Own Damage Bike Insurance

Features of an Own Damage Bike Insurance

Here are the features of your own damage bike insurance policy:

*Disclaimer: The information in the above table is for illustration purposes only. Please refer to the insurer's policy wording to understand the features offered.

Benefits of an Own Damage Bike Insurance

Here is a list of benefits offered under an own-damage two-wheeler insurance policy:

• It offers financial coverage to repair/replace the damaged parts of the insured bike due to accidental damages or any other damages mentioned in the policy documents.
• Unlike third-party insurance, the own-damage cover is complimentary.
• This policy is extensive, and one can opt for add-on covers to boost the coverage at an affordable premium rate.
• Since it offers wider coverage, the premiums can be significantly higher than the third-party bike insurance policy.
• The OD bike insurance policy is valid for one year and can be renewed annually.

Why Buy Own Damage Insurance for Bike Online from Policybazaar.com?

You must have a valid and active two wheeler insurance online as a bike owner. Moreover, you should know what is covered so you don't miss anything during the claim settlement process.

As you know, mandatory third-party bike insurance only covers the liabilities of a third party arising out of accidental death, damage, or injury in an accident. However, if you have your own damage bike insurance policy, you can also claim for the damages sustained to your bike/scooter.

Here are the reasons for buying own-damage bike insurance online from Policybazaar.com:

• Compare various own-damage bike insurance plans online offered by 20+ bike insurance companies in India and then buy.
• Get 24/7 assistance from our customer assistance department for any bike insurance-related queries.
• Choose the valuable bike insurance add-ons with your OD bike policy and enhance its coverage.

Is Own Damage Insurance for Bike Mandatory?

No, buying an OD cover for your bike is not compulsory. However, to be on the safer side, it is advised to buy it. Hence, a comprehensive bike insurance policy will be ideal as it combines mandatory third-party liability coverage with own-damage coverage.

Own Damage Bike Insurance Premium Calculation

The OD bike insurance premium can be calculated using the online bike insurance calculator available on Policybazaar.com in a few easy steps for any two-wheeler model.

Follow the below procedure to find the estimated bike insurance premium using the calculator:

• Select which bike you ride.
• Select its ex-showroom price
• Select its city of registration
• Select the year of purchase of the bike
• Select 'Yes' or 'No' to answer if you have made any claim in the past year.
• Lastly, click 'Calculate', and the estimated premium for your selected bike model and IDV (Insured Declared Value) will be displayed.

How is Own Damage Bike Insurance Premium Calculated?

While the Insurance Regulatory and Development Authority of India (IRDAI) decides third-party insurance premiums for a fixed tenure, the premium calculation for own damage bike insurance plan depends upon several factors, such as:

• Age of the policyholder
• Age of the vehicle
• Vehicle registration location
• Bike's make and model
• Anti-theft installed in the vehicle
• Two-wheeler owners with AIAA membership
• Voluntary deductibles

How to Buy Own Damage Bike Insurance Online?

To renew/buy your own damage bike insurance online from Policybazaar Insurance Brokers Private Limited, follow the below procedure:

• Step 1: Go to Policybazaar.com and choose 'Own Damage Bike Insurance' from the 'Insurance Products' drop-down menu.
• Step 2: Enter the required details, such as your bike's registration number.
• Step 3: Compare bike insurance quotes from Indian bike insurance companies and choose a plan that meets your needs and budget.
• Step 4: You can also choose desired add-on covers to enhance the scope of coverage.
• Step 5: Fill out the owner, vehicle, and nominee details in the given form.
• Step 6: Pay the bike insurance premium online through Internet banking, UPI, or banking cards.
• Step 7: The insurer will send your own-damage bike insurance policy document to your registered email ID.

How to Claim Bike Insurance for Own Damage?

To claim bike insurance for your own damage, follow the below steps:

• Step 1: Immediately inform the insurance provider about the incident. Register your claim by calling their toll-free number or writing an email. Ask for the claim form or download it from the insurer's website.
• Step 2: Try providing as much as possible evidence of the accident. It is better to click pictures of the damages sustained by the vehicle. Fill out the claim form and submit it along with the relevant documents.
• Step 3: An insurance company surveyor will examine the vehicle and its damages. Later, the surveyor will send the assessment report and bills to the insurer.
• Step 4: Once you get approval from the insurer, take your damaged vehicle to the nearby network garage. If you repair your damaged bike from the network garage, you can file a cashless claim, where the insurer will settle expenses directly. If you avail yourself of the services from a non-network garage, you must pay the bill first and receive compensation later.

Documents Required for Filing an Own Damage Bike Insurance Claim

In case a claim arises for your own damage, you will have to provide the following documents to the insurer:

• Valid and active two-wheeler insurance policy
• FIR in case of an accident/theft (may vary from insurer to insurer)
• Registration Certificate of the vehicle
• Photos (as evidence)
• Other documents (may differ from one insurer to another)

How Much Protection Can be Availed in OD Cover?

The amount of protection to be availed in case of a damage claim is based on the insured's declared value of your two-wheeler. Usually, the insurance company pays up to the IDV only in case of an eventuality and it is based on the current market value of your vehicle.

FAQs About Own Damage Bike Insurance