Buy your two-wheeler insurance in 60 seconds!⚡
Plans starting @ ₹1.3/day*
Enter bike number (e.g DL1SB1234)
Processing

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. Usually, this OD bike insurance policy is purchased with a third-party bike insurance policy to enhance the coverage.

Read more

Explore Two Wheeler Insurance
Two Wheeler Insurance
Bike Insurance Companies
e-Bike Insurance

Features of an Own Damage Bike Insurance

Here are the features of your own damage bike insurance policy:

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 Buy zero depreciation cover, 24x7-roadside assistance cover, engine protection cover, PA cover, NCB protection cover, etc.

*Disclaimer: The information in the above table is for illustration purposes only. Please refer to the insurer's policy wording to understand the features offered.

Benefits of an Own Damage Bike Insurance

Here is a list of benefits offered under an own-damage two-wheeler insurance policy:

  • 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.
  • Unlike third-party insurance, the own-damage cover is complimentary.
  • This policy is extensive, and one can opt for add-on covers to boost the coverage at an affordable premium rate.
  • Since it offers wider coverage, the premiums can be significantly higher than the third-party bike insurance policy.
  • The OD bike insurance policy is valid for one year and can be renewed annually.

Why Buy Own Damage Insurance for Bike Online from Policybazaar.com?

You must have a valid and active bike insurance policy as a bike owner. Moreover, you should know what is covered so you don't miss anything during the claim settlement process.

As you know, mandatory third-party bike insurance only covers the liabilities of a third party arising out of accidental death, damage, or injury in an accident. However, if you have your own damage bike insurance policy, you can also claim for the damages sustained to your bike/scooter.

Here are the reasons for buying own-damage bike insurance online from Policybazaar.com:

  • Compare various own-damage bike insurance plans online offered by 20+ top bike insurance companies in India and then buy.
  • Get 24/7 assistance from our customer assistance department for any bike insurance-related queries.
  • Choose the valuable bike insurance add-ons with your OD bike policy and enhance its coverage.

Coverage Under Own Damage Cover

  • Own Damage Cover- Inclusions
  • Own Damage Cover- Exclusions

The OD bike insurance policy covers the cost of damages caused due to the following instances:

  • Natural calamities like fire, earthquake, explosion, floods, storms, and more
  • Man-made disasters like vandalism, riots, theft, burglary, malicious activities, and terror attacks
  • Accidental damages
  • Theft, burglary, and housebreaking
  • Damages beyond repair (Total Loss).

The OD bike insurance policy does not cover the expenses incurred due to the following instances:

  • Third-party liabilities
  • Normal wear and tear
  • Mechanical or electrical breakdown
  • Damages caused outside the geographical boundaries
  • Consequential loss
  • Damage to tyres & tubes unless the vehicle is damaged simultaneously. However, the company's liability is limited to 50% of the total repair cost.
  • Damage to the bike if it is driven under the influence of alcohol, drugs, or other intoxicated substance
  • If the driver is not carrying a valid driving license, registration certificate, or inactive bike insurance policy during an accident.

Is Own Damage Insurance for Bike Mandatory?

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.

Own Damage Bike Insurance Premium Calculation

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:

  • Select which bike you ride.
  • Select its ex-showroom price
  • Select its city of registration
  • Select the year of purchase of the bike
  • Select 'Yes' or 'No' to answer if you have made any claim in the past year.
  • Lastly, click 'Calculate', and the estimated premium for your selected bike model and IDV (Insured Declared Value) will be displayed.

How is Own Damage Bike Insurance Premium Calculated?

While the Insurance Regulatory and Development Authority of India (IRDAI) decides third-party insurance premiums for a fixed tenure, the premium calculation for own damage bike insurance plan depends upon several factors, such as:

  • Age of the policyholder
  • Age of the vehicle
  • Vehicle registration location
  • Bike's make and model
  • Anti-theft installed in the vehicle
  • Two-wheeler owners with AIAA membership
  • Voluntary deductibles

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.

How to Claim Bike Insurance for Own Damage?

To claim bike insurance for your own damage, follow the below steps:

  • Step 1: 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.
  • Step 2: 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.
  • Step 3: An insurance company surveyor will examine the vehicle and its damages. Later, the surveyor will send the assessment report and bills to the insurer.
  • Step 4: 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

In case a claim arises for your own damage, you will have to provide the following documents to the insurer:

  • 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)

How Much Protection Can be Availed in OD Cover?

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.

FAQs About Own Damage Bike Insurance

  • Q1. 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.
  • Q2. 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.
  • Q3. 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.
  • Q4. 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.
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

  • Recent Article
  • Popular Articles
10 Jun 2024

Common Problems Faced by Bike Owners and Their...

As a motorcycle owner, you might face various problems that

Read more
07 May 2024

10 Best Bikes for Long Rides in India 2024

Are you the one who want to cruise through the winding roads of

Read more
01 May 2024

MCWG Driving License in India

To regulate and ensure safe operation, every motorbike owner in

Read more
22 Apr 2024

9 Tips to Maintain Your Bike's Engine

Since the engine is your bike's heart, it is essential to keep

Read more
18 Apr 2024

Best Engine Oil for Bikes in India 2024

In the fast-paced world of biking, you must ensure your riding

Read more
23 Mar 2023

Vehicle Owner Details by Registration Number

Vehicle owner details can come in handy in various situations, such as road accidents, cases of reckless driving

Read more
12 May 2021

Three Easy Ways to Check Bike Insurance Expiry...

As significant as it is to buy a bike insurance policy for your motorbike, it is equally important to renew it

Read more
11 Apr 2024

How to Check Bike Owner Details by Registration...

In a world full of different types of two-wheelers, each one has its unique identity enclosed in its registration

Read more
07 May 2024

10 Best Bikes for Long Rides in India 2024

Are you the one who want to cruise through the winding roads of the Himalayas or explore the beautiful coastline

Read more
06 Nov 2019

How to Get Bike Insurance Details by Registration...

According to the IRDA, all bike owners must hold at least a third-party bike insurance policy in India. The bike

Read more

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis