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Standalone Own Damage Two Wheeler Policy

Published On Aug 05, 2020, Updated On Feb 14, 2022

Need help understanding what the standalone own-damage policy really is in bike insurance? In this article, we will tell you everything you need to know about it.

Own Damage Insurance for Two Wheelers - There are three types of motorcycle insurance, namely third party insurance, own damage insurance, and comprehensive coverage. It is compulsory to own a third-party liability insurance that covers damages to the property of another. In contrast, an insurance policy covering your own bike tends to compensate for the costs you incur. Additionally, comprehensive insurance is a comprehensive policy consisting of a third party policy and an own damage policy. In this section, we will explore own damage bike insurance in more detail.

What Is the Standalone Own Damage Bike Insurance?

Standalone own damage bike insurance is a policy designed to offer compensation for your own bike’s damages and losses. It comprises damages and losses arising due to accidents, thefts, fire, natural calamities and any mishap. Earlier, this plan used to be purchased with third party insurance only, but, since September 2019, it can also be bought as a standalone insurance policy as well, provided you already hold a third party bike insurance in place.

With the introduction of this policy, bike owners who own a third party plan need not wait for its renewal to upgrade to a comprehensive bike insurance. Rather, you can just buy a standalone own damage plan now in addition to a third party plan to protect your own bike from damages too.

What is Covered Under Standalone Own Damage Bike Insurance?

Types of damages covered under this standalone own damage bike insurance are:

1. Accidental Damages: The plan gives coverage for the damages sustained by your bike due to an accident or collision.

2. Theft: The cover gives you compensation if your bike gets stolen unfortunately.

3. Fire: The plan will cover the amount of losses incurred by your bike in case of fire.

4. Natural Calamity: The policy gives you coverage if your bike gets damaged due to earthquake, landslide, floods, tsunami, and so on.

What All Is Not Covered Under Standalone Own Damage Bike Insurance?

The own-damage insurance policy covers the insured bike or scooter up to a specific extent, but in some situations it does not offer any coverage, which are as follow:

  • In case a third party liability is raised after an accident involving the insured vehicle
  • If vehicle is damaged outside the geographical location specified in the policy
  • Loss in the value of the vehicle due to default depreciation incurred over the years
  • If the vehicle is driven under the influence of alcohol, drugs and related substances
  • If the vehicle is driven without a valid driving license or bike insurance policy
  • If the policy is expired at the time of accident or any unfortunate event
  • Damage to tyres & tubes, unless the vehicle is damaged at the same time. 

Factors Which Determine Bike Insurance Premium?

When it comes to own-damage bike insurance policy, there are certain factors which directly impact the amount of its premium. Some of the factors that determine the own-damage policy premium to be paid by policyholders for bike vehicle insurance policies comprise:

  • Age of the Insured Person – Higher the age of the insured will be, lower could be the premium. 
  • Age of the Bike – Premium for new bikes are generally higher when compared to an older one. 
  • Registration Zone – Bikes registered in Zone A tend to have higher premium cost than other zones. 
  • Make and Model of Bike – Bikes with advanced features will be insured with higher premiums than the ones with less advanced specifications. 
  • Safety Instruments – Bikes equipped with safety equipment comparatively have a lesser amount of premium. 
  • AIAA Membership – The owners of the insured bikes with AIAA membership are offered the insurance at lesser premium. 

What are the Benefits of Standalone Own Damage Bike Insurance?

The availability of the standalone own damage bike insurance policy brings a few benefits for bike insurance policyholders. Some of the benefits are as follow:

Option of Different Insurers

A bike insurance policyholder is now able to choose between a third party insurance cover and a standalone own damage insurance cover from different insurance providers of your choice with the introduction of standalone own damage bike insurance plans.

No Compulsion for Long Term Plans

Due to the compulsion to hold a long term third party insurance policy, bike owners are no longer obligated to purchase a long term comprehensive policy. Additionally, they can now get a standalone own damage policy of one year that can be renewed every year and a third party insurance plan for five years.

Economical Bike Insurance

With the breakup of long term comprehensive insurance plan into long term third party insurance and short term own damage plan, the insurance plans have now become economical for the policyholders. Also, the policyholders can buy their own damage policy from the insurers providing the most affordable insurance offers that can enhance their financial benefits.

Take Away

You can avail of the benefits of a bike insurance plan to the fullest extent by having the right and complete information. With the above-mentioned details regarding standalone own damage bike insurance, we hope you are better able to purchase a plan including add-ons as per your budget and needs, and be able to protect your bike effectively. Buying bike insurance online is the easiest method. It only takes a few minutes to compare the different bike insurance companies, the quotes they offer and their network of cashless garages. Moreover, if you have an existing bike insurance policy you can also renew it or calculate the premium amount on the premium calculator. However, with purchasing insurance online, the number of choices can be confusing. Hence, it is important that you make an informed decision. Our article on “Tips To Choose The Best Two-Wheeler Insurance Policy” can help you in this regard. Click here to read it. For more similar articles on bike insurance click here.

Also Read:

IDV Calculation: How IDV is Calculated in Two Wheeler Insurance

How To Claim Third Party Insurance For Two Wheeler

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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