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Have you damaged your bike yourself in an accident? Are wondering how to protect your bike from such unforeseen event? Fret not as we have the perfect solution for your problem. Know about own damage bike insurance in detail and protect your favorite bike effortlessly.
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 damagebike 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 reputed insurance company to protect your bike from losses.
Things covered under own damage bike insurance
Things that are not covered under own damage bike insurance
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.
Because this is against the law, your bike insurance claims will not be accepted if you were riding while inebriated.
If you haven't purchased a certain add-on, you won't be able to receive its benefits!
Damages to your bike that did not occur during the accident and had taken place afterward will not be reimbursed.
In case you have indulged in a totally contradictory activity, your bike damages won’t get compensated.
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
How to finalize 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!
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 utilizing an online damage premium calculator.
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 car 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 car 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.
Frequently Asked Questions (FAQs)
No, you don't have to get your third-party two-wheeler insurance policy and own-damage bike insurance from the same company.
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.
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.
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.