If you possess a two-wheeler in India, you should be informed that the law would require bike coverage. Get financial Own Damaged Two Wheeler/ Bike Insurance from accident-related losses as a result. Additionally, you may purchase extra projections called for the motorcycle in conjunction to your coverage to strengthen the complete security.
Internet bike coverage is offered in many forms by Indian insurance providers. Therefore, it is crucial to understand the multiple kinds of auto insurance plans, particularly their contents and limitations, if you intend to get bike coverage.
The insured of a freestanding own damaged bike coverage obtains coverage for their personal covered bike against other damages or losses caused as a result of a collision or incident.
You might be concerned about unforeseen maintenance and replacement fees for unintentional damages when you purchase a two-wheeler. The Standalone Own Damage (OD) coverage shields you from certain unforeseen costs in such circumstances.
It provides investment protection in the event that your car sustains damage from an accident, a natural catastrophe, an act of mankind, a blaze, a theft, etc. Continue reading to find out more about the perks of the Standalone Own Damaged Two-Wheeler Insurance Plan, including perks, restrictions, and how to purchase OD two-wheeler coverage internet.
What Does Own-Damage Cover Mean in a Bike Insurance Policy?
A sort of two-wheeler insurance coverage known as own damaged bike medical insurance protects only your covered two-wheeler in the event of any losses and damages incurred to it. Losses might result from an accident, a natural disaster, burglary, robbery, rioting, crashes, etc. This insurance covers the losses incurred and offers money to fix or restore your two components. wheeler’s
Own Damage Insurance (OWI) is a type of motorcycle insurance that provides monetary security in the event that your covered two-wheeler is destroyed. For example, the Own Damage Two-wheeler Insurance Policy would reimburse you for your damages if your two-wheeler is destroyed as a result of flooding, natural disasters, vandalism, etc. As your car is not covered by the obligatory Third-party Liability Insurance, such insurance is indeed not feasible.
Why Would A Bike Owner Need Own-Damage Cover?
As was already said, possessing bike insurance will pay for the cost of repairing any parts of your covered vehicle that are damaged in an incident. Just third-party obligations resulting in unintentional mortality, damage, or destruction are covered by third-party insurance. Although if your bike is destroyed in such circumstances, the insurer won’t provide insurance benefits for the repairs. However, if you have an own-damage insurance policy, you can make a claim for any losses your two-wheeler may well have sustained in such an unintended incident.
How Does Online Own-Damage Cover For Bikes Work?
Let’s use an illustration to make the idea of personal damage bike insurance clear.
Let’s say you recently purchased a brand-new two-wheeler. Additionally, you’ve purchased third-party bike insurance benefits to protect all third-party and legal responsibilities. Your bike, unfortunately, sustained considerable damage during the last year as a result of seasonal flooding during the monsoon season and later a little accident. However, you were forced to pay for all repairs out of pocket as you were unable to make a third-party insurance payout for its protection.
On the contrary side, your brother acquired a bike in addition to purchasing both third-party and own-damage insurance for the car. He might file a claim for all of the harm that the monsoon rains’ moisture absorption did to his bike. Own damaged bike insurance enables you to make a claim for any harm done to your personal bicycle. What sort of harm? Let’s examine the contents of this cover.
What are the characteristics of a bike insurance plan’s own damage coverage?
The following are the aspects of a bike insurance plan’s own damage coverage:
- The client is provided with protection for both covered cars as well as third-party liabilities under this insurance policy.
- Personal damage insurance is comprehensive, and customers can choose add-on riders to extend the scope of their standard private insurance.
- When compared to the third-party bike insurance plan, the rate for own property insurance is a little bit higher.
- The covered bike is protected underneath this plan against both environmental and man-made disasters, as well as harm to third parties caused by mishaps or accidents involving the protected bike.
Variables Affecting the Cost of Own Damage Bike Insurance
The stand-alone own-damage bike insurance policy’s premiums are mostly determined by the IDV and cc of your bike. In addition, the following elements are taken into account when determining the premiums for your personal damage coverage:
- Bike CC: Your motorcycle’s CC affects the speed and position and, consequently, its danger. Therefore, the cc of your bike would likewise influence your personal damage charge. Your own damage cost would’ve been larger the more horsepower your bike had, and vice versa.
- The insurance company that does business, or IDV, provides information about the true market worth of your car. Therefore, your IDV would have a significant impact on the Own harm high price you would pay for your bike liability coverage.
- No Claiming Bonus: If you formerly had personal damage coverage for your bike under your comprehensive bike insurance contract and you haven’t filed any claims as of yet, you may use the collected NCB reduction to your current own property rate.
- Type and manufacturer of Bike: The cost for your personal damaged bike insurance policy will be directly influenced by the brand and model of the covered vehicle. If you had a cheap bike, the premium that would have to pay will likewise be inexpensive. Nevertheless, the insurance cost for a high-end race bike could also be expensive.
