Standalone Own Damage Two Wheeler Policy

Two Wheeler Own Damage Insurance - Bike insurance is of three types i.e., the third party insurance, own damage insurance and comprehensive insurance. The third party or liability only is the basic insurance which covers damages incurred by a third party and is compulsory to own. On the other hand, an own damage insurance plan tends to compensate for the expenses of your own bike. Lastly, the comprehensive insurance is a bundled plan consisting of a third party insurance as well as an own damage insurance plan. Let’s understand the concept of own damage bike insurance in 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 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.

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

With the introduction of standalone own damage bike insurance plans, the bike insurance policyholders can now opt for a third party insurance cover and an own damage insurance cover from different insurance providers of their choice.

No Compulsion for Long Term Plans

The new bike owners are no more bound to purchase a long term comprehensive insurance policy due to the compulsion of holding a long term third party plan. However, they can now hold a third party insurance plan of 5 years and a standalone own damage plan of 1 year, which they can renew every year.

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

The right and complete information of a bike insurance plan can help you avail it to the fullest. On this note, we hope that with the above-mentioned details about the standalone own damage bike insurance, you can now purchase a bike plan including add-ons as per your budget and requirements, which will help you protect your bike in the best possible manner.

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.

Add-on Covers For Your Bike Insurance Policy

  • Zero Depreciation

    Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover

    The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.

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