Own Damage Cover in Two Wheeler Insurance
Own Damage Cover in Two Wheeler Insurance
If you own a two-wheeler in India, you must be aware that insurance for bikes is made mandatory by the law. Therefore, it is vital to get financial protection for your two-wheeler against damages due to an accident. Also, you can get additional coverage plans, along with your insurance, for the bike to make the overall protection stronger. The insurance companies in India offer different kinds of bike insurance online. So, if you are looking forward to buying bike insurance, it is important to learn about the various types of vehicle insurance policies, including their inclusions and exclusions.
The own-damage cover is a bike insurance plan that you can buy in India. So, what is the Own Damage Insurance Plan Coverage all about? Let’s find out below.
What is Own-Damage Cover in a Bike Insurance?
Own damage bike insurance cover refers to a type of two-wheeler insurance policy that provides protection only for your insured two-wheeler in case of any losses or damages caused to it. For example, the damages may occur due to an accident, natural calamity, vandalism, theft, riots, collisions, etc. This cover compensates for the damages caused and provides financial assistance to repair or replace the parts of your two-wheeler.
Why is Own-Damage Cover Useful for a Bike Owner?
As mentioned above, an own-damage bike insurance cover will protect the repair of the parts of your insured vehicle due to an accident. The third-party insurances will only pay for the third party's liabilities leading to accidental death, injury, or damage. In such cases, even if your bike gets damaged, the insurer will offer no insurance coverage to repair the same. But with an own-damage cover, you can claim for the damages that may have been caused to your two-wheeler during such an unintentional event.
How Does Own-Damage Cover for Bike Insurance Online Works?
To understand the concept of own damage bike insurance better, let’s simplify this with an example.
Suppose you’ve bought a new two-wheeler a year back. And you’ve also bought a third-party bike insurance plan with the same, which will cover all third-party and legal liabilities. However, over the past year, your bike suffered some damages due to waterlogging during the monsoons and then a minor accident. But you couldn’t claim for its coverage from the third-party insurance plan and had to bear all the costs of repairs yourself.
On the other hand, your brother also got a bike and bought both a third-party and an own-damage cover for the vehicle. He could claim for all the damages caused to his bike due to the waterlogging in the monsoons. Thus, own damage bike insurance allows you to claim for any damages caused to your own bike. What kind of damages? Let us see the inclusions of this cover.
Inclusions in Own-Damage Cover for Bikes
If you opt for own damage insurance for bike, you will get coverage against the damages caused to your two-wheeler in the situations mentioned below: Natural Disasters: If your bike gets damaged due to natural calamities like earthquakes, floods, cyclones, etc., your own-damage coverage will pay for the same.
Accidental Damages: You can get financial coverage for accidental damages caused to your two-wheeler so that you can repair or replace the parts without bearing the brunt of financial losses.
Man-made Damages: The OD cover will also pay for the damages caused by man-made calamities such as vandalism, riots, terror attacks, and strikes.
Theft or Malicious Acts: Theft of your bike can be disturbing. However, with Own-Damage Insurance, you can depend on the policy coverage to bear the loss.
Fire & Explosion: If your vehicle gets damaged due to fire and explosion, it can result in financial loss. However, the Own-Damage insurance plan can cover such damages.
Damage Beyond Repair: In case the damages to your two-wheeler are beyond repair, Own-Damage Insurance will compensate for the loss based on the insurer’s terms and conditions.
Exclusions in Own-Damage Cover for Bikes
Here are a few situations for which your own-damage bike insurance online plan will not cover the damages caused to your two-wheeler:
Third-party Damages: The plan will not cover third-party liabilities such as injuries/death of the third party or any damages caused to their property.
Drunk Riding Damages: Damage caused to your two-wheeler while riding the same under the influence of alcohol or other intoxicating elements is not covered under the own damage insurance for bike.
Riding without a License: In India, riding a bike without a valid Driving Licence (DL) is illegal. The own-damage cover plan will not cover any damages caused to your vehicle while riding without a license.
Mechanical/Electrical Breakdown: Damages caused to the bike due to mechanical or electrical failure will not be covered under the own damage bike insurance plan.
Outside Policy Terms: Damages or losses to your two-wheeler that are beyond the horizon of the own damage policy’s terms and conditions will not be covered by the same.
