You may be aware that the mandatory Third Party Liability insurance policy only covers liabilities that arise from damage to third parties or their property. But what happens when there is accidental damage to your bike? Your third-party liability policy will not be enough to cover such damages - you will need your Own Damage cover as well.

You no longer have to wait to upgrade your plan to a Comprehensive one - you can now opt for a Standalone Own Damage bike insurance policy to protect yourself (and your pocket) in the event of accidental damage to the bike.

Why should I take a Standalone Own Damage policy?

Previously, you would have had to upgrade your plan to a Comprehensive one in order to get Own Damage coverage. But with a Standalone Own Damage policy, you don’t have to wait to upgrade your plan - since it’s a Standalone plan, you can get one almost immediately.

Here are a few benefits of choosing a Standalone Own Damage bike insurance policy.

1. Independent policy

The Own Damage cover was previously clubbed together with the Third Party Liability cover under the Comprehensive policy. But you can now opt for a Standalone Own Damage policy. How does this help? Let us provide you with an example.

Say you bought a new bike and took a basic Third-Party Liability policy to start with since it is mandatory. A year or two later, you might realise that you need Own Damage coverage as well. Since the IRDAI has made it mandatory to take at least a 5-year Third-Party insurance policy, you will have to wait till the time of renewal to upgrade your plan to a comprehensive one. That means you won’t be offered financial coverage for Own Damage for 3-4 years.

In order to give you some peace of mind and avoid the risk of paying out of your own pocket for any accidental damage to the bike, you can opt for a Standalone policy.

2. You can choose your insurance provider

Say you have a Third-Party Liability cover with one insurance provider but prefer the benefits and coverage of another. With a Standalone Own Damage policy, you have the freedom to research the various plans offered by different insurance providers and choose the one that best suits your needs and budget.

3. Financial assistance

The main benefit of an Own Damage policy is that it provides financial assistance by covering any damages caused to your own bike. Repairing your bike can get expensive, and this policy will make sure that the cost to do so will not burn a hole in your pocket.

In addition to damages, it also provides financial compensation if your bike gets stolen, or if it sustains any damage due to fire, explosions, vandalism, earthquakes, riots, and floods.

An Own Damage policy may not be mandatory, but it is recommended that you take one. You never know when an accident or natural calamity will occur, but you can ensure that you're financially covered in such instances.

Chola MS gives you access to a large number of cashless network garages around the country to ensure that your bike is taken care of, as are you. Click here to know more.