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Chola - What is Standalone Own Damage Bike Insurance Content

What is Standalone Own Damage Bike Insurance?

With effect from 1st September 2019, Own Damage is no longer being bundled with Third Party and is being sold as a standalone annual policy. If you bought your two-wheeler after 1st September 2019, you now have the option of buying a Standalone Own Damage Bike Insurance for the second year. With a 5-year Third-Party Insurance policy now being mandatory for all bike owners in India, the purchase and renewal of Own Damage cover is now independent and optional.

Chola - Why choose Chola MS Standalone Own Damage Bike Insurance

Why choose Chola MS Standalone Own Damage Bike Insurance?

Competitive Premiums

Overpriced premiums have no place at Chola MS. We offer competitive and best-priced premiums to all our customers. Get a quote and find out for yourself. It’s just a click away.

Low IDV

Customize your IDV to suit your requirement

Quick Hassle-free Claims

15,000 motor claims settled within a month and 60% claims settled in 10 days. Our claim process is designed to assist customers with a speedy turnaround on their claim settlement.

Limitless Claims

No restrictions on claims. Register as many as you need until the IDV is exhausted.

24*7 Phone, Email Chat Support

Phone and Email Support is available even on National Holidays.

Cashless Garages

8500+ Cashless Garages spread across the country for your convenience.

Exclusive Discounts

Chola MS ensures customer delight always. Our customers are eligible for discount on purchases from Pharmacies and for services in leading Diagnostic Centres spread across the country.

Chola - Standalone Own Damage Bike Insurance policy Offer You Content

What does your Standalone Own Damage Bike Insurance policy offer you

A Standalone Own Damage Bike Insurance provides cover in the following events -

Theft of your bike

Damage to your bike due to natural calamities namely earthquake, landslide, floods etc. and man-made disasters such as riots, terrorism, vandalism etc.

Damage to your bike due to an accident

Damage to your bike due to fire or explosion

The following events and situations are not covered under this policy -

If the event occurs post expiry and prior to renewal of the policy, your bike will not be covered. Policy must be in force at the time of damage thus it is important to renew on time.

Depreciation in the value of the bike is not covered

Any electrical or mechanical breakdowns are not covered under this policy

Riding under the influence of drugs/alcohol is illegal and not within the scope of the insurance cover

Any damages to your bike due to war, terror attacks, invasion, radiation, rebellion or hostilities will not be covered

Activities in violation of the law such as riding without a valid license, riding on the wrong side of the road or underage riding are not covered by the policy.

Damages due to negligence such as forgetting to lock the bike leading to theft are out of scope.

Damages caused by deliberate attempts such as intentionally hitting your bike to cause an accident will not be covered by this policy

Chola - Make A Claim Standalone Own Damage Bike Insurance

How To Register A Claim

When an accident takes place, you can either file a claim online or call us at 1800-208-544
The surveyor will then inspect the claim related spot or garage for further details regarding the accident and damages that took place.
Required evidence is collected and documents are prepared for the claim which are then verified along with the details submitted.
Depending on the policy and final decision taken, the liability amount is then fixed and paid to the concerned party.

Chola - (White)Modifying/Endorsing Your Insurance Details Content

Modifying/Endorsing your Insurance details

In case of change in name, address or any other details in the policy, you can contact Chola MS for endorsement request. The request will be raised and the same changes will be updated in the policy.

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Chola - Standalone Own Damage Bike Insurance FAQ's Content

Standalone Own Damage Bike Insurance Frequently Asked Questions

What is considered to be the most basic two-wheeler insurance and what does it cover?

The most basic two-wheeler insurance is Third Party Bike Insurance and it only covers third-party liability. As per the Motor Vehicles Act, buying a 5-year third- party two-wheeler insurance is now mandatory in India.

How is the Own Damage Bike Insurance premium calculated?

The premium for Own Damage cover is a percentage of the Insured Declared Value (IDV) of your bike.

Are you required to buy Third Party and Own Damage Bike Insurance from the same insurer?

On 1st September, 2019, the Insurance Regulator (IRDAI) made way for Standalone Own Damage Motor Insurance Cover for two-wheelers. Thus it is no longer compulsory for you to buy your own damage cover bundled along with your third party cover from the same insurer. You can buy Third Party Cover from one insurer when buying your bike and buy the Own Damage Cover after considering all the options offered by other insurers.

Who is eligible to buy Standalone Own Damage Bike Insurance?

Bike owners who purchased their bikes after 1st September 2018 and have a Third Party Bike Insurance Cover for 5 years, are eligible to buy this cover.

What is the difference between Third Party, Own Damage and Comprehensive Bike Insurance Policy?

Third Party is a liability only policy which provides cover against any legal liability, damages and injuries caused by the insured vehicle to a third-party person or property. While Third Party Insurance is mandatory, Own Damage Bike Insurance is optional. Own Damage Bike Insurance is important to have if you want to be compensated for damages caused to your Bike due to natural calamities such as storms, earthquakes, floods etc, man-made disasters such as vandalism, riots and terror attacks and coverage for external accidents. A Comprehensive Bike Insurance Policy includes the scope of coverage within Third Party Policy and Own Damages Policy. Additionally it also covers you for personal accidents leading to injury, disability or death.

What are the various two wheeler long-term policies available?

For two-wheelers bought after 1st Sep 2018 you can choose from the options listed below:

• Third Party (liability only) Policy for a duration of 5 years. This policy provides cover against third party property damage and third party liability in terms of death or injury.

• Bundled (Third Party and Own Damage) Policy for a duration of 5 years. This policy provides cover for Own Damage for 1 year and for Third Party liability for 5 years

• Comprehensive Policy for a duration of 5 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage

For two-wheelers bought before 1st Sep 2018 (more than 1-year old) you can choose from the options listed below:

• Third Party (liability only) Policy for a duration of 2 or 3 years . This policy provides cover against third party property damage and third party liability in terms of death or injury

• Comprehensive Policy for a duration of 2 or 3 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage

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5.0 Stars Rating

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Kuldeep

30 September 2021

Very good product

Standalone Bike Broacher