How Does Own Damage Insurance Keep Enthusiast Riders Protected?

As a motorbike enthusiast, owning a bike is not just about transportation; it is a passion that embodies adventure and freedom. Nevertheless, with this passion comes the responsibility of protecting your investment. Hence, one of the best ways to safeguard your bike is through your own damage insurance plan. It offers crucial financial protection against unforeseen events that can damage your vehicle. In this blog, we will discuss how your own damage insurance plan can keep riders protected.

Understanding Own Damage Insurance Plan
The own damage insurance plan is a specialised coverage that protects your insured vehicle from financial damages or losses caused by accidents, natural disasters, theft, or man-made calamities. Unlike mandatory third-party insurance, which only covers liabilities for damages caused to others, the own damage insurance plan focuses solely on offering financial protection for your own vehicle.

What are the Key Features of Own Damage Insurance Plan?
The following are the key features of the own damage insurance plan:

1. Financial Coverage
   If your two-wheeler sustains damage in an accident, the own damage insurance policy will offer financial coverage for the repairs and replacements. It is crucial if you regularly navigate busy urban streets or engage in spirited riding.
2. Natural Calamities
   The own damage insurance plan offers financial protection against damages caused by natural calamities, such as earthquakes, floods and cyclones. It can be a lifesaver option if you reside in a region prone to such events.
3. Man-Made Calamities
   The policy also covers damages from riots, vandalism, or other malicious acts. It offers you peace of mind, given the unpredictability of urban environments.
4. Theft Protection
   If your bike is stolen, the own damage insurance plan will compensate you for the loss. It is crucial for enthusiasts who invest significantly in their bikes.

Why Do Enthusiast Riders Need Own Damage Insurance Plan?
Here are a few benefits of getting an own damage insurance plan to stay protected:

1. Financial Protection
   Motorcycles are generally costly to repair or even replace. In the event of an accident or theft, riders may have to spend countless money out of their pocket if they do not have suitable coverage. The repairing costs or total loss compensation of your own damage insurance plan helps face these financial burdens.
2. Peace of Mind
   With this insurance plan, you can ride more confidently because you know that your bike is protected. Whether you go to work in traffic or on a long ride, you can feel confident that you are insured against anything that may go wrong.
3. Legal Compliance
   While third-party insurance is mandatory in India, the own damage insurance plan supplements it by providing complete protection for your vehicle. In India, where motorcycle ownership is common, having both types of coverage ensures compliance with legal requirements while safeguarding your investment.
4. Better Resale Value
   A well-maintained bike insured has more resale value than one without protection. Many buyers are often keen to purchase an insured bike that has been well cared for during its lifetime.
5. No Claim Bonus Benefit
   The own damage offers complete financial protection and rewards in the form of a No Claim Bonus (NCB). You can receive the NCB benefit when you renew bike insurance and do not file any claim during the existing policy tenure.

How to Choose the Right Own Damage Insurance Policy?
Below are a few things you must consider when selecting the right own damage insurance policy for your two-wheeler:

1. Insured Declared Value (IDV): The IDV represents the current market value of the bike, which is the basis for fixing the premium. A proper IDV would reflect the actual worth of the bike.
2. Coverage Inclusions and Exclusions: Go through the things covered and not covered in the plan, as this knowledge would minimise nasty surprises at the time of claim.
3. Claim Settlement Ratio: The claim settlement ratio reflects the level of reliability among insurance companies about a claim being settled successfully in an easy and timely manner.
4. Add-Ons: Enhance the policy by including a personal accident or engine protection cover. It maximises the value of the policy you select for your needs.
5. Premium Costs: Choose an insurer with the most affordable premium cost all while providing the best value for money.

Final Words
Henceforth, investing in own damage insurance plan is not just a prudent financial decision for enthusiast riders; it is an essential part of responsible ownership. It provides comprehensive protection against various risks associated with riding while offering peace of mind during every journey.

Whether you are commuting through city streets or exploring winding country roads, having robust insurance coverage ensures you are well-protected on every ride. It allows you to focus on what truly matters: to enjoy the ride itself.