Standalone Own Damage Bike Insurance: All Need to Know

Bikes are a prized possession for all buyers—be it a bike enthusiast or one who finds pure utility in his bike. Considering the different benefits on offer, not having a bike can make it cumbersome to travel, especially using the public transport. Moreover, traffic snarls in the urban jungles can extend for long hours and that’s where a nimble and agile two-wheeler can help you save lot of your time. So, any damage to your bike can not just mean inconvenience, but also a hole in your wallet to get it fixed. Thus, it is best to get yourself and insurance cover that covers the cost of such repairs. The Motor Vehicles Act of 1988 makes it mandatory to have a bike insurance plan for all two-wheelers registered in the country. However, only a Third Party Insurance Cover is the minimum requirement. Such third-party policies although ensure legal compliance by safeguarding against injuries and damages to another person, they lack when it comes to compensating for the damages to your bike in case of an accident. The other person or their vehicle isn’t the only thing that is damaged in an accident, it is your vehicle too. Hence, it is best to buy a two wheeler insurance that offers compensation for the repair costs of your bike. This way, you can ensure protection from damages and collisions occurring to your bike too.

What Does the New Regulations State?

At present, all new vehicles are required to buy vehicle insurance without which the registration of such vehicle is not possible. Hence, you can either choose from a five-year third-party cover or five-year third-party plan with one year of own-damage cover when buying a new bike. So, if you are someone who only has a five-year third-party cover for their bike, you can purchase a standalone own-damage (OD) plan. Alternatively, if you have a five-year third-party plan with one year of own-damage cover, you can buy a standalone own-damage policy each year from the second year till the end of fifth year. You can avail both third-party and OD variants of vehicle insurance online.

What are the Features of an Own-Damage Two Wheeler Insurance?

A two-wheeler own damage insurance policy, also known as standalone Own Damage (OD) insurance, protects your bike financially in case of unforeseen events. These events include accidents (self-inflicted or third-party), theft, fire, natural disasters, and even man-made calamities. The policy covers the repair costs or, in extreme cases, the replacement of your bike.

Why is Own Damage Cover Useful?

Third-party bike insurance, which is mandatory in India, only covers liabilities arising from injuries or damage caused to a third party. An own damage two-wheeler insurance bridges this gap by providing financial security for your own bike. It safeguards you from significant financial burdens in case of repairs or replacements due to accidents, theft, or other insured perils.

What Are the Advantages of Buying a Standalone Own Damage Insurance for a Bike?

Unlike a comprehensive plan, standalone OD covers can be purchased in addition to third-party insurance policies. Such standalone plan includes the following:

1. Coverage for repairs to your bike due to a collision or accident.
2. Coverage for repairs due to natural disaster like floods, typhoons, hurricanes, earthquakes, etc.
3. Coverage for man-made perils like riots, vandalism, etc.
4. Coverage for theft of your bike.

In addition to the above, when you buy a standalone OD cover, you can also enjoy the benefits of no-claim bonus (NCB) wherein the premiums for such own-damage components are lowered due to the NCB benefits.*Standard T&C Apply

Who Should Consider Standalone Own Damage Two Wheeler Insurance?

Here are the major considerations around who should take the two-wheeler own damage insurance:

Standalone Damage Insurance 

Ideal for anyone who owns a two-wheeler, especially an expensive bike. It offers additional protection, guaranteeing your bike is well-protected beyond the standard third-party coverage.

Coverage Gaps 

If your third-party policy has expired or does not provide appropriate protection, your own damage two-wheeler insurance can address those gaps by providing comprehensive coverage for a wide range of potential dangers.

High-Risk Areas 

Do you live in a region prone to natural catastrophes or theft? Standalone damage insurance provides critical security by safeguarding your bike from unanticipated incidents and potential losses.

Comprehensive Protection 

This insurance covers your bike against a variety of threats, protecting your investment and eliminating financial concerns about damage or theft.

Peace of mind: 

Knowing that your bike is completely safe helps you to ride with confidence and enjoy your two-wheeler without always worrying about possible dangers.

Add-ons with Standalone Own Damage Two-wheeler Insurance

Many insurers offer add-on covers to customize your standalone own damage two-wheeler policy. These can include:

1. Engine and Gearbox Protection: Covers repair or replacement costs for these critical components.
2. Depreciation Reimbursement: Reduces the impact of depreciation on your claim payout.
3. Personal Accident Cover: Provides financial assistance in case of injuries sustained in an accident.
4. Accessories Cover: Extends coverage to bike accessories.

Is Standalone Own Damage Bike Insurance Same as a Comprehensive Policy?

No, standalone plans are not the same as comprehensive plans. Comprehensive policies include third-party component along with own-damage cover and personal accident cover as a part of its scope whereas a standalone cover does not. Finally, remember that a standalone policy can be bought from a different insurance company than the one you have bought your third-party plan. To estimate the impact of the different add-ons in your standalone cover, you can make use of a two wheeler insurance premium calculator.

How to Claim Standalone Own Damage Bike Insurance?

In case of an accident, theft, or any other insured event, here's how you can claim a standalone own damage two-wheeler policy:

1. Inform the police and file an FIR (First Information Report).
2. Notify your insurance company immediately.
3. Submit the required documents to the insurer.
4. Cooperate with the insurer's surveyor during the damage assessment.
5. Once the claim is approved, repairs will be done at a network garage or reimbursement will be provided.

List of Documents Needed when Making a Bike Insurance Claim

Here is the list of documents required for making a bike insurance claim:

1. Valid and active standalone own damage two-wheeler insurance policy document.
2. FIR in case of theft or accident.
3. Registration Certificate (RC) of your bike.
4. Photographs as evidence of the damage.
5. Additional documents as specified by your insurer.

FAQs

What is Standalone Own Damage Bike Insurance? 

Standalone own damage bike insurance is a separate policy that protects your two-wheeler from financial losses due to accidents, theft, fire, natural disasters, and other insured perils.

Who should consider getting standalone damage bike insurance? 

Anyone who owns a valuable bike or wants additional coverage beyond third-party liability should consider standalone own damage insurance.

What are the key benefits of standalone own damage bike insurance? 

Protect your bike financially in case of accidents, theft, or other insured events. Offers peace of mind knowing your bike is covered. Can be customized with add-on covers for broader protection.

How is the premium for standalone own damage bike insurance calculated? 

The premium for standalone damage insurance is primarily determined by your bike's Insured Declared Value (IDV), age, and location. Additionally, your driving history and chosen add-on covers can influence the premium amount.

Can I switch from a comprehensive policy to standalone own damage bike insurance? 

Yes, you can switch from a comprehensive policy (which includes both third-party and own damage cover) to standalone own damage insurance if your existing third-party policy is still valid. However, consult your insurer for specific details and ensure you have uninterrupted third-party liability coverage.   *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. *Claims are subject to terms and conditions set forth under the motor insurance policy. The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.