Explore Standalone Own Damage Bike Insurance Cover
Jan 7, 2022

All About Standalone Own Damage Bike Insurance

Bikes are a prized possession for all buyers—be it a bike enthusiast or one who finds pure utility in his bike. Considering the different benefits on offer, not having a bike can make it cumbersome to travel, especially using the public transport. Moreover, traffic snarls in the urban jungles can extend for long hours and that’s where a nimble and agile two-wheeler can help you save lot of your time. So, any damage to your bike can not just mean inconvenience, but also a hole in your wallet to get it fixed. Thus, it is best to get yourself and insurance cover that covers the cost of such repairs. The Motor Vehicles Act of 1988 makes it mandatory to have a bike insurance plan for all two-wheelers registered in the country. However, only a third-party insurance cover is the minimum requirement. Such third-party policies although ensure legal compliance by safeguarding against injuries and damages to another person, they lack when it comes to compensating for the damages to your bike in case of an accident. The other person or their vehicle isn’t the only thing that is damaged in an accident, it is your vehicle too. Hence, it is best to buy a two wheeler insurance that offers compensation for the repair costs of your bike. This way, you can ensure protection from damages and collisions occurring to your bike too.

What does the new regulations state?

At present, all new vehicles are required to buy vehicle insurance without which the registration of such vehicle is not possible. Hence, you can either choose from a five-year third-party cover or five-year third-party plan with one year of own-damage cover when buying a new bike. So, if you are someone who only has a five-year third-party cover for their bike, you can purchase a standalone own-damage (OD) plan. Alternatively, if you have a five-year third-party plan with one year of own-damage cover, you can buy a standalone own-damage policy each year from the second year till the end of fifth year. You can avail both third-party and OD variants of vehicle insurance online.

What are the advantages of buying a standalone own damage insurance for bike?

Unlike a comprehensive plan, standalone OD covers can be purchased in addition to third-party insurance policies. Such standalone plan includes the following:
  • Coverage for repairs to your bike due to a collision or accident.
  • Coverage for repairs due to natural disaster like floods, typhoons, hurricanes, earthquakes, etc.
  • Coverage for man-made perils like riots, vandalism, etc.
  • Coverage for theft of your bike.
In addition to the above, when you buy a standalone OD cover, you can also enjoy the benefits of no-claim bonus (NCB) wherein the premiums for such own-damage component are lowered due to the NCB benefits.*Standard T&C Apply

Is standalone own damage bike insurance same as a comprehensive policy?

No, standalone plans are not the same as comprehensive plans. Comprehensive policies include third-party component along with own-damage cover and personal accident cover as a part of its scope whereas a standalone cover does not. Finally, remember that a standalone policy can be bought from a different insurance company than the one you have bought your third-party plan. To estimate the impact of the different add-ons in your standalone cover, you can make use of a two wheeler insurance premium calculator. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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