What is Own Damage Bike Insurance
A standalone own-damage policy, commonly known as an Own-Damage (OD) bike insurance policy, protects the insured two-wheeler in case of damages due to accidents, fire, theft, natural disasters, man-made disasters, etc. While third-party bike insurance is mandatory by law, own-damage cover is optional but highly recommended to safeguard your own vehicle. Typically, this plan is bought alongside third-party insurance to ensure complete protection.
Benefits of an Own Damage Bike Insurance
Here is a list of benefits offered under an own-damage two-wheeler insurance policy:
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Financial Assistance
It offers financial coverage to repair/replace the damaged parts of the insured bike due to accidental damages or any other damages mentioned in the policy documents. -
Extensive Coverage
Unlike third-party insurance, the own-damage cover is complimentary. -
Availability of Add-ons
This policy is extensive, and one can opt for add-on covers to boost the coverage at an affordable premium rate. -
Premiums Based on Risk Profile
Since it offers wider coverage, the premiums can be significantly higher than the third-party bike insurance. -
Annual Renewal
The OD bike insurance policy is valid for one year and can be renewed annually.
Key Features Own Damage Bike Insurance
| Key Features | Description |
|---|---|
| Own Damage Coverage | Covers the damages caused to the insured vehicle against various risks, such as theft, fire, natural calamities, man-made disasters, etc. |
| Bike insurance premium rates | Get coverage at an affordable premium rate. |
| No Claim Bonus (NCB) | Avail the benefits of NCB or No Claim Bonus during the renewal of your own-damage bike insurance policy for not raising a single claim in the policy period. |
| Add-ons Availability | Enhance your coverage with add-ons like zero depreciation, roadside assistance, PA cover, engine protection, and more. |
*Disclaimer: These features are indicative. Please refer to your policy wording for exact terms and conditions.
Coverage Under Own Damage Cover
Covered in Own damage Bike Insurance
Third Party Injuries
Get compensation for third-party injuries, disabilities, or death and cover any medical expenses incurred in road accidents.
Third Party Property Damage
Get compensation for the damages caused to any third party’s property, such as their vehicles, buildings, or other property, up to ₹1 lakh.
Legal Liability Coverage
This policy also covers the legal expenses and liabilities arising from third-party claims.
Not Covered in Own damage Bike Insurance
Own Vehicle Damage
It does not provide coverage for the damages caused to the own vehicle due to any accidents, thefts, natural or man-made disasters, etc.
Illegal Driving
The insurer is not liable to pay for any losses or damages incurred if you drive without a valid DL, RC, PUCC, or a bike insurance policy. Also, riding without following traffic rules.
Drunk & Drive Cases
This policy does not cover any accidents caused by the influence of alcohol or drugs.
*Disclaimer: The above inclusions and exclusions are subject to change as per the insurer's policy wording. Kindly review the policy wording of the insurance company before buying the policy.
How to Calculate Own Damage Bike Insurance Premium Online?
The OD bike insurance premium can be calculated using the online bike insurance calculator available on Policybazaar.com in a few easy steps for any two-wheeler model.
Follow the below procedure to find the estimated bike insurance premium using the calculator:
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Enter Your Bike Details
Visit Policybazaar.com and open the Bike Insurance Calculator. Select your bike’s make, model, variant, ex-showroom price, and year of purchase. -
Provide Registration & Claim Info
Select your city or RTO of registration and mention whether you’ve made any claims in the previous policy term. -
Get Instant Premium Quotes
The calculator will instantly show the estimated premium for your selected bike model. Moreover, it gives you an option to get various two wheeler insurance plans from multiple insurers. Compare options based on coverage and premium, then choose the one that best fits your needs.
How to Buy Own Damage Bike Insurance Online?
To renew/buy your own damage bike insurance online from Policybazaar Insurance Brokers Private Limited, follow the below procedure:
- Step 1: Go to Policybazaar.com and choose 'Own Damage Bike Insurance' from the 'Insurance Products' drop-down menu.
