Standalone Own Damage Bike Insurance

What is Own Damage (OD) Insurance Meaning?

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.

Features of Own Damage Two-Wheeler Insurance Plan?

Below are some features of the Own Damage bike insurance:

• OD insurance covers the policyholder against any damages done to the insured two-wheeler.
• The OD insurance offers extensive coverage as it also allows the insured to avail add-on covers to enhance the plan further.
• However, the premium of OD insurance is slightly high as compared to the third party two-wheeler coverage.
• The OD coverage allows protection against things like natural disasters and any man-made catastrophe. Further, it covers your bike if it gets damaged due to collision with a third party.

Own Damage Bike Insurance Vs Comprehensive Bike Insurance: Comparison

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.

Factors Affecting Own Damage (OD) Bike Insurance Premiums

Below are the basic factors that are taken into consideration while calculating OD insurance premiums:

• IDV or Insured Declared Value – This serves as the precise market value of your vehicle, which influences the premium that an insured pays for OD bike insurance.
• Age and model of the bike – It also is a significant factor along with the make of the two-wheeler. The premium of OD bike insurance depends on the value of the bike in the market as well as the model (low-cost or finest model) of the bike. The higher the value of the bike or if it is a new bike and the model is also first-class, the premium is also high and vice versa.
• Add-on Covers – If you have selected varied add-on covers, the premium of your OD insurance will be high.
• NCB or No Claim Bonus – If you have any discount of NCB accumulated earlier and that can be added to your current policy, you might have your insurance premium lowered.
• Bike CC – This is the speed of the vehicle, which also affects the premium of OD coverage. Here again, if the CC of your bike is high, you have to pay a higher premium.

Inclusions of Standalone Own Damage Bike Insurance?

An OD insurance cover offers the below mentioned inclusions:

• It covers against accidental damages that your two-wheeler sustains due to any collision, accident etc.
• It covers against natural disasters such as earthquake, tropical storm, flood etc.
• It also covers against man-made catastrophe like riots, any kind of explosions, fire etc.
• It also covers against theft of your bike.

Exclusions of Standalone Own Damage Bike Insurance?

The following are the exclusions of OD two-wheeler insurance:

• It only covers damages that are caused to your own vehicle. It doesn’t offer coverage against third-party liabilities.
• It doesn’t offer coverage against Consequential damages caused to your two-wheeler, which are not due to any accidents.
• This policy also doesn’t cover for any damages caused by the negligence of the insured or due to the fault of the insured.  For instance, if your ride your bike during heavy and in flooded areas despite knowing the consequences and the bike gets damaged.

Benefits of bike Own Damage Insurance

Below are some of the key advantages of OD bike insurance:

• Flexibility – With the OD bike insurance, the policyholder gets the opportunity to avoid buying the expensive comprehensive insurance and go for the less expensive OD bike insurance along with third-party coverage.
• Different insurers – Also, with Own Damage insurance, you can buy the plans – third party and OD – from separate insurers of your choice rather than buying them from the same policy provider as in the case of comprehensive plan.
• Cost-effective – Buying short-term OD coverage along with third-party policy is economical as compared to buying a comprehensive policy. Since you can buy each of the policies from a separate insurer, it becomes reasonable.

Own Damage two-wheeler insurance – Steps to Policy Renewal with PayBima

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.

How to claim bike insurance for Own Damage in India?

Here are the steps to follow:

• First, inform the insurance company immediately.
• Lodge a FIR in case of an accident
• Collect pictures and proofs to show the insurer
• Submit the required documents like policy papers, FIR copy, RC copy, evidence etc.
• Schedule a survey of the damage with then insurer
• Finally, send the bike for repairs at any of the insurer’s network garage

Which Add-ons are Available With Own Damage Bike Insurance Cover?

Here’s a list of add-ons that are available with Own Damage insurance for bikes:

• Return to Invoice Cover Add-on– This add-on helps if the insured bike is stolen or lost. Here, you would get the price of the bike as mentioned in the invoice.
• Zero Depreciation Cover Add-on – This add-on helps the policyholder in managing the financial burden of bearing the cost of depreciation.
• Consumables Cover Add-on – Under this add-on cover, you get protection against consumable items in your bike such as bolt, screw, grease, and so on.
• Roadside Assistance Add-on – Under this add-on, the insured gets assistance in case there is a breakdown in your bike on the road.