Everything You Need To Know About Own-Damage Bike Insurance Cover
If you plan to buy bike insurance, learning about different policies, including their inclusions and exclusions, is an intelligent decision. Own-damage bike insurance cover is a plan you can buy to protect your vehicle. So, what is own damage insurance for a bike all about? Let us find out below.
What is Own Damage Insurance for Bikes?
Own-damage insurance for bike, also known as a standalone own-damage policy, protects your bike in case of damage due to accidents, theft, man-made disasters, fire, etc. In case of an accident, your damage insurance provides financial cover for expenses to repair or replace parts of your bike damaged in the accident.
Why is Own Damage Cover Crucial for Bike Insurance?
Own damage insurance for the bike covers you financially for repairing the parts of your insured vehicle due to an accident. Buying only third-party insurance will only pay for third-party liabilities leading to damage, injury, or accidental death. Even if your bike gets damaged, the insurance company will not provide any insurance coverage to repair the same.
Other key benefits of own damage bike insurance cover are:
● Not Mandatory: Own-damage coverage is complimentary, unlike third-party insurance, which is mandatory coverage.
● Added Financial Security: Own-damage insurance for bikes provide you with financial coverage to repair/replace the damaged parts of the insured bike due to accidental damages.
● Wider Coverage: Own-damage cover offers added coverage and inclusions as compared to third party insurance. Therefore, premiums can be significantly higher than the third-party bike insurance policy.
Inclusions in Own Damage Cover for Bikes
Own-damage cover for bikes provides additional benefits. These benefits are given below.
● Natural Calamities: If your bike is damaged by earthquakes, floods, cyclones, etc., the cover will provide financial aid for the losses.
● Accidental Damages: In case of accidents, OD cover provides monetary cover to repair or replace the parts without bearing the brunt of financial losses.
● Fire & Explosion: If your bike is damaged by fire or explosion, your own damage insurance plan can cover the financial damages.
● Theft/Malicious Acts: OD plan coverage covers such losses if your bike is reportedly stolen.
● Man-made Damages: Damages caused by man-made calamities like vandalism, riots, strikes, or terror attacks are covered under the bike's own damage insurance.
● Total Loss: If your bike has suffered damages beyond repair, the own damage cover will compensate for the loss based on the policy's terms and conditions.
Exclusions in Own Damage Cover for Bikes
Own-damage insurance will not cover certain damages caused to your two-wheeler. These exclusions are given below.
● Third-party Damages: Third-party liabilities such as injuries/death of the third party or any damages caused to their property will not be covered under own damage insurance.
● Riding Without a License: Riding a bike without a valid driving license is illegal in India and any damage caused to the bike while riding without a license will not be covered under own-damage bike insurance.
● Drunk Riding Damages: Damages that are caused to the bike while riding drunk or under the influence of alcohol or other intoxicating elements are not covered under this plan.
● Damages not Mentioned in Policy Terms: Losses or damages not included or mentioned under the policy’s terms and conditions will not be covered.
Where to Buy Insurance Online or Offline?
A common dilemma is whether to buy bike insurance online or offline. Understanding the benefits of online and offline insurance can help answer this question.
| Offline Insurance - Benefits | Online Insurance - Benefits |
|---|---|
| One-on-One Communication: Buying bike insurance offline lets you communicate with your insurance agent one-on-one. Since insurance is an important purchase, many people still prefer to speak with an expert face-to-face before deciding. | Easy Policy Comparison: When you buy a policy online, you can easily compare insurers and their policies before selecting the one that best suits your requirements. |
| Instant Answers to Doubts and Queries: With offline purchases through an agent, you can get instant answers to all your queries and doubts. | Minimum Paperwork: You can easily purchase insurance online by uploading a few important documents. Most insurance providers have eliminated the complexities related to purchasing two-wheeler insurance—just provide some necessary details, pay the premium online, and receive the policy documents within minutes. |
| - | More Savings: The commission of the insurance agent is included in the offline purchase of insurance. However, when you buy online insurance, no intermediaries or agents are involved, which makes it cheaper compared to offline policies. |
| - | 24x7 Assistance: Most online insurance providers offer 24x7 assistance to clients to get answers to all of their queries. They provide toll-free customer care numbers so that you can contact an insurance expert within minutes. |
| - | Saves Time: In the fast-paced world of today, online insurance is an excellent choice as the entire process can be managed no matter if you are at home, in the office, or even traveling. |
While many people may still prefer offline insurance, consumer habits are rapidly changing in India. Due to the host of benefits mentioned above, there is a gradual shift in people's desire to purchase bike insurance online.
Your dream bike is your prized possession, and protecting it with the right insurance cover will help you take care of it in case of damages or financial loss. Although own-damage bike insurance is optional, it is highly recommended as it provides comprehensive safety for your bike. You do not have to spend a penny on repairs in case of any damage or loss to the vehicle.
