Looking to upgrade your insurance from just Third Party Liability to something that covers damages to your bike as well? Instead of upgrading to a Comprehensive insurance policy that is more expensive, you can instead opt for a Standalone Own Damage policy that insures your two-wheeler against own damage at a more reasonable rate.
Not sure how to go about it? Here’s everything you need to know about buying Standalone Own Damage bike insurance.
What is a Standalone Own Damage?
If you weren’t sure of what a standalone own damage policy is, it is a policy you can take in addition to your mandatory Third Party Liability policy to cover any damages to your own vehicle at a reasonable rate. Since this is a standalone policy, it is completely optional and independent - meaning this you don’t necessarily have to take the policy from the same insurance provider as your Third Party insurance.
Take note of policy’s coverage and benefits
When taking an insurance policy for your bike, you would want to ensure that you’re getting the best value out of the insurance premium you are paying. Before you buy a Standalone Own Damage bike insurance policy for your bike, make sure you take note of what exactly the policy covers so there are no surprises when you try to make a claim. You can also take a look at the various benefits each insurance provider offers before making your decision.
At Chola MS, our Standalone Own Damage policy protects your vehicle against damages caused by theft, accidents, and man-made or natural disasters. With our policy, you can make limitless claims until your IDV is exhausted, and you also get the benefit of claiming a No Claims Bonus if no claims were made within the insurance period.
Check out the add-ons
One of the perks of buying an Own Damage policy is that it also comes with add-ons that you can take if you feel you require some additional protection. You can choose the add-ons you think you would require, or would benefit you in the long run.
At Chola MS, some of the add-ons you can take on your policy include Roadside Assistance, Engine Protect, Zero Depreciation cover etc.
In order to know that you’re getting the best value for your two-wheeler, you’ll need to calculate the IDV (Insured’s Declared Value) which is determined by the market value of your bike. Since this policy insures your two-wheeler against your own damage, the IDV is the maximum claim that your insurance provider will pay when you make a claim, and this amount will determine your premium as well.
Suppose you have taken a Standalone Own Damage policy with us online, but are unsure of the claims process, here’s what you’ll need to do. With Chola MS, you can make quick and hassle-free claims. Once you make a claim,
A surveyor would check if the damage comes under the policy’s coverage
Your documents are verified
The policy claims process is initiated
You receive your settlement
With Chola MS, you also get access to our network of cashless garages, which will take care of the repair expenses for you because the protection of you and your two-wheeler is our priority. For more information on our Standalone Own Damage bike insurance policy, click here.