Own Damage (OD) protects you against damage to your car caused by events such as fire, theft, and vandalism. In the event of an accident, an own damage policy reimburses you for the cost of repairing or replacing pieces of your two-wheeler that were damaged in the collision.
What is own damage premium in bike insurance?
The fee you pay for OD insurance is known as an Own Damage Premium. The premium price is normally determined by the type of vehicle you own, its age, and the city in which you use it.
However, regardless of your premium cost, every OD insurance coverage protects you from the following:
What is a own damage policy for bike?
The most basic type of bike insurance offered is Third-Party Bike Insurance. To ride legally, every bike owner must obtain at least third-party bike insurance, according to the Motor Vehicles Act.
A standalone bike insurance policy that just covers the bike’s own damages and losses is known as Own Damage Bike Insurance.
When you combine a third-party bike insurance policy with an own damage policy, you get a comprehensive bike insurance policy. One that includes coverage for both third-party and personal property damage.
It is required by law to have at least third-party liability coverage on a bicycle.
Although Own Damage bike insurance is not required by law, it is more beneficial to riders because it covers one’s own damages and losses.
Although comprehensive bike insurance is not required, it is the finest form of policy available because it covers all eventualities.
Only bikes with a current Third-Party Bike Insurance policy can purchase a standalone Own Damage Bike Policy.
A Comprehensive Bike Insurance policy is available to everyone who owns a bicycle. Please keep in mind that because Comprehensive Bike Insurance covers everything, you won’t need to purchase any additional bike insurance policies.
What is own damage insurance?
Damage caused by oneself Car insurance, often known as auto insurance, is a type of insurance that covers your vehicle. OD Insurance is a type of car insurance designed to protect your vehicle from unintentional damage. This policy provides coverage for your car’s own damages caused by road accidents, fire, natural disasters, or any other calamity. Its purpose is to provide you with additional coverage in addition to third-party liability.
How is basic own damage premium calculated?
Third-Party Liability (TPL) insurance covers any harm to a person or property caused by your insured vehicle, resulting in financial loss or death to the person.
TPL, on the other hand, does not cover expenses for repairs, so it’s always a good idea to have a coverage that also covers losses caused by damage to your own car.
The Insurance Regulatory Authority of India issues the TPL premium, which is based on the car’s capacity (IRDAI).
The OD cover is optional, although it is really useful. It reimburses your expenses if your car is damaged by natural disasters such as earthquakes, fires, or storms, or if it is involved in an accident. The arrangement is that as the Insurance Declared Value, or IDV, increases, so does the premium, and vice versa. As a result, as your car ages, the IDV falls.
The Indian Motor Tariff determines the premium for OD coverage as a proportion of IDV.
IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV = IDV (IRDAI)
This portion of your automobile insurance premium protects you not only against accidents, but also from incidents that result in incapacity. Because the possibilities of handicap are higher than virtually any other consequence, this is an essential aspect of being thoroughly protected. Road accidents claimed the lives of approximately 3 lakh people in 2014. However, 5 lakh people were gravely hurt or incapacitated for the rest of their lives. You can also enhance the policy’s coverage to include nameless passengers.
Finally, there are riders. These riders, often known as auto insurance add-ons, offer a variety of protection and services for a small fee. Engine Secure, for example, protects against waterlogging damage, while Road Side Assistance provides assistance if your car breaks down in the middle of the road, and NCB Protection allows you to make two claims without losing your No Claim Bonus. Each rider adds to the strength of your auto insurance policy, ensuring that you are covered in any eventuality.
What is basic OD premium in two wheeler?
A standalone own damage bike insurance is a form of two-wheeler insurance plan that protects the policyholder’s own covered bike against any losses or damages suffered as a result of an accident or incident.
What is OD premium and TP premium?
Own damage premium: The own damage premium is the portion of your premium that is determined by your vehicle’s Insured Declared Value (IDV). Third-party premiums are set by the insurance regulation and are calculated based on the volume or cubic capacity of your vehicle.
What is insurance OD premium?
Own Damage (OD) Premium is a type of car insurance that offers you with Own Damage (OD) Coverage. Own Damage (OD) refers to coverage for damage to your own vehicle.
How do I claim my own bike damage insurance?
If you go about it the right manner, claiming personal damage insurance is simple. Follow the steps below to begin the claim process:
- Notify the insurance company as soon as possible about the incident that led to the claim. Call their toll-free number or send them an email to register your claim. You can request a claim form or download one from the insurer’s official website.
- Attempt to provide as much proof of the accident as feasible. It would be preferable if you could take photos of the vehicle’s damages. Fill out the claim form and attach all supporting papers.
- Arrange for the damaged car to be taken to the garage. If you have the repairs done at a network garage, you can file a cashless claim, and the insurance will cover the costs. If you use a non-network garage, you will have to pay for the services first and then file a claim afterwards.
- The car and damages will be examined by an insurance company surveyor. An estimate will be made later and forwarded to the insurance company.
- The insurance company will reimburse the money owed after receiving the claim form and surveyor’s report. In the event of a cashless claim, the payment will be directly settled or returned to the registered bank account.
Inform Your Insurer
As soon as the accident occurs, you must notify your insurance company. The sooner you notify us, the faster we can resolve your claim. It’s important to remember that you may only file a claim for the coverage within a certain number of days of the accident. Any claim submitted after that time is deemed ineligible. To get the details, you must either confirm it with your insurer or read the policy documentation.
File an FIR
As quickly as possible, file a First Information Report (FIR) with your local police station. The accident report is required in order to make a claim on an automobile insurance policy. If at all possible, register a FIR on the day of the accident, or as soon as possible thereafter.
Evaluate the Status of Damage
The damage or loss appraisal is carried out by the surveyor sent by the insurance company after you’ve filed a FIR and informed your insurer. Your insurance company will satisfy claims for damages under the cashless settlement claim or reimbursement settlement claim, whichever you prefer, based on the surveyor’s final report.
To avoid any potential damage, it is also recommended that you do not tow the car alone.
Claim Settlement
The repair fees are directly reimbursed with the network garage when the surveyor submits the final report. If you choose the reimbursement settlement claim process, claims are resolved once you submit repair amount invoices to your insurance.
You should be aware that, while your insurance company will cover the majority of the repair costs, you will be responsible for a portion of the overall charges.