A standalone own damage 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 Bike Insurance?
A standalone own damage bike insurance plan provides coverage for the following:
- Accidental Damages - This plan gives coverage for the damages sustained by your bike in an accident or collision.
- Natural Disasters - A standalone own damage plan keeps your bike insured against damages incurred in earthquakes, floods, cyclones, and other natural calamities.
- Man-Made Disasters - The plan also keeps you insured against damages incurred in strikes, riots, explosions, and other man-made disasters.
- Theft - A standalone own damage plan also keeps you insured against theft of your bike.
- Fire - This plan also covers the own damages caused to your bike by fire and explosions.
Benefits of Standalone Own Damage Bike Insurance
A standalone own damage bike 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.
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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Standalone Own Damage Two Wheeler Insurance FAQ
What is the premium for own-damage 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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