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Own Damage Two Wheeler Insurance

What is Own Damage Two-Wheeler insurance?

Bike insurance comes in many types. One of them is Own Damage Two-Wheeler Insurance. Own Damage Two-Wheeler Insurance 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 cover compensates you for the expenses incurred to repair or replace parts of your two wheeler damaged in the accident.

Why Should You Get Own Damage Two Wheeler Insurance?

You need to get Self-Damage or Own Damage two wheeler insurance to protect your bike from all kinds of accidents and disasters. Third party two wheeler insurance provides cover to the third person involved in the accident in case you crash your vehicle into another person while riding. The third party insurance will cover the medical expenses of the third party, but not yours. Hence, you need to buy Self-Damage or Own Damage two wheeler insurance to protect your bike.

How is Own Damage Premium Calculated?

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.

Difference Between Comprehensive, Third-Party Premium, Own Damage Bike Insurance

CriteriaComprehensiveThird-PartyOwn Damage Bike Insurance
DefinitionIt 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. 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.It provides cover against damage caused to your own bike and not the third party who was involved in the accident.
Cover ProvidedDamage 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.Damages caused to another vehicle, person or property due to accidents.Damage to owned vehicle and self, due to an accident or natural disaster or man-made calamities.
Not Covered- Normal Wear and Tear
- Mechanical or electrical Breakdown
- Depreciation
- DUI
- Riding without DL
- Own Vehicle
- DUI
- Riding without DL
- Inactive Policy
Damages to a third party vehicle, person or property.
Add-on- Inclusive Personal Accident Cover
- Zero Depreciation Add-on
- Return to Invoice Add-on
- Pillion Rider Add-on
- Others
Inclusive Personal Accident Cover- Nil Depreciation
- Daily Allowance Benefit
- EMI Protection
- Helmet Cover

Inclusions and Exclusions of Standalone Own Damage Two Wheeler Insurance Cover

The inclusions of a Standalone Own Damage Two Wheeler Insurance Cover are:

Damage caused by:

  1. Natural Calamities - floods, earthquake, fire and more
  2. Man-made calamities - vandalism, riots and terror attacks
  3. Theft/malicious activity
  4. Explosion
  5. Hailstorm
  6. Terrorism
  7. Frost
  8. Inundation
  9. Self-Ignition
  10. Lightening
  11. Cyclone
  12. Tempest
  13. Riot & Strikes
  14. Hurricane
  15. Landslide
  16. Rockslide
  17. Typhoon
  18. Transit by Rail, Road, Air & Elevator

The exclusions of a Standalone Own Damage Two Wheeler Insurance Cover are:

  1. Third Party Damage to Vehicle/Party/Property
  2. Injuries to another person
  3. Normal wear-and-tear of the vehicle
  4. Mechanical and electrical breakdown
  5. Driving without a valid driving license
  6. Two-wheeler for commercial purposes
  7. DUI (alcohol, drugs and narcotics)
  8. Depreciation
  9. Consequential loss
  10. Damage to Tyres & Tubes, unless the vehicle insured is damaged at the same time in which case the liability of the Company shall be limited to 50% of the cost of replacement.
  11. Loss or damage to accessories by burglary housebreaking or theft unless the vehicle is stolen at the same time.

How to Make an Own Damage Claim for a Two Wheeler?

There are two types of claim settlements - Reimbursement and cashless. Reimbursement is when you pay for the damages from your own pocket and submit the original bills to the insurer. The insurer subtracts the deductible amount and reimburses the repair amount to you. Under cashless settlement, you can simply visit a network garage associated with your two-wheeler insurance company. The garage will automatically repair your car and the insurer deals with your car repair bill directly.

For making an accident-related claim, inform your insurer and the police immediately about the accident. Post intimation, the insurer appoints a surveyor to examine the case. Post verification, the surveyor informs the network garage to begin with the repairs. The insurer reimburses the repair cost incurred with the network garage.

What are the Requirements for an Own Damage Claim?

The documents required for an Own Damage Claim are:

  1. Copy of the registration certificate of your two-wheeler
  2. Police report or FIR
  3. Copy of the insurance policy
  4. Copy of your license
  5. Original repair bill, cash receipts, etc.

FAQs on Own Damage Two Wheeler Insurance

What is a network garage?

A network garage is the one affiliated with your two-wheeler insurance company. You need to take your damaged vehicle to a network garage for cashless claim settlement.

What is voluntary deductible?

Voluntary Deductible is a minimum amount that you choose to pay of the claim amount. The higher your Voluntary Deductible amount, the lower is your bike insurance premium.

Is No Claim Bonus transferable?

Yes, NCB or No Claim Bonus is easily transferable, provided the vehicle is insured within 90 days of your renewal due date.

What is Roadside Assistance (RSA)?

Roadside Assistance is a service that provides you with the necessary help in case your vehicle breaks down in the middle of the road, leaving you stranded.

What is the period of a General Insurance Policy?

The standard period of a General Insurance Policy is one year.