What is Own Damage Insurance?
There are different types of motor insurance plans available in India. Among them, is the very handy own damage motor insurance policy. Own damage insurance is a type of motor insurance that you can buy for your car as well as your bike. It offers protection for your own vehicle against natural and man-made calamities. It is ideal for people who have a third party liability insurance plan in place and now want insurance coverage for their own vehicle too since the third party cover doesn’t offer protection to them.
Own Damage Insurance Eligibility
Anyone who owns a vehicle in India is eligible to buy their own damage insurance for bike or car plans. Here are the eligibility criteria in greater detail:
- Vehicle owner –
You need to be the owner of a vehicle in India. You can either own a bike or a car and buy your own damage plan to keep it safe.
- Residency –
You need to be a resident of India in order to buy such an insurance cover. Tourists or people living in the country temporarily may not qualify for this type of motor insurance policy.
- Owner of a third party plan –
You need to have a third party liability vehicle insurance plan in place before you get your own damage plan. This is because the third party insurance plan is a compulsory type of motor insurance plan that every vehicle owner needs to have. Once that is in place, you can buy your own damage insurance plan to cover your bike or car.
If you meet these criteria, you can easily buy your own damage bike insurance or car insurance plan with ease.
Need for own damage insurance
So why exactly should you invest in an own damage bike insurance or car insurance policy? The answer is actually quite simple – to get additional protection. Here are some more reasons why you should consider getting a policy:
- Financial protection –
You stand to get heavy financial protection when you get your own damage policy. This is the main reason why such a plan is needed by practically every vehicle owner. If you have a new and expensive vehicle, then the need for your own damage insurance plan becomes even greater. If your vehicle gets damaged or stolen, the policy will compensate you for the losses. In the absence of such a plan, you have to pay the costs out of your own pocket and that can prove to be a huge financial liability.
- Peace of mind –
When you know that your vehicle and your money are both secured, you can drive your car or ride your bike with a lot of peace of mind. You don’t have to worry about the vehicle getting damaged or stolen at all times. You love your vehicle and don’t want anything to happen to it, but at times, situations are beyond your control and mishaps happen. When you have the own damage insurance for bike or car in place, you can deal with the damages in a better and more efficient manner.
- Easy to get –
The own damage bike insurance, as well as car insurance plans, are easily available online. Almost every leading general insurance company in India sells these plans and that too at some of the most affordable rates. This makes it easy and convenient for you to own such a policy.
The law does not mandate it to have own damage insurance for bike or car. However, it makes a lot of sense for you to go ahead and invest in this kind of insurance cover as it offers everything from financial protection to mental peace. And since the plans are available online in a simple and easy manner, you should not hold back from making a purchase.
Benefits of Own Damage Insurance
Now that you know what is own damage insurance for bike or car and why you need it, take a look at some of the best benefits such a plan has to offer:
- Wholesome coverage
The plan offers wholesome coverage for your own vehicle. When you have your own damage bike insurance or car insurance policy, you can expect to get the following covers:
- Damage caused by natural calamities such as earthquakes, floods, etc
- Damage caused by man-made calamities such as riots
- Theft of vehicle
- Damage of things inside the vehicle due to an accident
- Damage caused by a hailstorm
- Damaged caused due to terrorist attack
- Damages to the vehicle while in transit via road/rail/air
- Cashless claim –
You can expect to get a cashless settlement if you have your own damage insurance plan in place. This proves to be very handy and beneficial as you can get your vehicle repaired without having to worry about the payments.
- Wide network of garages –
The cashless claim can be availed at any network garage. Most of the leading motor insurance providers these days have a long and extensive list of network garages that are spread all across the country. You can take your car or bike to any network garage and get it repaired effortlessly. Alternatively, if it stops in the middle of the road, you can get it towed to the nearby garage as well.
- Quick and easy claim process –
The modern-day insurance plans are much simplified than their older versions. As a result, you can get a claim on your own damage bike insurance or car insurance policy in a quick and simple manner. You can initiate the process online, submit the documents online and if approved, the claim will be processed in just a few hours. Most of the modern vehicle insurance companies also have high claim settlement ratios, making it even more beneficial for you.
- Simple documentation –
The process to get your own damage insurance for bike or car plan is very simple because the documentation process is hassle-free. You can get the plan in a paperless manner as it is available online. You just need to provide some details about yourself and your vehicle and the policy is issued then and there.
- NCB –
No claim bonus is a benefit available to those who do not make any claims on their own damage bike insurance or car insurance plan for the entire policy period. The bonus is available in the form of a discount on the premium of the following year. This helps to make some handy savings in your motor insurance costs.
- Online access –
The digital world has definitely made it easier for you to get any type of insurance, including the own damage insurance for vehicles. Everything from buying to renewing to claim intimation can be done online these days. Also, you can compare the plans before you buy and that just proves to be an added benefit.
- Option to buy riders –
There are many riders that you can buy along with your own damage plan. These include the engine protection rider, the NCB retention rider, the zero depreciation rider, etc. Riders help you to get better coverage out of the policy and make it more suited for your exact needs.
As you can clearly see from the points mentioned above, the own damage insurance for bikes or cars offers many benefits. As a vehicle owner, you need to consider getting such an insurance plan and staying protected in a well-rounded manner.
Own Damage Insurance Inclusions and Exclusions
Take a look at this table to know what is included in an own damage insurance plan:
|Damages to own vehicle due to natural or man-made calamities.||Third-party damages.|
|Coverage for theft of the vehicle.||General wear and tear of the vehicle and its components|
|Coverage for fire damages.||Bodily injuries to other people following a road mishap.|
|Damage caused in transit of the vehicle.||Damage caused by nuclear weapons.|
|Damage to the materials inside the vehicle during an accident.||Damage caused by accident due to drunk driving.|
|Damage due to self-ignition.||Damage caused to the vehicle when driven by an unlicensed driver.|
|Damage due to malicious attacks.||Any electrical or mechanical breakdown of the bike or car.|
In conclusion, it can safely be said that your own damage insurance plan for your car or your bike can be of great use. There are some very handy benefits on offer. Additionally, these plans are inexpensive and easily available online. So if you have a vehicle and you only bought a third party liability plan for it, go ahead and get your own damage cover too and enjoy the wide range of benefits available.