Buy Standalone Own Damage Bike Insurance Online | Chola MS
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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?
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.
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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.
No restrictions on claims. Register as many as you need until the IDV is exhausted.
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Phone and Email Support is available even on National Holidays.
8500+ Cashless Garages spread across the country for your convenience.
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.
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Chola - Make A Claim Standalone Own Damage Bike Insurance
How To Register A Claim
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.
Chola - Standalone Own Damage Bike Insurance FAQ's Content
Standalone Own Damage Bike Insurance Frequently Asked Questions
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.
The premium for Own Damage cover is a percentage of the Insured Declared Value (IDV) of your bike.
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.
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.
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.
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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