Own Damage Cover in Two Wheeler 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.

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.

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.

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.

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.

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.

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?