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    Why you should buy Two Wheeler Own Damage insurance before going on a road trip

    Why you should buy Two Wheeler Own Damage insurance before going on a road trip

    Why you should buy Two Wheeler Own Damage insurance before going on a road trip
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    By CNBCTV18.com  IST (Updated)

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    When going on a long and even short-distance trip on a motorbike, it is imperative to factor in the risks involved. One such major risk you must consider is accidental damage.

    The craze for long-distance motorbike rides has been growing among adventurers and biking communities. We often see motorbike enthusiasts going on such trips to Leh Ladakh, Spiti Valley, and cross country.
    Even short-distance motorbike ride from Mumbai to Lonavala, Pune to Goa, and Bangalore to Coonoor is gaining popularity.
    When going on a long and even short-distance trip on a motorbike, it is imperative to factor in the risks involved. One such major risk you must consider is accidental damage.
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    No matter how well prepared you are, accidents, theft and natural disasters like flash flood and landslide can happen anytime. Thus, it is wise to ensure you are financially covered before hitting the roads to avoid any unfortunate incidents incurring additional expenditures.
    Two-wheeler insurance plays an important role in augmenting that protection, and the own-damage component of the policy is particularly beneficial in such events.
    Benefits of Two Wheeler Own-Damage Cover
    While having a third-party insurance cover for two-wheelers is mandatory by law, it is equally crucial to get financially covered for own damage. It is important to note here that third-party insurance only covers third party's liabilities such as accidental death, injury or damage.
    However, it does not indemnify losses to your own vehicle arising from an accident, or above-mentioned natural disasters or even theft.
    Own-damage cover will provide financial protection in case of damages that may occur due to an accident as well as natural calamity, theft, riots, collisions, etc. It compensates for the damages caused and provides financial assistance to repair or replace the parts of your damaged two-wheeler.
    Some insurers also offer cash-less repair services in own-damage cover at their network garages wherein you do not need to pay a single paisa at the insurer’s network garage.
    The payment will be directly taken care by the insurer. Even in the event of total loss, an own-damage cover will offer protection up to the Insured Declared Value (aka Sum Insured Amount) of the two-wheeler.
    A little extra protection can go a long way for worry-free rides
    Anything can happen when you are out on the roads. Imagine riding through the picturesque Wayanad, and your motorbike breaks down in the middle of nowhere.
    Having a 24 hours Roadside Assistance Add-on Cover will be beneficial for such situations as it will offer you roadside assistance from the insurer's network garage. All you need to do is inform your insurer about the requirement.
    Now, let's assume a scenario where your motorbike met with an accident and has gone to the nearest garage for repair, or someone stole your motorbike while you were having lunch at a roadside eating joint.
    And because of these types of emergencies, you need a place to stay for the night. With Emergency Hotel Accommodation Add-on Cover, the insurer will compensate your hotel room rent and you can rest stress-free.  
    A Hospital Cash add-on can be very useful in an unfortunate event of an accident involving your insured motorbike wherein you and your family were required to be hospitalised.
    If hospitalized for more than 24hours, with this cover you will receive reimbursement of your daily hospitalization cost up to the sum insured.
    In conclusion
    Getting an insurance policy for your motorbike is a wise financial decision that will protect you from unforeseen expenses arising from any of the abovementioned incidents.
    Third-party two wheeler policy is compulsory by IRDAI and will only protect you from legal and financial obligations for the damages caused to the third parties and their vehicles.
    Thus, getting an own-damage cover and a few useful add-ons are advisable to protect you financially and to ensure a stress-free journey. 
    (The author is Rakesh Jain, Chief Executive Officer at Reliance General Insurance)
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