Own Damage (OD) Two Wheeler Insurance

What is Own Damage Bike Insurance?

Own Damage Insurance for Bike - A OD bike insurance is a type of bike insurance plan which provides an insurance cover only for your bike’s own damages. The plan safeguards your bike against own damages incurred due to accidents, natural calamities, man-made disasters, fire, theft as well as damages incurred in transit.

The standalone own damage bike insurance plan came into existence in September 2019 after the Insurance Regulatory and Development Authority of India (IRDAI) allowed its purchase.

What Is Covered Under Standalone Own Damage (OD) Bike Insurance?

A standalone OD bike insurance plan provides coverage for the following:

1. Accidental Damages - This plan gives coverage for the damages sustained by your bike in an accident or collision.

2. Natural Disasters - A standalone own damage plan keeps your bike insured against damages incurred in earthquakes, floods, cyclones, and other natural calamities.

3. Man-Made Disasters - The plan also keeps you insured against damages incurred in strikes, riots, explosions, and other man-made disasters.

4. Theft - A standalone own damage plan also keeps you insured against theft of your bike.

5. Fire - This plan also covers the own damages caused to your bike by fire and explosions.

What Is Not Covered Under Own Damage Bike Insurance?

The following things are not covered in standalone own damage two-wheeler insurance:

1. Third Party Liability - Only the losses or damages caused to own vehicle is covered under standalone own damage bike insurance. It does not offer coverage for third party losses or damages.

2. Consequential Damages - Damages that have been caused to the bike consequently and not during an accident are not covered under standalone own damage.

3. Contributory Negligence - In case the policyholder does something on purpose that they were not supposed to do, then in that case their two wheeler would not get covered. For instance, it is raining heavily and the whole city is flooded and if the policyholder still went out on their two wheeler for a ride which consequently leads to the damages.

Benefits of Two-Wheeler Own Damage Insurance

A standalone own damage two-wheeler insurance plan offers the following benefits to policyholders:

1. 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.

2. Flexibility in Tenure of Own Damage Plan

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. Now, they can now have a long-term third party insurance plan of 5 years and a standalone own damage plan of 1 year, which they can renew every year.

3. Economical

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.

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​Which Add-ons Available With Own Damage Bike Insurance Cover?

Below are the add-ons that can be opted with standalone own damage bike insurance cover:

Return to Invoice Cover

In case policyholders’ insured bike gets stolen or damaged beyond repair, then return to invoice cover let’s the policyholder to get full invoice price for their insured bike.

Zero Depreciation Cover

A nil depreciation cover assists the policyholder in mitigating the burden of bearing the depreciation cost which is incurred by the bike in order to help them in claiming a bigger amount. Almost all insurance companies allow you to make two zero depreciation claims at maximum. However, there are a few insurance companies that allow the policyholder to make unlimited nil depreciation claims like IFFCO Tokio General Insurance Company, New India Assurance Company, and Royal Sundaram General Insurance Company.

Consumables Cover

Bike insurance consumable add on cover offers coverage for the entire consumable items in a two wheeler like grease, oil filter, screw, bolt, etc.

Roadside Assistance

Roadside Assistance add on cover in two wheeler insurance offers assistance services to the policyholder during the incidence of a vehicle breakdown. The services involve towing services, changing flat tyres, repair service on-site, fuel delivery, assistance during the event of loss of keys etc.

Factors That Affect Standalone Own Damage Bike Insurance Premium

The following factors affect the own damage bike insurance premium:

1. Insured Declared Value - One of the primary factors affecting the Own Damage premium for a policyholder's two wheeler is Insured Declared Value, which is the correct market value of the insured vehicle.

2. Bike’s Engine Capacity - The speed of the two wheeler is determined by the bike’s CC, therefore, the risk associated with the policyholder's bike. Hence, the bike’s cc is an important factor in determining the Own damage premium. Moreover, the higher is the bike cc, the higher would be the own damage premium and vice versa.

3. Bike’s Age - The newer the bike is, the higher would be its own damage premium and vice versa.

4. No Claim Bonus - The policyholder who priorly had an own damage comprehensive bike insurance cover and did not make any claims can transfer their accumulated NCB for a discount on present own damage premium.

5. Add-Ons Opted - Depending upon the type and number of add on covers chosen, the policyholders' current own damage premium will be affected accordingly.

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Standalone Own Damage Two Wheeler Insurance FAQ

  • What is the premium for own-damage (OD) bike insurance policy?

    The own-damage premium is different for each policyholder. Following are the factors which affect the own-damage premium of your two-wheeler insurance policy:

    • Age of the vehicle
      Cubic capacity
      Hiring/personal purpose (Private or public purpose)
      Previous claim history
  • When can I make a claim for own-damages under my policy?

    You can make a claim for own-damages under your policy when there is a loss/damage to your two-wheeler due to theft, accident, natural calamity or fire etc.

  • Is it mandatory to opt for an own-damage policy?

    No, it is not mandatory. However, to get an overall coverage for your two-wheeler, it is suggested that you buy a standalone own-damage policy along with a third party cover.

  • Is theft covered under own-damage two-wheeler insurance policy?

    Yes, theft of a two-wheeler is covered if you opt for a standalone own-damage policy.

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    #Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.