Being a bike owner means being responsible! Part of that responsibility is to maintain bike insurance. According to the Motor Vehicles Act, it is mandatory for bike owners to have at least a 5 year Third Party insurance policy. This policy includes coverage of any legal liabilities, injuries, or damage to another person or property in the event of an accident. While this insurance policy protects others if an accident takes place, the coverage of the Third Party policy does not extend towards you or your two-wheeler in case of any damage.
For instance, if an incident took place on the road where your two-wheeler collided with another, your Third-Party insurance policy would cover any damages to the other person’s vehicle and would extend to the person themselves if they sustained any injuries. However, it would not apply to any damage sustained by your own bike or you.
Usually, to have your own bike covered, you would have to upgrade your policy to a Comprehensive Insurance Policy to include Own Damage as well. However, From September 1st 2019 the IRDAI has made way for a standalone Own Damage policy, which offers coverage to own bike damage as well.
Why is it important?
Previously, the Own Damage policy came under the Comprehensive insurance policy, which meant that you would have to wait for your next renewal date in order to get your bike insured for Own Damage. With a standalone Own Damage Two-Wheeler insurance policy you can have an independent policy that covers damages to your bike alone. This means that, in addition to the Third Party policy, you can now have insurance that covers the damage to your bike in the event of an accident, without having to wait to upgrade to a Comprehensive policy. As this policy is independent and optional, it also gives you the freedom to research and select the policy of your liking from an insurance provider of your choosing.
What does this policy cover?
The Own Damage bike insurance covers your two-wheeler in the case of the following
- If your bike is stolen
- If your bike sustains any damages from an accident
- If your bike sustains any damages in the event of a fire or an explosion
- If your bike concurs any damage or loss due to natural disasters such as floods, earthquakes etc.
- If your bike concurs any damage due to man-made disasters such as vandalism, riots, or terrorism.
Am I eligible?
The eligibility criteria for this standalone insurance includes bike owners who purchased their two-wheelers after 1st September 2018 and have a 5 year Third Party insurance policy.
Though an Own Damage insurance policy is not mandatory, it is highly recommended, as it would cover and protect your bike in the event of any of the situations stated above. At Chola MS, we hold customer convenience at the heart of everything we do. That is why we provide quick, hassle-free, and limitless claims in addition to competitive premiums. With us, you can ensure that your bike is taken care of, as are you.