Standalone Own Damage Cover Two Wheeler

As the name suggests, this policy covers your own damage to the bike during any mishap. A standalone own damage bike insurance is a type of two-wheeler insurance plan where it helps you stay covered against damage caused to your own bike and not the third party who was involved in the accident. In case of an accident, Own Damage Two-Wheeler Insurance policy compensates you for the expenses incurred to repair or replace parts of your two wheeler damaged in the accident.

Now that you are aware of all the qualities & features of Own Damage Insurance Policy, let's take you through a comparison model, to make you understand the real differences between the different policies available.
Comprehensive Two Wheeler Insurance

• Definition: It is a combination of Third-party liability insurance and own-damage cover which provides financial support against all accident related damage to you, your bike and third party or property.
• Cover Provided: Damage to your vehicle due to accidents, sabotage, fire, vandalism, terrorism and malicious acts, civil disturbances like riots, natural calamities like floods, earthquakes along with third party liabilities and theft.
• Not Covered: Normal Wear and Tear, Mechanical or electrical Breakdown, Depreciation, DUI, Riding without DL
• Add-on: Inclusive Personal Accident Cover, Zero Depreciation Add-on, Return to Invoice Add-on, Pillion Rider Add-on, Others

Third-Party Two Wheeler Insurance

• Definition: It is a mandatory insurance policy as per the Indian Motor Vehicles Act, 1988. It takes care of the financial expenses caused as a result of accident to another person, vehicle or property.
• Cover Provided: Damages caused to another vehicle, person or property due to accidents.
• Not Covered: Own Vehicle, DUI, Riding without DL, Inactive Policy
• Add-on: Inclusive Personal Accident Cover

Own Damage Bike Insurance

• Definition: It provides cover against damage caused to your own bike and not the third party who was involved in the accident.
• Cover Provided: Damage to owned vehicle and self, due to an accident or natural disaster or man-made calamities.
• Not Covered: Damages to a third party vehicle, person or property.
• Add-on: Nil Depreciation, Daily Allowance Benefit, EMI Protection, Helmet Cover

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

Third Party Liability: Only the losses or damages caused to own vehicle is covered under standalone own damage bike insurance.

Consequential Damages: Damages that have been caused to the bike consequently and not during an accident

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.

You must be thinking after all the information shared above, who is going to purchase a standalone own damage two wheeler insurance. So typically, A standalone own-damage cover will compensate the policyholder for losses including accidental damages & man-made disasters. However, the limit to the compensation you can receive depends on the insured declared value of two wheeler. Lets us explain how does IDV work here:

The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. The formula to calculate IDV is: IDV = Showroom price of your car + cost of accessories (if any) – depreciation value as per (IRDAI).

Thus, the formula to calculate OD premium amount is:

Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (e.g. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)].

Note: As your car grows older, the IDV decreases. The reason being, higher the Insurance Declared Value or IDV, higher the premium and vice versa.

The following steps will help you renew your bike insurance policy with us:

• Step 1: Visit our website Coverfox.com
• Step 2: Provide your bike’s registration number, fuel type and variant to proceed. In case you do not remember these details you can also enter your bike’s brand name, model, make and year of registration, city of registration and RTO.
• Step 3: Enter the expiry date of the insurance policy of the previous year along with the name of your insurance provider.
• Step 4: Fill in the section with your personal details, i.e., name and phone number and select the tenure of your policy. Also, provide the details of any claims you made in the previous year. Next click on ‘Continue’.
• Step 5: All the available quotes in your category will be visible on your screen. You can compare them and decide on the policy that is best suited to your needs. At this stage, you can also opt for add-on covers to further strengthen your insurance policy.
• Stage 6: After you have selected your policy and add-on covers, click on the ‘Buy Now’ button. Make the payment for the selected policy and we will send the policy document to your registered email ID.

The following are the steps required to file for the bike insurance claim:

1. Inform the Insurance Provider: In case of a mishap make sure to take all the safety measures and then call the insurance provider of your bike as soon as possible.

2. Lodge an FIR: In case your bike is stolen or there is any sort of accident involving others it is crucial to file an FIR at the nearest police station. You will require a copy of the same when filing for an insurance claim.

3. Collect Proof: When you make a claim you need to provide proof of the incident being a genuine mishap. Hence collect as much evidence as you can, take pictures or videos and note down the contact of any bystander who saw the incident as well.

4. Submit Documents: The documents required for the claim process may vary slightly according to your situation and/or insurance provider. The most common documents required are listed above and need to be submitted to the insurance provider to process the claim settlement.

• Copy of policy document
• Copy of FIR
• Copy of registration certificate
• Original bills of the bike’s repair
• Evidence of the mishap

5.Authority Check​: After the documents are submitted, the insurance company will schedule a visit with the surveyor. He/She will check the damages to the bike to ensure the damage. The surveyor may ask you questions to make sure to answer them honestly, any discrepancies can lead to your claim request being cancelled.

6. Repairs: After the surveyor approves the claim you can send your bike for repairs. It is best to do this in one of the insurance provider’s network garages. This way the cost of the repair will be compensated directly with the garage with no out-of-pocket costs for you.