When you have third party bike insurance, it does not cover your vehicle. Instead, it covers you from any liabilities that might occur due to your vehicle. So, to protect your vehicle against any unforeseen circumstances, you can buy your own damage insurance for bike.
Own damage insurance is an added layer of protection that provides financial assistance to get your automobile back in working order in the event of an accident. While the law requires third-party insurance, you may consider purchasing bike own damage insurance for further protection.
Now, new bike owners might be confused about purchasing their own damage insurance. But, in fact, the process of buying and renewing is pretty simple and similar to each other. So, in this blog, we have covered a step-by-step guide for you!
How to Buy and Renew Own Damage Bike Insurance Policy?
If you are a first-time bike owner, you can get a standalone OD insurance for bike that covers only your own vehicle against damages and losses. This policy offered by general insurance companies in India can help you in case of accidents, collisions, natural disasters, or even a fire.
Here’s how to purchase or renew own damage bike insurance policy -
● To purchase or renew your own damage insurance for your bike, go to the insurance provider’s official website and enter your new bike’s registration number.
● You can then choose either “Get Price” or “Renew” if you want to renew your insurance policy with the same provider.
● In addition to the base coverage, you may choose add-on covers like zero depreciation and return to the invoice.
● The zero depreciation add-on ensures that no depreciation is taken into account, ensuring that you receive the full cost of repair or replacement during claims. The RTI is useful if your bike is stolen or irreparably damaged.
Note - Please keep in mind that the rules for own damage vehicle insurance may change. You can contact your insurance provider for more information on buying or renewing your bike insurance.
Things to Consider While Buying or Renewing Own Damage Insurance
The following are some specific factors to consider while acquiring standalone own-damage bike insurance -
Company Reputation
The reputation of the vehicle insurance company is an important factor to consider when purchasing a bike insurance policy. The Claim Settlement Ratio (CSR) is an easy way to assess a company’s reputation. When compared to lesser-known organisations, choosing an insurer with a strong reputation in the insurance market increases the likelihood of its promise-delivery method.
Coverage
The cost of the two wheeler own damage insurance policy is determined by its coverage. Every bike owner should check and compare coverage given by various insurance plans before finalising their own damage insurance plan when purchasing an insurance policy.
Note - Depending on the type of policy and bike, bike insurance coverage might vary.
Add-on
Add-on covers are designed to supplement the coverage of a bike insurance policy; including them in your policy will be a significant benefit. You can obtain add-on coverage by paying a small fee, but your insurance must first provide it.
Discounts
There are various reductions available to help you reduce the cost of your own damage insurance for bike policy. When getting a bike insurance policy, look into all the discounts available from the insurer.
Network Garages
Through its network of garages, the auto insurance company provides its policyholders with cashless bike repair services for damage incurred by the insured bike during the policy period, up to the limit of the sum insured subject to the policy’s coverage. As a result, while choosing a bike own damage insurance policy, you should consider how extensive and robust an insurance company’s cashless garages network is.
NCB (No Claim Bonus)
At the time of renewing your own damage bike insurance policy, the insurance company offers you NCB. It is a bonus discount for not raising a single during the policy period and being a good driver. The discount will lower the premium amount if you want to renew the policy.
If you want to buy or renew your own damage bike insurance policy online, it is advisable to check the reviews and ratings of the insurance company thoroughly.
