What is Standalone OD Bike Insurance Policy?

 Amrit Pal Singh  02-10-2022  Bike Insurance, Standalone OD Policy  Bike Insurance, Two Wheeler Insurance, Types of Bike Insurance

Earlier there were two types of bike insurance policies i.e. third party bike insurance and full insurance which is also known as comprehensive policy. This third type is standalone own damage or standalone OD Policy. This policy covers only the own damages of the vehicle including theft. Normally the premium of this is less than 1,000 depending upon the addon you opt for the premium may rise. But the policy is not eligible for the claim if you don’t have separate third-party insurance.

Basically, from a few years, you must have observed purchasing a new bike, you have a 5-year/3-year insurance policy. The policy is actually 5-year third party policy and a one-year comprehensive policy. The optional add-ons are also available for one year only. The PA Cover that is the Personal Accidental Cover may be for one year or five years.

 

Q: Is it necessary to have third party policy with a Standalone OD Policy to get Claim?

A: Yes, Third party insurance is mandatory in India and the Standalone OD Policy with the combination of third party policy and sometimes PA policy is eligible for a claim.

 

Q: Can I choose any company standalone policy while renewal?

A: Yes, you can change your company at the time of the first renewal or future renewals. There is no negative point in switching the company and you can enjoy a No Claim Bonus also with the renewal company. Just make sure your new policy has the old company's Own damage and third party details mentioned on the policy document.

 

Q: Can I run only third party policy and don’t renew OD Policy?

A: Yes, you can third only third party policy to avoid challans and in future, you can buy OD policy anytime.

 

Q: Does OD (Own Damage policy) Covers Theft?

A: Yes

 

Q: Is PA Cover mandatory?

A: A person should have at least one PA Cover in his name to claim for insurance. In a few conditions, PA Cover is not mandatory but it is advisable to have PA Cover in your policy. The cost varies depending upon the company from 300-400 plus Taxes.

 

Q: Can a buy Personal Accidental Insurance Policy (PA Policy) Separately?

A: Yes, you can buy it separately from any general insurance company of even a health insurance company. For vehicles, it's basically CPA and health insurance companies give PA which is more costly than CPA but it covers all types of forceful activity. CPA covers accidents when you are driving. But PA Cover even while walking also.