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What does own damage bike insurance policy compensate for?

Own Damage Two Wheeler Insurance 

An OD bike insurance policy is a form of bike insurance policy that solely covers your bike’s own damages. The plan protects your bike from damage caused by accidents, natural disasters, man-made disasters, fire, theft, and damages sustained while in transit. The Insurance Regulatory and Development Authority of India (IRDAI) approved the purchase of a standalone own damage bike insurance plan in September 2019. When your two-wheeler is destroyed by an accident, natural or man-made calamities, explosion, or fire, or damages that are beyond repair, the Standalone Own Damage Policy covers you against repair and replacement costs. It also safeguards you if your bike is stolen.

Features of Own Damage Two Wheeler Insurance

The following are the benefits of own damage coverage in a bike insurance policy:

  • The policyholder gets coverage for both insured vehicles as well as third-party liability under this insurance plan.
  • Own damage insurance is comprehensive, with add-on riders available to enhance the standard insurance plan’s coverage.
  • When compared to third-party bike insurance, the cost for own damage insurance is a little more expensive.
  • Under this plan, the insured bike is protected against natural and man-made disasters, as well as damage caused by a third party as a result of an accident or incident involving the insured bike.

What does this policy cover?

  • Accidental Damages – This plan covers the damages to your bike that occur as a result of an accident or collision.
  • Natural Disasters – A stand-alone own-damage policy protects your bike from damage caused by earthquakes, floods, cyclones, and other natural disasters.
  • Man-Made Disasters – The plan also protects you from damages caused by strikes, riots, explosions, and other man-made events.
  • Theft – A standalone individual damage plan also protects you against bike theft.
  • Fire – This plan also includes coverage for your bike’s own damages caused by fire and explosions.

What does this policy not cover?

  • Third-Party Liability – Standalone own damage bike insurance only covers losses or damages to one’s own vehicle. It does not cover losses or damages caused by other parties.
  • Consequential Damages – Damages to the bike that occurred as a result of, rather than as a result of, an accident are not covered by standalone own damage.
  • Contributory Negligence – If the policyholder performs anything they weren’t intended to do on purpose, their two-wheeler will be excluded from coverage. For example, if it is raining badly and the entire city is flooded, yet the policyholder still goes out on their two-wheeler for a ride, the damages will occur.

How is the premium for Own-Damage Cover calculated?

When determining the bike insurance premium for a standalone own-damage bike insurance policy, three key elements are taken into account. The IDV of the motorcycle, its cubic capacity, and its age. Manually performing this task, on the other hand, can be challenging. As a result, we have a premium calculator that will perform all of the calculations for you.

How to Make an Own Damage Claim for a Two Wheeler?

Reimbursement and cashless claim settlements are the two types of claim settlements. When you pay for the damages out of your own cash and send the original bills to the insurer, this is known as reimbursement. After deducting the deductible, the insurer reimburses you for the repair costs. You can simply visit a network garage affiliated with your two-wheeler insurance insurer to complete a cashless settlement. Your vehicle will be repaired automatically by the garage, and your car repair bill will be processed directly by the insurer.

Inform your insurance and the police about the accident as soon as possible if you want to file an accident claim. The insurance appoints a surveyor to investigate the situation after receiving notification. Following verification, the surveyor advises the network garage that repairs can begin. The insurer reimburses the network garage for the repair costs.

What are the Requirements for an Own Damage Claim?

The documents required for an Own Damage Claim are:

  • Copy of the registration certificate of your two-wheeler.
  • Police report or FIR.
  • Copy of the insurance policy.
  • Copy of your license.
  • Original repair bill, cash receipts, etc.

Why Should You Get Own Damage Two Wheeler Insurance?

To cover your bike from all types of accidents and disasters, you should purchase Self-Damage or Own Damage two-wheeler insurance. In the event that you crash your two-wheeler into another person while riding, third-party two-wheeler insurance covers the third party involved in the collision. The third-party insurance will pay the third-medical party’s expenditures, but not yours. To cover your bike, you should purchase Self-Damage or Own Damage two-wheeler insurance.

FAQs

Is Own-Damage Insurance Necessary for Two-Wheeled Vehicles?

No, own-damage insurance is not necessary for two-wheelers; only third-party insurance is compulsory. It is, nevertheless, suggested that every two-wheeler user buy an own-damage insurance policy. This sort of insurance provides significantly more coverage and compensates the rider in the event of a disaster. It is assured to bring a sense of comfort from the risks and uncertainties that come with riding a two-wheeler.

Is purchasing an own-damage policy a necessity?

It isn't necessary. However, it is recommended that you purchase a separate own-damage policy in addition to a third-party policy to have comprehensive coverage for your two-wheeler.

Is theft covered by a two-wheeler insurance policy with own-damage coverage?

When you purchase a standalone own-damage coverage, theft of a two-wheeler is covered.

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