy
Most people confuse own damage insurance and comprehensive bike insurance to be the same. Standalone own damage insurance is not a standard insurance policy. It does not include third-party liability and provides coverage only for the damages caused to your bike because of an accident, theft or man-made and natural disaster. A comprehensive bike insurance policy is a standard insurance policy that includes third-party liability and also offers cover for damages caused to your bike due to events other than road accidents.
IRDAI has recently made its own damage insurance available as an additional cover. You can add this cover to your standard third party insurance policy to get extra coverage. If you have purchased a standard third-party insurance policy, you can’t change it until the policy term expires. Thus, you can purchase a standalone damage insurance policy to protect yourself from the expensive repair bills of your bike.
You may also like to read:- How To File Bike Insurance Claim In India?
The best part about Standalone Own Damage bike insurance is that you can purchase it separately with a different bike insurance premium amount which will not add up to your standard insurance policy. This implies that you can research different premium prices for OD insurance and purchase the one that suits your budget the most.
What Are The Benefits of Standalone Own Damage Bike Insurance Cover?
You can purchase a standalone own damage bike insurance as an additional insurance policy to your third party insurance policy. A standalone own damage bike insurance policy offers coverage to any damage that the bike sustains in case of the following situations -
1. In any event of damage caused due to an accident.
2. Natural disasters like floods, earthquakes, etc.
3. Compensation in case your bike is stolen.
4. Covers any damage caused due to a man-made disaster like fire, etc.
Purchasing a standalone own damage bike insurance will also give you the benefit of the No Claim Bonus if you don’t claim your bike insurance for the mentioned policy term. It also has a relatively lesser premium amount when compared to the standard comprehensive bike insurance policy.
Also Read:- How Do I Find Out My Bike Insurance Expiry Date?
Purchasing the right insurance policy is very important to have the coverage that you require for your bike. Make sure to read the policy documents and understand the contents of the policy carefully. Ensure that you purchase a policy that offers maximum coverage at an affordable premium amount.
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.