When you purchase a two-wheeler, you might be concerned about unforeseen repair and replacement costs for accidental damages. Standalone own damage policy shields you from unexpected expenses in such circumstances. Meaning, it offers financial protection if your car sustains damage from an accident, a natural disaster, an act of God, a fire, a theft, etc.
What Is Own Damage Bike Insurance?
Own damage bike insurance provides financial security if your insured two-wheeler is damaged. For instance, the Own Damage Two-wheeler Insurance Plan will pay you for your losses if your two-wheeler is damaged due to flooding, natural disasters, vandalism, etc. As the mandatory Third-party Liability Policy does not cover your vehicle, for the particular situation, two-wheeler insurance coverage is impossible.
The Value Of Own Damage Bike Insurance
Purchasing OD insurance is optional, as opposed to third-party bike insurance, which is required. Combining your own damage bike insurance with the Third-party Liability Policy ensures you will be financially secure if your two-wheeler is damaged.
What Is Exactly Covered By Own Damage Two-Wheeler Insurance?
Own Damage Insurance protects you against damage to your motorcycle in the circumstances listed below.
- Damage Done By Accident
Has your two-wheeler suffered damage in an accident? Fear not; OD Insurance will pay for repairing or replacing damaged motor parts.
- Natural Disasters
The OD plan will cover the damages to your bike if it gets damaged due to floods, earthquakes, cyclones, etc.
- Man-Made Disasters
The OD plan provides coverage for losses brought on by unnatural disasters like riots, vandalism, terrorist attacks, and strikes.
- Explosion & Fire Jump
Your vehicle may sustain damage from a fire or explosion, costing you money. A Standalone OD plan covers such losses.
- Total Loss
If the damage to your car is irrepairable, OD Insurance will reimburse you for your losses by the terms and conditions.
The required Personal Accident (PA) Cover must be bought separately and is not included in the Standalone Own Damage Insurance Plan. The PA Cover offers financial security if an accident involving your two-wheeler results in passing away, permanent/temporary disability, or both.
What Is Excluded From Own Damage Two-Wheeler Insurance?
Here are a few situations where Standalone Own Damage Insurance does not cover losses.
- Liabilities To Third Parties
Third-party liabilities, such as third-party injuries, passing away, or property damage, are not included in coverage by the Standalone OD plan.
- Riding Without A License
In India, it is illegal to ride without a valid driving license (DL). The OD Plan will not cover your vehicle in such situations.
- Drunk Riding
The plan does not cover damage to your bike sustained while operating the vehicle while intoxicated by alcohol or another substance.
- Electrical/Mechanical Failure
The OD insurance plan does not cover damages brought on by mechanical or electrical failure.
A bike insurance calculator is a convenient tool you may use online to check the amount of coverage needed based on your requirements.
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.