- Step 2: Enter the required details, such as your bike's registration number.
- Step 3: Compare bike insurance quotes from top Indian bike insurance companies and choose a plan that meets your needs and budget.
- Step 4: You can also choose desired add-on covers to enhance the scope of coverage.
- Step 5: Fill out the owner, vehicle, and nominee details in the given form.
- Step 6: Pay the bike insurance premium online through Internet banking, UPI, or banking cards.
- Step 7: The insurer will send your own-damage bike insurance policy document to your registered email ID.
What Add-ons Can Be Bought with OD Bike Insurance?
You can boost your bike's coverage by adding optional riders:
Zero Depreciation Cover
When your bike parts get damaged in a road accident, the insurance company normally reduces some amount from the claim because of “depreciation” or wear and tear. With a zero depreciation cover, this deduction is not applied. It means the insurer pays the full cost of replacing damaged parts like plastic, fibre, rubber, and metal components. This add-on helps you get a higher claim amount and reduces out-of-pocket expenses, especially for new or expensive bikes.
24×7 Roadside Assistance
If your bike breaks down in the middle of a journey, this add-on acts like emergency support on the road. You can call your b for help in situations like a flat tyre, dead battery, minor mechanical fault, running out of fuel, or if your bike needs towing to a nearby garage. It gives peace of mind, especially for people who ride daily, travel long distances, or commute late at night.
Engine Protection Cover
A standard policy usually does not cover engine damage caused by water entering the engine, oil leakage, or lubrication failure. The Engine Protection Cover takes care of these situations. It covers expensive engine repairs, gearbox damage, and issues caused due to waterlogging or hydrostatic lock. This add-on is especially useful during monsoons or in flood-prone areas, where engine repairs can otherwise be very costly.
NCB Protection Cover
When you don’t make a claim during a policy year, you earn a No Claim Bonus, which gives you a discount on your next premium. However, even a single claim can make this bonus drop back to zero. With an NCB Protection Cover, you can file a limited number of claims while still retaining your earned bonus. It helps you enjoy premium discounts without worrying about losing benefits due to minor claims.
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How to Claim Bike Insurance for Own Damage?
To claim bike insurance for your own damage, follow the below steps:
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Immediately inform the insurance provider about the incident. Register your claim by calling their toll-free number or writing an email. Ask for the claim form or download it from the insurer's website..
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Try providing as much as possible evidence of the accident. It is better to click pictures of the damages sustained by the vehicle. Fill out the claim form and submit it along with the relevant documents.
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An insurance company surveyor will examine the vehicle and its damages. Later, the surveyor will send the assessment report and bills to the insurer.
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Once you get approval from the insurer, take your damaged vehicle to the nearby network garage. If you repair your damaged bike from the network garage, you can file a cashless claim, where the insurer will settle expenses directly. If you avail yourself of the services from a non-network garage, you must pay the bill first and receive compensation later.
Documents Required for Filing an Own Damage Bike Insurance Claim
- Valid and active two-wheeler insurance policy
- FIR in case of an accident/theft (may vary from insurer to insurer)
- Registration Certificate of the vehicle
- Photos (as evidence)
- Other documents (may differ from one insurer to another)
What's the Difference Between Third-Party and Own Damage Insurance?
| Aspect | Third-party Bike Insurance | Own Damage Bike Insurance |
|---|---|---|
| Coverage | Covers damages to a third party | Covers damages to your own bike |
| Mandated by Law | Yes | No, but highly recommended |
| Premium | Fixed by IRDAI | Depends upon bike's feature, engine, IDV, location, etc. |
| Premium | Fixed by IRDAI | Depends upon bike's feature, engine, IDV, location, etc. |
| Claim Scope | Limited to third-party losses | Covers fire, theft, accident, natural disasters |
*Disclaimer: These features are indicative. Please refer to your policy wording for exact terms and conditions.
What is Own-Damage (OD) e-Bike Insurance?
