A standalone own damage Two Wheeler insurance is a form of two-wheeler insurance plan that protects the policyholder's own covered bike against any losses or damages suffered as a result of an accident or incident.
Damage caused by oneself Insurance for two-wheelers - An OD bike insurance policy is a sort of bike insurance policy that only covers your bike's own damages. The plan protects your bike from damage caused by accidents, natural catastrophes, man-made disasters, fire, theft, and damages sustained while in transit.
The Insurance Regulatory and Development Authority of India (IRDAI) approved the purchase of a standalone own damage bike insurance plan in September 2019.
What Does Own Damage Cover Mean in a Bike Insurance Plan?
The following are the benefits of own damage coverage in a bike insurance policy:
1. The policyholder is covered for both insured cars and third-party responsibility under this insurance plan.
2. Own damage insurance is comprehensive, with add-on riders available to supplement the standard insurance plan's coverage.
3. When compared to third-party bike insurance, the amount paid for own damage insurance is a little greater.
4. Under this plan, the insured bike is protected against natural and man-made disasters, as well as damage caused by a third party as a result of an accident or incident involving the insured bike.
What Is Covered by Two Wheeler Insurance's Standalone Own Damage Coverage?
The following are covered by a solo OD bike insurance plan:
1. Accidental Damages - This plan covers the damages to your bike that occur as a result of an accident or collision.
2. Natural Disasters - A separate individual damage plan protects your bike from damage caused by earthquakes, floods, cyclones, and other natural disasters.
3. Man-Made Disasters - The policy also covers damage caused by strikes, riots, explosions, and other man-made disasters.
4. Theft - A standalone individual damage plan also protects you against bike theft.
5. Fire - This plan also covers your bike in the event of a fire or explosion.