7 min read
Updated on Apr 13, 2023
When it comes to providing two-wheeler insurance coverage to your prized possession – your bike – you must have a complete protection plan to keep it secured against any kind of damage. Hence, you must procure a Standalone Own Damage Bike Insurance Plan to protect your insured two-wheeler against damage or loss that it incurs because of any accident etc.
So, if you ask what Standalone Own Damage Bike Insurance is, it is a plan that covers your insured bike against its own damages only. So, any injury, damage incurred by your bike due to any mishap, accident, disaster, theft etc. are covered under this plan. This also includes damages incurred by your bike during transit. This is a rather new plan introduced after receiving approval from IRDAI in September 2019.
Below are some features of the Own Damage bike insurance:
Below are the key differences between Own Damage and Third Party Bike Insurance as well as OD and Comprehensive Two-wheeler Insurance:
|Third-party Two-Wheeler Insurance||Standalone Own Damage Two-Wheeler Insurance||Comprehensive Two-Wheeler Insurance|
|This obligatory insurance covers only against third-party liabilities. It includes damage caused to third-party persons, property as well as death.||This is not an obligatory insurance. It covers the insured bike against any damages. In terms of cover, it is greater than third-party insurance||This is again not an obligatory coverage. It includes both third-party liabilities as well as costs incurred for your bike’s own damages.|
|It offers coverage against third-party liabilities only.||It offers coverage against your bike’s own damages only.||It offers coverage against third-party as well as Own Damage expenses.|
|This policy is available at low premium amount||Here, the premium is high, but it decreases with time||Here again, premium is high as the policy covers both third-party and OD|
|This policy is not affected by depreciation rate||It gets affected by depreciation rate||It also gets affected by depreciation rate|
So if you ask, is Own Damage insurance mandatory for bikes, the answer is NO. But it allows greater coverage than third-party insurance.
Below are the basic factors that are taken into consideration while calculating OD insurance premiums:
An OD insurance cover offers the below mentioned inclusions:
The following are the exclusions of OD two-wheeler insurance:
Below are some of the key advantages of OD bike insurance:
Below are the steps to follow for Own Damage insurance renewal:
Step 1: Visit the portal of PayBima
Step 2: Submit the registration number of your two-wheeler along with other information like type of fuel, model and make of bike, registration year and city where you registered your bike etc.
Step 3: Submit the renewal date of your OD insurance policy and the insurer details whom you have bought the policy from.
Step 4: Now submit some personal details like name, Mobile number, tenure of policy etc. and click ‘Continue’.
Step 5: You can see different quotes in front of your screen. Compare them to buy the best policy suiting your requirements. Here, you can even choose add-on protection to augment the coverage of your insurance.
Stage 6: Once done, proceed to ‘Buy Now’ and get the payment done. The policy document will be sent to you through email on your registered ID.
Here are the steps to follow:
Also Read: Why 3rd Party Bike Insurance is Important?
Here’s a list of add-ons that are available with Own Damage insurance for bikes:
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The premium of Standalone Own-Damage (OD) bike insurance policy depends on different things like make and model of bike, age of bike, NCB discount (if any), IDV of bike etc.
To file a claim for your two-wheeler own-damage insurance policy below steps are required to be followed:
First step is to file an FIR at the nearest police station at the earliest, a copy of which needs to be submitted to the insurer. However, this is not required for non-fatal damage
Try to take images or videos of the scene clearly to have proof of the damage incurred and submit the documents needed.
Fill up the claim form and submit it along with the documents required to be submitted.
The insurance provider might send a surveyor to assess the damages.
Once the surveyor accesses and reports, the insurer will verify the process and approve the claim and you can proceed with the cashless claim facility or can get the damages reimbursed.
Yes, theft of your bike is covered under a standalone own-damage policy.
No, own-damage insurance is not mandatory for two-wheelers. Only third party insurance is compulsory. However, Own-Damage Insurance is recommended to have in India.
If you miss renewing your own damage two-wheeler insurance on time and it expires, you still have a chance to renew it. This can be done during the grace period offered by the insurer. This is a 90 days' time period that an insured individual is allowed by the insurer to renew their bike insurance after the expiry date.
Third party bike insurance policy is the obligatory cover that you need to ride your bike in India if you don't want to be fined by the cops on the road. However, the own-damage insurance offers coverage to your own bike in case of damage. These are not compulsory policies but are good to secure your two-wheeler against any kind of damage or loss, theft etc. Thus, it is good to have an own-damage cover together with your third party insurance.
Since the premium of your bike is determined by its IDV, which takes into account the depreciation rate of your bike. So, as your bike becomes older, the IDV goes down. This situation affects claims as well as premiums. So, when your bike gets older, you get less compensation and pay less premium as well.
If you already have a valid third-party insurance policy for your two-wheeler, you can buy a standalone damage policy easily without following any eligibility criteria.
Along with third-party and standalone own damage bike insurance, a third one is available called comprehensive bike insurance that you can avail of for total bike coverage.
As per the latest regulations, personal accident cover is made compulsory to buy for your vehicle. So, you can buy this cover with your Own Damage insurance policy or separately. However, it is better to check if this cover is already included with your Third-Party cover.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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