Zurich Kotak Standalone Own Damage Bike Insurance
Standalone own-damage two-wheeler insurance covers the cost of damage to your own bike if something goes wrong. If your bike is Read More
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It gives financial help in many situations, such as natural disasters, theft, total loss of the bike, and road accidents. It is always a good idea to buy this cover along with compulsory third-party insurance, as it gives better and wider protection.
Benefits of Kotak Standalone Own-Damage Two-Wheeler Insurance Policy
Here are the main benefits of Kotak's standalone own-damage two-wheeler insurance:
- 01
This insurance lets you choose extra add-on covers to give your bike more protection.
- 02
It covers your bike in many situations, helping both the bike and the policyholder during accidents or damage.
- 03
For every year you do not make a claim, you get a No Claim Bonus (NCB). This is a reward for safe riding. The bonus increases every year and can go up to 50% after five claim-free years.
Standalone Own-Damage Insurance vs Third Party Insurance vs Comprehensive Insurance
| Feature | Standalone Own Damage Insurance | Third Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage | Covers damage to your own bike only. | Covers damages or injuries to others only. | Covers both your own bike and third parties. |
| Legal Requirement | Not required by law. | Mandatory by law for all bike owners. | Not mandatory, but offers extensive coverage. |
| Cost | Moderately priced; depends on coverage. | Usually less expensive. | More expensive due to broad coverage. |
| Protection against theft and damage | Covers theft and damage to your bike. | Not covered. | Covered. |
| Protection from natural disasters | Covered. | Not covered. | Covered. |
| Add-ons available | Add-ons available for enhanced coverage. | Limited or no add-ons. | Several add-ons are available. |
| Ideal for | Good for new or expensive bikes. | Required for legal compliance. | Best for comprehensive protection. |
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What Is Covered and Not Covered Under Kotak Standalone Own-Damage Two-Wheeler Insurance?
What it Covers
Kotak standalone own-damage two-wheeler insurance covers the following:
It covers damage to your bike caused by road accidents.
It covers damage to your bike caused by fire or explosion.
If your bike is stolen or if this is a case where the bike is fully damaged and cannot be repaired, the insurance will cover the cost.
It also covers damage caused by natural or man-made events, such as earthquakes, floods, or riots.
What Does it not Cover
This insurance does not cover the following:
It does not cover the damage that happens outside India.
It does not cover the loss in value of the bike due to age or use (depreciation).
It also does not cover any electrical or mechanical breakdown of the bike.
It does not cover damage caused by illegal riding or misuse of the bike.
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