Chola MS Own Damage Bike Insurance
The Own Damage Bike Insurance by Chola MS gives you protection at the time of damage to your bike due to an accident, theft, natural calamity, or other events such as vandalism. This policy particularly insures your bike against damage. Since third-party insurance only covers the damages to third parties, own damage bike insurance will give you the coverage through which you can protect your bike. You can also add options to enhance the cover: zero depreciation or engine protection. This will keep you well-insured in case of sudden and unexpected repair costs or losses.
Standalone Bike Insurance v/s Third-Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | Own Damage Insurance | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage your own bike | Covers damages to your bike only | Not covered | Covers damages to both your bike and third-party liabilities |
| Third-party liability coverage | Not covered | Covers third-party property damage and injuries | Covers both third-party liabilities and own bike damage |
| Coverage for theft | Yes, bike theft is covered | Not covered | Yes, bike theft is covered |
| Coverage for natural disasters | Yes, covers natural disasters like floods | Not covered | Yes, covers natural disasters |
| Coverage for man-made events | Yes, covers vandalism and riots | Not covered | Yes, covers man-made events |
| Personal accident cover | Optional (through add-ons) | Not included | Available as an add-on |
| Premium cost | Moderate | Lower as it only covers third-party liabilities | Higher due to broader coverage |
| Add-on covers available | Available (e.g., zero depreciation) | Not available | Available (e.g., engine protection, zero depreciation) |
| Legal requirement | Not required | Mandatory by law | Optional but highly recommended |
| Best for | Those wanting protection for their own bike | Those seeking basic, mandatory protection | Those seeking full coverage for bike, third-party, and theft |
What is Covered and Not Covered Under Chola MS Own Damage Bike Insurance
1Inclusions (What is Covered)
- The policy covers damages to your bike due to accidents or collisions.
- It provides coverage if your bike is stolen or completely lost.
- This policy covers damage that is caused by fire, explosions, or self-ignition.
- It covers damages that arise due to events like floods, earthquakes, storms, and other natural calamities.
- The policy also covers damages caused by riots, vandalism, or other man-made events.
2Exclusions (What is Not Covered)
- Normal wear and tear or ageing of the bike is not covered.
- Failures due to mechanical or electrical issues are excluded.
- Damages caused while riding without a valid driving licence are not covered.
- Claims made for accidents occurring under the influence of alcohol or drugs are not covered.
- Damages caused while using the bike for unlawful purposes are not covered.
- Unless a zero depreciation add-on is purchased, the depreciation value of bike parts is not covered.
The Process to Buy Chola MS Standalone Own-Damage Two-Wheeler Insurance Policy
1Step 1
To start, visit the official website of Square Insurance.
2Step 2
Now click on the" Bike Insurance" option from the "Insurance Products" menu.
3Step 3
To get a plan for a new bike, click "Got a New Two-Wheeler."
4Step 4
For an old bike, enter the bike's registration number and click "View Plans."
5Step 5
Now, you only need to fill in details like RTO, make, model, variant, and registration year along with others in order to proceed to the next step.
6Step 6
The plan dashboard will open on your screen. You can go through the plans and click on an insurance plan given by Chola MS.
7Step 7
Pay for the selected plan, and the insurance document will be received at the email address within a very short period.
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