When it comes to securing your two-wheeler, there is a wide selection of insurance policies available in the market. Among them, own-damage bike insurance is an essential coverage that many riders often overlook.
However, it is the primary protection that your bike deserves. It aims to offer financial coverage for the damages caused to your bike. This detailed overview walks you through the details of own-damage bike insurance, its benefits, coverage, and how to buy this two wheeler insurance online.
What is Own-Damage Bike Insurance?
Own-damage bike insurance, as the name implies, is first-party insurance. It offers coverage for any damage to your bike due to accidents, natural calamities, vandalism, or theft. The plan specifically focuses on the damage to your vehicle, which is not usually covered under a third-party bike insurance policy. Own-damage bike insurance fills this gap and offers comprehensive protection for your motorcycle. It is also more affordable than a comprehensive bike insurance policy.
What are the Key Benefits of Own-damage Bike Insurance?
Buying the own-damage bike insurance is sure a smart move for a motorist. Here is why:
Repairing your damaged two-wheeler, especially if it includes engine servicing or bodywork, costs high. With this insurance policy, you do not have to bear any financial stress.
Another benefit of this is all-around protection. Irrespective of the damage and the reason, the insurance will pay for the repairs or replacement to the insured bike. This way, you will not have to face any heavy out-of-the-pocket costs
This is undoubtedly a significant benefit of own-damage bike insurance. If your bike gets stolen, the insurance compensates your loss.
This is certainly a beneficial feature of this bike insurance. If the damage is beyond repair, the insurance company will compensate your loss under certain terms and conditions.
What is Covered Under the Own-Damage Bike Insurance?
The insurance provider will cover the costs of repair and replacement if damages are done due to:
● Road accidents
● Natural calamities (flood, earthquake, cyclone)
● Man-made disasters (Riot, vandalism, terror attack)
● Fire and explosion
● Theft and other malicious acts
What are the Exclusions of the Own-Damage Bike Insurance?
Take a look at some of the exclusions of own-damage bike insurance:
● Third-party Liabilities: The insurance plan does not cover injuries or deaths of other people or damage to their property.
● Drunk Riding: If you ride your bike while under the influence of alcohol or drugs, any damage to your motorcycle is not covered by the plan.
● Mechanical Breakdown: The insurance does not cover damage from mechanical or electrical failures.
● Riding without a Driving Licence: It is illegal to ride a vehicle in India without a valid driving license. The policy will not pay for any damage to your bike in this case.
● Wear and Tear: As your two-wheeler ages, it will lose value due to wear and tear. Hence, the insurance company will not offer financial coverage for such a scenario.
How to Buy an Own-Damage Bike Insurance Online?
If you plan to buy an own-damage bike insurance online, follow the step-by-step guide:
● Step 1: Visit the website of your chosen insurance provider.
● Step 2: Enter your bike’s registration details and select the model.
● Step 3: Choose the manufacturing year and location. If possible, provide the previous policy details.
● Step 4: Enter your personal details like full name, phone number, PIN code, email address, and a few additional information.
● Step 5: Proceed with the premium payment process.
● Step 6: Once the payment is completed, you will receive the soft copies of your own damage bike insurance policy via mail.
Own-damage bike insurance is essential for bike owners. It offers optimum peace of mind, protecting you from costly repairs. Hence, you must choose the right coverage options to protect yourself from financial losses while repairing your damaged two-wheeler. You must also ensure to check the policy details to understand inclusions and exclusions.
