Ways To Reduce Standalone OD Insurance Premium

Ways To Reduce Standalone OD Insurance Premium

When you purchase a two-wheeler, you might be concerned about unforeseen maintenance and replacement costs resulting from accidental damages. Standalone own damage policy meaning is to shield you from unexpected expenses in such circumstances. It offers financial protection if your car sustains damage from an accident, a natural disaster, an act of man, a fire, a theft, etc.

What Is Bike Own Damage Insurance?

Own Damage Insurance is a type of bike insurance that provides financial security if your insured two-wheeler is damaged. For instance, the Own Damage Two-wheeler Insurance Plan will reimburse you for your losses if your two-wheeler is damaged due to flooding, natural disasters, vandalism, etc. As the obligatory Third-party Liability Policy does not cover your bike, such coverage is unavailable.

The Value of Own Damage Bike Insurance

Purchasing OD insurance is voluntary, as opposed to third-party bike insurance, which is required. Combining your own damage bike insurance with the Third-party Liability Policy ensures you will be financially secure if your two-wheeler is damaged.

  • Select The Correct IDV

IDV and the OD plan premium go hand in hand. Although lowering the IDV will lower the premium, it will also lower the claim amount and vice versa. Therefore, choosing the appropriate IDV is crucial to balance the plan’s price and two-wheeler insurance coverage.

  • Standalone OD (Own Damage) insurance is crucial to protecting one’s assets and investments: 

Insurance coverage provides financial security for damages or losses, whether it’s a car, a home, or any other valuable property. By implementing these approaches, individuals can save money and balance affordability and comprehensive insurance coverage.

  • Choose The Proper Deductibles

Another element that affects the cost of insurance is voluntary deductibles. The premium will decrease if the deductibles chosen voluntarily are raised. However, your out-of-pocket costs will increase with the settlement of your own damage bike insurance claim.

  • Utilise No Claim Bonus (NCB)

If     you didn’t file any claims during the policy period, you get the NCB concession. It is advised not to file claims for small damages if the NCB is higher.

  • Select Beneficial Add-Ons

Add-ons like Zero Depreciation coverage, Bike Key Protect coverage, etc., raise the premium cost. Therefore, evaluating your needs and picking practical add-ons that supplement the OD plan’s coverage is essential.

There are various approaches that individuals can consider to reduce standalone OD (Own Damage) insurance premiums. By exploring different options, comparing quotes, and taking proactive steps to manage risk, individuals can work towards obtaining more affordable insurance coverage while still maintaining adequate protection for their assets. Regularly reviewing and updating insurance policies is important to ensure they align with changing needs and circumstances. By being informed and proactive, individuals can make well-informed decisions that may lead to cost savings in their insurance premiums.

Standard T&C Apply

All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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