Own Damage Cover: Why Is It Useful?
In case of accidental damage to the insured vehicle, own damage bike insurance coverage is helpful. As you know, mandatory third-party bike insurance only pays for third-party liabilities resulting from unintentional harm, damage, or passing away. If your car gets damaged in this type of scenario, no coverage will be provided. But if you have your own damaged bike insurance, you can also claim the harm done to your bike. *
Specifications Of Own Damage In Bike Insurance:
- The insurance policy offers financial protection for the repair of the insured bike’s components after accidental damage.
- The own-damage insurance is free, in contrast to third-party insurance.
- Own damage insurance is comprehensive, and one can choose add-on coverage to increase the scope of the primary policy.
- When compared to third-party bike insurance, the premiums are subtly higher.
- The insured vehicle is protected by the policy from loss or damage brought on by both artificial and natural disasters. *
Own Damage Insurance: Inclusions
This policy will bear the costs of for any damages to your two-wheeler that result from the following:
- Natural disasters such as fires, earthquakes, explosions, floods, storms, and others
- Vandalism, riots, theft, burglary, malicious behaviour, and terrorist attacks are unnatural disasters.
- accident-related harm
- Housebreaking, burglary, and theft
- irreparable Damages (total loss)
Exclusions For Own Damage Coverage
In some cases, providing insurance coverage is not possible, even when this policy covers the insured vehicle to a certain extent. Own damage cover is inactive in such a situation. The following are some typical bike insurance exclusions: *
- Standard wear and tear
- Electrical or mechanical failure
- If a vehicle is used outside the specified geographic area in the policy document.
- Loss that follows from damages or losses that are caused to your two-wheeler that are beyond the horizon of the own damage policy’s terms and conditions will not be covered by the same.
- Damage to the tires and tubes, barring simultaneous damage to the vehicle. The company’s liability, however, is only for 50% of the total cost of the repairs.
- If the vehicle is operated while the driver is intoxicated by alcohol, drugs, or another substance
- If the driver did not possess a valid license when the collision occurred
- If the bike insurance policy is not in effect when the claim occurs
How Is The Own Damage Premium For Two-Wheel Insurance Determined?
While the Insurance Regulatory decides the third-party insurance premium for a set period, the own damage bike insurance premium calculation is actually based on several factors, including: *
- The Insured’s Age
- The Vehicle’s Age
- Location Of The Vehicle Registration
- Vehicle’s Brand And Model
- The Car Has Anti-Theft Equipment Installed.
- Owners Of Two Wheels Who Are Members Of The AIAA
- Self-Chosen Deductibles
How Much Protection Can An OD Cover Provide?
The amount of coverage that will be offered in case of an own damage claim will depend on the two-wheeler’s declared value by the insured. Typically, bike insurance coverage is based on the vehicle’s IDV, with the insurance company only covering up to the IDV in the event of an accident. The car’s current market value will determine the sum you will receive. *
A two-wheeler insurance premium calculator is a simple and easy-to-use tool you may utilise 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.