How the Own-Damage Insurance Plan Coverage is Decided?
If you opt for own damage insurance for your bike, there are a few factors which the insurer will keep in mind to calculate your premium. They are as follow:
- Your age
- Age of your vehicle. The Premium amount for new bikes is usually more than the older ones.
- Registration zone of your bike.
- Bike’s model. If your bike comes with advanced features, it will have more premium rates.
- Safety equipment in the bike.
- If you have an AIAA membership, you’ll have to pay lesser premiums.
- Voluntary deductibles that you will opt for at the time of the policy purchase.
However, to calculate your premium rate for your two-wheeler, you can always take help from an online bike insurance premium calculator. You’ll have to provide the necessary information related to your vehicle, and you can get the premium suggestions for the same.
How to File for Own-Damage Online Insurance for Two-wheelers?
If you know the ways to do it right, filing for your Own-Damage insurance for your two-wheeler online is an easy job to do. Tata AIG offers a seamless claim process for your own-damage two-wheeler insurance plan:
Once you see the damage on your bike, immediately call and inform us about the incident that led to the damage. You can even register your claim online.
You will need to provide us with as much evidence as possible. So, it’s better to click pictures of the damages that your vehicle has sustained. You need to support your claim documents with pictures.
You need to take your damaged vehicle to a garage. If you take it to one of our 3300+ network garages, you can file for a cashless claim. In such cases, the final bill will be settled by us directly with the garage.
A surveyor from Tata AIG will visit to inspect the vehicle. He will then make an estimate and send it to us.
Upon receiving the claim form from your end, along with the report from the surveyor, we will compensate for the damages caused. In case of a cashless claim, we will settle everything directly. For reimbursement claims, the money will be reimbursed to your bank account.
Your bike is one of your prized possessions. So, why not get it insured the best possible way? Own damage bike insurance will provide you with extensive financial coverage. And when you can buy this plan separately, why not do it today and ride your two-wheeler stress-free in the days to come?
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
Frequently Asked Question
How to Claim Bajaj Bike Insurance?
At Tata AIG, we have a simple and quick cashless claims process that involves the following steps.
- Visit our official website and select 'Initiate Claim' on the claims page.
- Enter your registered mobile number and click on confirm.
- Submit your Bajaj bike insurance policy number, the details of the First Information Report, if applicable, and the other necessary information.
- Submit the claim form.
- Cooperate with the Bike Insurance Surveyor appointed to inspect the damages to your bike.
- Get your bike repaired at the nearest network garage.
- Await the completion of the claim settlement process on our end.
At any time during the claims process, should you need any assistance, feel free to contact our 24*7 support team.
How to Renew Bajaj Bike Insurance?
You can renew your Bajaj bike insurance policy in a few quick steps, which are:
- Visit the bike insurance page on our official website.
- Enter your bike's registration number and click on 'Renew'.
- Our bike insurance calculator will fetch the important particulars, following which you must enter details such as your bike insurance claims in the preceding year and your 'No-claim Bonus' if any.
- Select the necessary bike insurance add-ons and include them in your policy.
- Get a quote for your Bajaj bike insurance policy and make the payment online if the said quote is feasible for you.
What are the Prices of Bajaj Bikes?
Bajaj bikes have varying prices, depending on the model and the variant you select. You can get a Bajaj bike for as low as ₹33,402 (ex-showroom - Mumbai) for the Bajaj CT100 and as high as ₹1.90 lakhs (ex-showroom - Mumbai) for the Bajaj Dominar 400.
What are the Various Variants Available in Bajaj Bikes?
Bajaj Auto have a wide portfolio of bikes and the most popular models are the Bajaj Pulsar, Bajaj Dominar, Bajaj Avenger, Bajaj Platina, and the Bajaj CT 100. All of these bikes come in various variants depending on their engine cubic capacity and other product differentiation.
How does a Zero Depreciation Cover Enhance my Bajaj Bike Insurance?
By adding a Zero Depreciation Cover to your bike insurance policy, you essentially nullify the financial impact of the depreciation accumulated on your bike in terms of a bike insurance claim. This cover allows you to claim the full market price of your bike in the event of a total loss scenario such as theft or irreversible accidental damage. However, you must remember that this cover is applicable only on your first two bike insurance claims and has an additional charge involved.