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Shriram Standalone Own Damage Bike Insurance
When purchasing a two-wheeler, you may be concerned about the cost of unexpected repair and replacement due to accidents. Shriram two wheeler standalone insurance policy protects you from such unexpected costs in such scenarios. It provides financial protection in the event of an accident, natural disasters, man-made tragedies, fire, theft, and so on. Read on to discover the benefits and restrictions of the standalone own damage two-wheeler insurance policy, and how to acquire OD two-wheeler insurance online.
How does Shriram Standalone Two Wheeler Insurance Policy Work?
Shriram two-wheeler standalone insurance works through the below policies:
- The policyholder receives coverage for his vehicle on an average premium amount.
- Shriram two-wheeler standalone bike insurance is quite comprehensive, with add-on covers available to supplement the standard insurance policy's coverage.
- If we compare Shiram's two-wheeler standalone insurance to third-party coverage, the cost of the standalone policy is a little higher. Reason being, it offers wider coverage than just your basic liability policy.
Shriram Standalone Two Wheeler Insurance Vs Third Party Two Wheeler Insurance Vs Comprehensive Two Wheeler Insurance
| Eligibility | Standalone Bike Insurance | Third Party Bike Insurance | Comprehensive Bike Insurance |
| What is it? | This bike insurance policy protects the policyholder's bike against all mishaps.. A standalone policy provides more protection compared to third-party insurance. | This insurance only protects you against third-party liabilities such as bodily injury, death, and property damage. This policy is mandatory as per Motor Vehicles Act, 1988. | This insurance covers both third-party liability and own-damage expenses for a single price.
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| Coverage benefits | Covers all the damage expenses related to own damages only. | Covers damages and liability related to only third-party. | Covers both the third-party liability and damages related to own-damage costs. |
| Benefits | Damages due to natural disasters, vandalism, accidents, total damage, and theft are all covered under this policy. It also allows to add add-on covers and offers a no-claim incentive to people who do not file a claim. | This insurance policy will keep you away from paying hefty fines. And, offers you legal satisfaction. With this policy, you cannot include add-on covers. | This policy covers the liability of both, the third-party and standalone two-wheeler insurance policy. Plus, you will also include add-on covers and be eligible to receive a no claim bonus. |
| Amount of premium | Moderate premium because of coverage related to own damages only. | Comparatively low amount of premium due to limited coverage related to only third-party. | Higher premium combining the two covers into one premium. Hence, offering wider coverage. |
What All is Covered Under Shriram Standalone Two Wheeler Insurance Policy?
Damages Due to Accident
Has your two-wheeler been damaged in an accident? Don't worry, the Shriram two-wheeler standalone insurance will cover the cost of repairing or replacing any damaged motor parts as a result of the accident.
Natural Calamities
If your two-wheeler is destroyed by floods, earthquakes, cyclones, or other natural disasters, Standalone policy of Shriram two-wheeler insurance will cover the costs.
Manual Damages
The insurance policy covers damages caused by man-made disasters like violence, vandalism, terror attacks, and strikes.
Damages Caused by Fire
Your bike may be damaged by fire or explosion, incurring a financial loss. Such losses are covered under Shriram’s standalone policy.
Loss by Theft
Theft of your two-wheeler can be a frightening experience. However, you can rely on the Shriram two-wheeler because the policy covers all such losses.
Additional Loss
Shriram’s Insurance will compensate you for your losses according to the terms and circumstances if your bike is damaged beyond repair.
What All is Not Covered Under Shriram Standalone Two Wheeler Insurance Policy?
Damages to Third-party
Third-party liabilities, such as third-party injuries, death or property damage, are not covered by the Shriram two-wheeler standalone insurance policy.
Expired Licence
In India, riding without a valid driving licence (DL) is prohibited. The two-wheeler standalone insurance policy from Shriram Insurance does not cover any vehicle damage in such situations.
Mechanical Breakdown
The standalone insurance policy does not cover damages caused by a mechanical or electrical failure.
Subsequent Damages
The Shriram two-wheeler standalone insurance policy does not cover subsequent damages or losses incurred as a result of accidents, fires, or other causes.
Regular Wear and Tear
Wear and tear depreciate your two-wheeler over time. Damage to oneself. Such losses are not covered by two-wheeler standalone insurance of Shriram Insurance.
Shriram Standalone Two Wheeler Insurance Benefits
Shriram standalone two-wheeler insurance brings the following benefits to the insurance holder:
- Gives peace of mind and keeps you away from legal hassle
- Quick and easy claim settlement process
- Affordability of premiums
- Online availability to buy insurance anytime
- Expert support 24x7 to assist
Shriram Standalone Two Wheeler Insurance Review
The company offers best services when it comes to standalone bike insurance policy. With their seamless and relaible claim settlement process, you can anytime approach them when in need. The insurer ensures that you have the best insurance journey in every aspect.
Add ons for your Two Wheeler Insurance
Shriram Bike Insurance Policy Download FAQs
1. What damages are covered in the Shriram two-wheeler insurance policy?
Accidental damages, damages caused by transit, theft or vandalism, natural calamities, and man-made disasters are all covered under a standalone own-damage policy.
2. How can I calculate the premium on the Shriram two-wheeler insurance policy?
The Shriram premium calculator makes determining your policy premium straightforward. Use this online financial tool to organize all of your financial information.
3. Is it mandatory by law to buy a Shriram two-wheeler standalone insurance policy?
No, standalone two-wheeler insurance is optional; nevertheless, third-party two-wheeler insurance is required under the Motor Vehicles Act of 1988.
4. Will my Shriram two-wheeler standalone insurance policy have accidental losses?
Yes, Shiram’s two-wheeler insurance policy will pay such losses in case of covered insured bike.