Standalone Own Damage Two Wheeler Policy
Two Wheeler Own Damage Insurance - Bike insurance is of three types i.e., the third party insurance, own damage insurance and comprehensive insurance. The third party or liability only is the basic insurance which covers damages incurred by a third party and is compulsory to own. On the other hand, an own damage insurance plan tends to compensate for the expenses of your own bike. Lastly, the comprehensive insurance is a bundled plan consisting of a third party insurance as well as an own damage insurance plan. Let’s understand the concept of own damage bike insurance in detail.
What Is the Standalone Own Damage Bike Insurance?
Standalone own damage bike insurance is a policy designed to offer compensation for your own bike’s damages and losses. It comprises damages and losses arising due to accidents, thefts, fire, natural calamities and any mishap. Earlier, this plan used to be purchased with third party insurance only, but, since September 2019, it can also be bought as a standalone insurance policy as well, provided you already hold a third party bike insurance in place.
With the introduction of this policy, bike owners who own a third party plan need not wait for its renewal to upgrade to a comprehensive bike insurance. Rather, you can just buy a standalone own damage plan now in addition to a third party plan to protect your own bike from damages too.
What Is Covered Under Standalone Own Damage Bike Insurance?
Types of damages covered under under this standalone own damage bike insurance are:
1. Accidental Damages
The plan gives coverage for the damages sustained by your bike due to an accident or collision.
The cover gives you compensation, if your bike gets stolen unfortunately.
The plan will cover the amount of losses incurred by your bike in case of fire.
4. Natural Calamity
The policy gives you coverage if your bike gets damaged due to earthquake, landslide, floods, tsunami, and so on.
Benefits of Standalone Own Damage Bike Insurance?
The availability of the standalone own damage bike insurance policy brings a few benefits for bike insurance policyholders. Some of the benefits are as follow:
Option of Different Insurers
With the introduction of standalone own damage bike insurance plans, the bike insurance policyholders can now opt for a third party insurance cover and an own damage insurance cover from different insurance providers of their choice.
No Compulsion for Long Term Plans
The new bike owners are no more bound to purchase a long term comprehensive insurance policy due to the compulsion of holding a long term third party plan. However, they can now hold a third party insurance plan of 5 years and a standalone own damage plan of 1 year, which they can renew every year.
Economical Bike Insurance
With the breakup of long term comprehensive insurance plan into long term third party insurance and short term own damage plan, the insurance plans have now become economical for the policyholders. Also, the policyholders can buy their own damage policy from the insurers providing the most affordable insurance offers that can enhance their financial benefits.
The right and complete information of a bike insurance plan can help you avail it to the fullest. On this note, we hope that with the above-mentioned details about the standalone own damage bike insurance, you can now purchase a bike plan including add-ons as per your budget and requirements, which will help you protect your bike in the best possible manner.
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.
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