Own Damage Bike Insurance Policy
Own Damage Bike Insurance
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What is an Own Damage Cover in Bike Insurance?
Own damage insurance for bike is a standalone policy that covers the cost of repairs or replacement of your bike in case of damages. This type of insurance is designed to provide financial protection against a wide range of risks, including accidents, theft, fire, and natural disasters. The primary purpose of own damage insurance is to ensure that the bike owner does not have to bear the financial burden of repairing or replacing their bike.Key Features of Standalone Own Damage Bike Insurance
Standalone own-damage bike insurance offers several key features that make it an attractive option for bike owners.
- Comprehensive Coverage: Offers protection against accidents, theft, fire, and natural disasters, safeguarding you from unexpected repair costs.
- Flexibility: Easily add comprehensive coverage to your existing third-party policy, enhancing your protection without starting over.
- Add-ons Availability:Customize your policy with add-ons like zero depreciation cover, engine protection, and roadside assistance for better risk management.
- No Claim Bonus (NCB): Earn premium discounts for each claim-free year, rewarding safe riding and helping you save on renewals.
Why is Own-Damage Cover Useful for a Bike Owner?
Own-damage insurance for bikes is incredibly useful for bike owners as it provides financial protection against the cost of repairs or replacement of the bike. This is particularly important given the high cost of bike repairs and the potential for significant financial loss in the event of an accident or theft. By having their two wheeler insurance, bike owners can ensure that they are not left with a hefty bill for repairs or replacement. This coverage also provides peace of mind, knowing that their bike is protected against various risks.Benefits of Own Damage Insurance Policy
The benefits of an own damage insurance policy are numerous.
- Financial Protection: Covers repair or replacement costs for your bike, providing essential financial support in case of accidents, theft, or damage, which is vital for your investment.
- Peace of Mind: Protects your bike from various risks, ensuring you can ride confidently without worrying about potential financial setbacks from unforeseen incidents.
- Comprehensive Protection: Enhances your mandatory third party bike insurance by providing complete coverage, safeguarding against personal damages and liabilities, and ensuring thorough protection on the road.
- Customizable Policy: Offers the flexibility to add specific features like roadside assistance or personal accident cover, allowing you to tailor your insurance to suit your unique riding needs.
Reasons Why SBI General Insurance Should Be Your First Choice!
When it comes to choosing the best own damage bike insurance, SBI General stands out for several reasons. They are as follows:-
- Wide Network of Cashless Garages: With an extensive network of cashless garages, SBI General allows for seamless repairs without upfront costs, making the claim process straightforward and efficient.
- Quick Claim Settlement Process: The efficient claims processing at SBI General Insurance minimizes wait times, allowing you to quickly get back on the road with peace of mind after an incident.
- Customizable Policy Options: SBI General offers a range of policy add-ons, allowing you to enhance your coverage based on your individual requirements, ensuring you have the protection you need.
Also Read: Documents Required for Bike Insurance
Coverage Under Standalone OD Bike Insurance
Inclusions (Base + Add-ons):
- Third-Party Liability
- Loss or Damage to the Vehicle
- Personal Accident Cover
- Additional Legal Liabilities
- Bifuel-Kit
- Cover for Key Replacement
- Inconvenience Allowance
- Loss of Personal Belongings
- Hospital Daily Cash Cover
- Return to Invoice
- Depreciation Reimbursement
- Road Side Assistance (Basic & Additional)
- Engine Guard
- NCB Protection
- Cover for Consumables
- EMI Protector
Exclusions
- Driving without a valid driving licence.
- Driving under the influence of drugs or alcohol.
- Damage from normal wear and tear.
- Intentionally damaging the vehicle.
- Trying to start the bike after it's been damaged, leading to more loss.
- Illegal racing or overspeeding.
- Using the vehicle for business purposes.
- Damage that happens outside the area covered by the policy.
How the Own Damage Bike Insurance Plan Coverage is Decided?
The coverage for an own-damage bike insurance plan is decided based on the Insured Declared Value (IDV) of the bike. The IDV is the current market value of the bike, which decreases with age due to depreciation. The higher the IDV, the higher the coverage and premium. This ensures that the bike owner receives adequate compensation in case of total loss or theft of the bike.
