When you purchase a two-wheeler, you might be concerned about unforeseen maintenance and replacement costs resulting from accidental damages. The Standalone Own Damage (OD) insurance shields you from unforeseen expenses in such circumstances. It offers financial protection if your car sustains damage from an accident, a natural disaster, an act of man, a fire, a theft, etc.
What Is Bike Own Damage Insurance?
Own Damage Insurance is a type of bike insurance that provides financial security if your insured two-wheeler is damaged. For instance, the Own Damage Two-wheeler Insurance Plan will compensate you for your losses if your two-wheeler is damaged due to flooding, natural disasters, vandalism, etc. As the obligatory Third-party Liability Policy does not cover your bike, such coverage is unavailable.
The Value Of Own Damage Bike Insurance
Purchasing OD two-wheeler insurance is voluntary, as opposed to third-party bike insurance, which is required. Combining the OD bike insurance with the Third-party Liability Policy ensures you will be financially secure if your two-wheeler is damaged.
When insuring their two-wheelers, many owners opt for a standard third-party liability insurance policy, as mandated by law. While this coverage is essential for protecting against damages caused to third parties, it may not provide sufficient protection for the owner’s vehicle. That’s where a standalone, own-damage, two-wheeler insurance policy comes into play. This type of insurance offers comprehensive coverage for damages to the insured vehicle caused by accidents, theft, or natural disasters. In this article, we will explore why it is crucial for certain individuals to consider obtaining a standalone damage insurance policy for their two-wheelers.
- Bought A Brand-New Two-Wheeler
Having bike parts fixed or replaced can be expensive if you have purchased a new two-wheeler. A standalone own-damage bike insurance coverage can guarantee your financial security if your new bike is damaged.
- New Riders
You are advised to protect yourself with a separate Own Damage coverage as a novice two-wheeler rider to cover potential liabilities.
- Possess A Pricey Bike
An expensive bike’s parts can be expensive to repair or replace. However, you can be sure that the OD coverage will save you money if the bike is damaged.
- Frequently Ride
Due to the popularity of two-wheelers as a form of transportation in India, there is a greater likelihood of accidental damages from riots, fires, floods, accidents, etc. Though, you are safeguarded from such injuries by the OD bike insurance coverage.
It is recommended that all two-wheeler owners should consider obtaining a standalone own damage insurance policy. This policy provides comprehensive coverage for damages to the insured vehicle caused by accidents, theft, or natural disasters. By securing this policy, owners can protect their investments, ensure financial security, and enjoy peace of mind while riding their two-wheelers. It is a prudent choice for anyone who wishes to safeguard their vehicle against potential risks and uncertainties.
A two-wheeler insurance premium calculator is a convenient tool you may utilise online to check the amount of coverage that is needed based on your requirements.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.