Buying at least a third-party liability motor insurance is mandatory by law, but it covers only the expenses incurred due to the third-party damage. In case of an accident, not only the third-party but also you and your vehicle might suffer heavy damages. So, along with covering a third-party, you should also secure yourself against any unforeseen damages.
Own damage cover provides coverage against losses incurred due to man-made losses and natural calamities. This insurance policy is especially beneficial when the insured’s vehicle sustains damages.
Features of Own Damage Two-Wheeler Insurance
The features of own damage two-wheeler insurance are:
1. Own damage insurance covers the vehicle of both, the insured and the third-party.
2. Own damage bike insurance is extensive: you can choose additional covers to amplify its benefits.
3. The premium for own damage cover is higher than that of a third-party bike insurance.
The policy covers the costs incurred to your vehicle due to:
1. Natural calamities like earthquake, flood, fire, storm, etc.
2. Man-made damages due to riots, vandalism, theft, burglary, malicious activities, and terror attacks.
3. Own damage bike insurance cover also indemnifies the costs incurred due to explosion, hailstorm, lightning, inundation, landslide, rockslide, and typhoon.
What does Own Damage Two-Wheeler Insurance Not Cover?
The following reasons behind damage to your two-wheeler are not covered:
1. Damage that occurs post expiry and before renewal
2. Depreciated cost of the bike
3. Any electrical or mechanical breakdowns of the bike
4. Riding your vehicle under the influence of drugs/alcohol won’t be indemnified
5. Damages caused due to wars, terror attacks, invasion, radiation, rebellion, or hostilities
6. Activities that violate traffic rules
7. Loss caused due to negligence such as forgetting to lock the bike, which leads to theft
8. Deliberate damage to the vehicle
Why secure only the third-party liabilities when you have the option of covering your valuable possessions too? Now, that’s the question you need to think about.