Related Blog: What is IDV in Bike Insurance and How is it Calculated?
Factors Affecting Standalone OD Bike Insurance Premium
Several factors influence the premium for standalone OD bike insurance. These include the following.
- Bike’s Model and Make: High-end bikes typically attract higher premiums.
- Age of the Bike: Older bikes have lower premiums due to lower IDV.
- Location: Premiums vary based on the area where the bike is registered..
- Chosen Add-ons: Add-ons like zero depreciation cover and engine protection can increase the premium.
Own Damage vs Third Party vs Comprehensive Bike Insurance
| Feature | Own Damage Insurance | Third Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage | Damages to Own Bike | Damages to Third Party | Both own and third party damage |
| Legal Requirement | No | Yes | No |
| Premium | Moderate | Low | High |
| Add-Ons | Available | Not Available | Available |
Own damage bike insurance provides coverage for damages to your bike, while third-party insurance covers damages to third parties. Comprehensive bike insurance, on the other hand, offers both own and third-party damages, providing the most extensive coverage. While third-party insurance is mandatory, own damage and comprehensive insurance are optional but highly recommended for comprehensive protection.
How to Purchase Own Damage Bike Insurance Online?
- Provide Your Information: Begin by visiting the official website or downloading the mobile application. Enter your personal details to receive a customized quote for your own damage bike insurance.
- Choose Coverage and Additional Features: Tailor your insurance policy by selecting your desired coverage options and any supplementary features that match your requirements.
- Complete the Payment: Finalize the online payment process, and you will receive your insurance policy via email for your records.
How to Renew Your Own Damage Bike Insurance Online?
- Download the Mobile App: Install the SBI General Insurance Mobile App from the Google Play Store or Apple App Store, and log in using your mobile number./li>
- Choose the Renewal Option: If you already hold a policy with SBI General, navigate to the service tab and choose the policy you wish to renew. Make sure to review your coverage and any added features.
- Update Your Information: If necessary, update your details or bike information, such as address changes, contact information, or any modifications to your bike.
- Review and Make Payment: Check the renewal premium, apply any applicable discounts or promotions, and complete your payment. Once processed, your updated policy will be sent to your email.
Read our blog for detailed information: How To Renew Two-Wheeler Insurance?
How to File a Claim for OD Bike Insurance?
To file a claim for own damage bike insurance, follow these steps:
- Download the App or Visit the Website: Access the SBI General app or the official website.
- Register Your Claim: Fill in the required details to initiate the claim.
- Submit Documents: Provide necessary documents for survey and inspection.
- Approval for Repairs: Wait for approval to proceed with repairs.
- Vehicle Delivery: After repairs, we will settle the costs directly with the network garage.
Read our blog for more information - How to claim two-wheeler insurance?
Documents Required For Filing an Own Damage Two Wheeler Insurance Claim
The documents required for filing a claim include:
- Policy Document: A copy of your insurance policy.
- Claim Form: A duly filled claim form.
- FIR: Required in case of theft or major accidents.
- Bike Registration Certificate: A copy of the bike’s RC.
- Driving License: A copy of the rider’s driving license.
- Repair Bills: Original repair bills and receipts.
FAQs based on Own Damage Bike Insurance
You must have a valid third-party liability policy and a registered bike in good condition.
Third-party liability insurance, which covers damages to third parties, is the most basic.
No, the Personal Accident cover is usually a separate add-on.
While not mandatory, renewing ensures continuous protection and maintains your No Claim Bonus.
Premium is based on the bike’s IDV, age, make, model, location, and chosen add-ons.
No, bumper-to-bumper insurance is a specific add-on cover.
There is no specific limit, but frequent claims can affect your No Claim Bonus.
OD stands for Own Damage, and TP stands for Third Party.
Third-party (TP) insurance is mandatory by law.
Typically one year, but multi-year policies are also available.
Comprehensive policies with add-ons offer the most extensive coverage.
Yes, own damage insurance covers self-damage.
Yes, if you already have a third-party liability policy.
Yes, it will cover repair or replacement costs based on the bike’s IDV.
Disclaimer: The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest office and also read the policy document and sales brochure carefully before concluding a sale.
*T&C Apply
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