Have you damaged your bike yourself in an accident? Are you wondering how to protect your bike from such unforeseen events? Fret not as we have the perfect solution for your problem. Know about the own damage bike insurance policy in detail and protect your favourite bike effortlessly.



Own Damage Bike Insurance


Do You Need Your Own Damage Bike Insurance?

If you've recently purchased a bike and have already purchased Third-Party Bike Insurance, then you can opt for an own damage bike insurance. You may also purchase an Own Damage insurance policy for your two-wheeler to safeguard it from damages and losses.

If you already have a third-party bike insurance policy with another company, you may get a standalone own damage bike insurance policy from any reputable insurance company to protect your bike from losses.

Things Covered Under Own Damage Bike Insurance

  • In the case of an accident, your bike may be damaged. An own damage bike insurance compensates for the same.
  • It also offers complete compensation if your bike is stolen.
  • Expenses incurred as a result of a fire.
  • Covers damage to your bike in the event of a natural disaster.

Things That Are Not Covered Under Own Damage Bike Insurance

Third-Party Damage Expenditures

When you have your own damage bike insurance plan, it will compensate for the expenses related to your own bike. So, you won’t be enjoying coverage for third-party damages.

Driving Under The Effect Of Alcohol

Because this is against the law, your bike insurance claims will not be accepted if you were riding while inebriated.

Not Purchased Add-On

If you haven't purchased a certain add-on, you won't be able to receive its benefits!

Consequential Damage To Your Bike

Damages to your bike that did not occur during the accident and had taken place afterward will not be reimbursed.

Negligence On The Part Of The Contributor

In case you have indulged in a totally contradictory activity, your bike damages won’t get compensated.

Absence Of A Valid Driver's License

If you did not have a valid driving license when the accident took place, then the insurance company won’t cover the expenditures.

Main Features Of Own Damage Two-Wheeler Insurance

  • Bike insurance own damage offers coverage for both the insured vehicle and third-party liabilities.
  • Two-wheeler own damage insurance is known for its complementary nature.
  • Two-wheeler own damage insurance is popular for its wide coverage scope, with add-on riders available to supplement the basic policy's coverage.
  • Premium will, for certain, cost higher than that of third-party liability insurance.
  • Man-made disasters, third-party liabilities, as well as natural calamities, are covered by the policy.

How To Finalise The Premium Of Own Damage Bike Insurance?

The Insurance Regulatory and Development Authority of India (IRDA) sets the price for third-party insurance for a set period. Calculation of the premium for own damage insurance tends to get a tad bit difficult. There are a few things that have a direct impact on your own damage bike insurance premium. Let’s have a look!

  • The age of the policyholder
  • New motorcycles have greater premiums than older bikes.
  • Premiums for vehicles registered in Zone A are likely to be higher than those registered in Zone B.
  • Bikes with more advanced features or models will be insured with a high premium amount.
  • If your bike is equipped with safety equipment, then the premium will definitely be cheap.
  • Owners of two-wheelers with the AIAA membership may be eligible for decreased premiums.
  • The use of voluntary deductibles while purchasing insurance helps to lower the premium rate.
  • Deductibles selected by the bike owner at the time of insurance acquisition.

These elements are taken into account by two-wheeler insurers when determining premium prices for bike insurance. You may figure it out on your own utilising an online bike insurance premium calculator.

Also Read: How Can You Save On Your Two Wheeler Insurance Premium.

How To Claim For Own Damage Bike Insurance

Notify the insurance company as soon as possible about the incident that led to the claim. Call their toll-free number or send them an email to register your claim. You can request a claim form or download one from the insurer's official website.

Attempt to provide as much proof of the accident as feasible. It would be preferable if you could take photos of the vehicle's damages. Fill out the claim form and attach all supporting papers.

Take the damaged bike to be taken to the garage. If you have the repairs done at a network garage, you can apply for a cashless claim, and the insurer will cover the costs. If you use a non-network garage, you will have to pay for the services from your pocket first and then file a claim afterward.

An insurance company surveyor will examine the bike and the damages. An estimate will be made later and forwarded to the insurance company. The insurance company will reimburse the money owed after receiving the claim form and surveyor's report. In the event of a cashless claim, the payment will be directly settled or returned to the registered bank account.

Also Read: Things To Consider When Making Two Wheeler Insurance Claim.

FAQs - Frequently Asked Questions

Q1. Is it necessary for me to purchase both my bike's standalone own damage insurance and third-party insurance from the same insurer?

No, you don't have to get your third-party two-wheeler insurance policy and own-damage bike insurance from the same company.

Q2. Who may buy an Own Damage Bike Insurance policy?

If you have the basic Third-Party two-wheeler insurance policy, you can add Own Damage Bike Insurance to cover expenses related to your own motorcycle.

Q3. Is Personal Accident covered by an OD policy?

Every bike owner must have personal accident insurance. A Third-Party Bike Insurance policy normally includes the same coverage. If you don't already have one, you can include it in your own damage bike insurance cover.

Q4. Which types of bike insurance policies are required by law?

According to the Motor Vehicles Act, every owner of a two-wheeler is required to carry Third-Party two-wheeler insurance. This is done in order to safeguard the rights of the third party whom you may harm unintentionally while driving.

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