As the name suggests, an own-damage (OD) e-bike insurance is a type of policy that covers damage to your electric bike itself. It protects your e-bike from risks such as accidents, fire, theft, natural disasters, man-made incidents, and damage while in transit. Unlike third-party e-bike insurance (which only covers others), an OD policy ensures that the cost of repairing or replacing your own e-bike is taken care of.
This policy is especially important for electric bikes because repairing or replacing parts like the battery, motor, and onboard electronics can be expensive.
- It covers accidental damages to your electric bike.
- It provides protection against fire, theft, natural calamities, riots, vandalism, etc.
- It offers option to add special EV add-on covers.
- Ensures financial safety against high repair and replacement costs.
- Helps maintain the value and performance of your e-bike.
- It can be only be purchased, when you already have an active third-party e-bike insurance mandatory policy.
Factors Affecting Own Damage Bike Insurance Premium
Knowing what affects your bike insurance premium can help you in making a wise decision.
Here are 5 major factors:
Make, Model, and Variant of the Bike
Usually, high-end or powerful bikes (such as sports bikes or premium bikes) have higher premiums because these are more prone to theft and their spare parts are quite expensive leading to high repair costs.
Type of Coverage Chosen
Remember, a third-party bike insurance policy is the most affordable policy due to its limited coverage. On the other hand, comprehensive bike insurance policies offer broader protection along with an option to include add-ons, resulting in a higher premium.
Age of the Bike
With time, the bike gets older and its value or IDV (current market value) decreases due to depreciation. It typically lowers the premium.
Add-Ons and Customizations
For enhancing coverage, you can choose add-ons like zero dep cover, engine protection cover, or pillion rider cover. This will increase your premium over the base policy.
Location of Registration
Two wheelers registered in metropolitan areas or accident-prone locations have higher premiums. The reason being increased risks of traffic congestion, higher chances of accidents, and theft is a common problem.
Why Choose Policybazaar for Third-Party Bike Insurance?
Policybazaar.com makes it quick and convenient to stay legally compliant. Here are the reasons why you should buy third-party bike insurance online from us:
Instant policy issuance
Affordable premium starts at just ₹1.3/day
24x7 claims support
No documentation or zero paperwork
IRDAI-approved insurers
Option to upgrade to a comprehensive bike insurance plan
Own Damages Bike Insurance FAQs
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Q. Is it mandatory to renew your own damage insurance for the bike?
Ans: A standalone own-damage or own-damage bike insurance is valid for a year and must be renewed yearly to keep your policy coverage intact. -
Q. Is Own Damage Insurance for Bike Mandatory?
Ans: No, buying an OD cover for your bike is not compulsory. However, to be on the safer side, it is advised to buy it. Hence, a comprehensive bike insurance policy will be ideal as it combines mandatory third-party liability coverage with own-damage coverage. -
Q. How Much Protection Can be Availed in OD Cover?
Ans: The amount of protection to be availed in case of a damage claim is based on the insured's declared value of your two-wheeler. Usually, the insurance company pays up to the IDV only in case of an eventuality and it is based on the current market value of your vehicle. -
Q. How is the own damage premium for the bike calculated?
Ans: It is calculated based on the Insured Declared Value of the bike, ex-showroom price, depreciation, etc., using the bike insurance calculator available on Policybazaar.com. -
Q. Is your own damage insurance bumper-to-bumper insurance?
Ans: No, both are different. Own damage insurance is a bike insurance policy offering financial coverage for the owner's vehicle against several unforeseen risks. Bumper-to-bumper coverage is an add-on (zero-depreciation cover) that does not consider depreciation during the claims settlement. -
Q. How many times can I claim my own damage insurance for my bike?
Ans: You can raise as many as you claim in your own damage bike insurance policy. However, it will hamper your claim history, which further causes an adverse effect on your accumulated bonus, i.e. NCB. Also, insurance companies have specific clauses regarding raising claims in a financial year.
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