- Age of the Bike: The age of the Bike plays a significant role in deciding the cost of the insurance payment. This is the rationale behind why each insurance site has the purchaser input the year of their vehicles in order to present insurance rates when buying an OD plan. Because a new bike has a larger market worth than an old bike, the bonus for a normal bicycle is likewise more expensive.
- Add-Ons: Every extra cover that contributes to broadening the coverage of the basic insurance policy is unique. The Own Damage protection price will thus change in line with the add-on coverage you choose and the number of add-ons you choose.
Bicycle Own-Damage Coverage Inclusions
If you choose bike-own property coverage, you will be covered for injuries to your two-wheeled vehicle in the following circumstances:
- Environmental Disasters: Your someone else’s coverage will cover any damages to your motorcycle that results from disasters such as earthquakes, floods, cyclones, etc.
- Unintentional Damages: If your two-wheeler sustains an accident, you may get financial protection so you are able to fix or replace the broken section without suffering significant losses financially.
- Deleterious man-made disasters, such as graffiti, rioting, terrorist attacks, and protests, will also be covered by the OD policy.
- Theft or Wicked Deeds: Having your bike stolen might be upsetting. With Own-Damage Insurance, on the other hand, you may rely on the policy coverage to reimburse the destruction.
- Fire & Accident: If your car is damaged in a fire or explosion, it might cost you money. However, such damages are covered under the Own-Damage insurance policy.
- Destruction Beyond Replacement: If your two-wheeler is damaged beyond repair, Own-Damage Insurance will make up the difference according to the conditions and limitations of the insurer.
Bicycle Own-Damage Cover Exclusions
In the following circumstances, your own-damage bike coverage internet plan will not pay for the harm done to the two-wheeler:
- Monetary losses to third parties: The plan does not provide coverage for third-party obligations like as injury or death to a third party or any harm to their possessions.
- Damage from Drunken Riding: Your two-wheeler is not protected by your bike’s own harm coverage if the damage is caused when you are riding it while intoxicated by alcohol or another substance.
- Traveling without a Provisional license: It is against the law to ride a motorcycle in India without the need for a current Driving Licence (DL). Any damage to your car sustained while you were riding without a license is not covered by one’s own coverage plan.
- Materials engineering Failure: The own property bike insurance program does not include losses to the bike brought on by electrical or mechanical failure.
- Beyond Policy Terms: Your two-wheeler cannot be protected by one’s own property policy for losses or injuries that go beyond the scope of its policies and conditions.
Own Damaged Two Wheeler/ Bike Insurance
When purchasing standalone own damage two-wheeler coverage, the following information is not protected:
1. Third Party Liability – Standalone own damage motorcycle insurance only includes losses or injuries to own motorcycle. It does not provide protection against damages or losses to third parties.
2. Compelling Civil liability – Harm to the motorcycle that occurs after an incident, rather than as a result of the event, is not protected by standalone own damages.
3. Correlative carelessness – In the event that the insured intentionally performs something they were not authorized to do, their two-wheeler will not be protected. For instance, if the insured still decided to go for a trip on their two-wheeler even though it was pouring badly and the entire city was inundated.
What Level of Protection is Required for Standalone Own Damage Insurance?
The level of protection that must be purchased under your personal damage insurance policy depends on the motorcycle’s IDV. A bike insurance claim is often based on the two-insured wheeler’s declared value (IDV), with the motorcycle insurance company only paying up to the IDV in the case of an accident. Consequently, it seems reasonable to infer that the money you will earn will be depending on the bike’s current market worth.
How Do I Apply For Two-Wheeler Own-Damage Insurance Online?
Applying for your own-damage coverage for a two-wheeler from the internet is simple if you follow the proper procedures. When filing a complaint under your own-damaged two-wheeler insurance policy, Tata AIG offers a simple procedure:
Call us as soon as you see damage to the bike and let us know what happened to cause it. Even better, you may file your claims online.
You must offer us as much supporting documentation as you can. Therefore, it is preferable to take images of the damage your car has received. You must include images in your claim documentation.
You must bring your damaged car to a shop. You may submit a claim without paying any cash if you bring it to one of our 3300+ network garages. In these circumstances, we will pay the garage immediately for the total bill.
An inspector from Tata AIG will come to look over the car. After that, he will create a quote and email it to us.
We shall provide restitution for the harm done after obtaining the declaration form from your side and the surveyor’s report. In the event of a monetary claim, everything will be resolved directly. The amount will be refunded to your checking account for compensation requests.
How is the cost of the own-damage insurance determined?
When determining the motorcycle insurance price for a stand-alone possesses bike insurance plan, three key elements are taken into consideration. IDV, cubic dimension and duration of the motorcycle are all important factors. Nevertheless, carrying this out individually might be challenging. As a result, we have a professional calculator that will handle everything for you.
Conclusion
One of your most valued assets is your bicycle. Why not obtain insurance in the finest manner possible? You will have substantial financial protection thanks to your own damaged bike protection. Why not get this insurance individually today so that you really can drive your two-wheeler without concern in the coming days when you want to.