Standalone OD Policy for Two Wheeler

Standalone Own Damage Cover is a type of insurance cover for two-wheeler vehicles introduced in 2019 after being approved by the Insurance Regulatory and Development Authority of India (IRDAI). Own damage or OD cover in insurance means that the coverage is provided only for the insured’s two-wheeler’s own damages sustained due to natural disasters, man-made disasters, theft and so on. It would be best to understand the features and benefits of a Standalone OD policy, if you are looking to get bike insurance. This article breaks down all the inclusions, exclusions, and features for those wondering, “what is a standalone OD policy?” or “how is it different from comprehensive insurance?"

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Features of Standalone Own Damage Insurance for Two-Wheelers

  • Coverage for insured two-wheeler as well as third party liability

  • The premium is slightly higher than third party insurance premium

  • Protection against natural calamities, man-made disasters, damage caused by a third party in a mishap.

  • Add-ons can help extend the coverage of the OD policy.

What is Included in Standalone Own Damage Two-Wheeler Insurance?

Standalone Own Damage insurance covers:

1. Damage due to natural disasters such as cyclones, floods, earthquakes, etc.

2. Damage due to man-made disasters such as explosions, riots, etc.

3. Damage due to fire

4. Theft

5. Damage sustained in a collision or accident

What is Not Included in Standalone Own Damage Two-Wheeler Insurance?

An OD insurance policy does have certain exclusions; these scenarios are not covered under this policy

1. Third Party Liability -

Damage sustained by a third party in an accident with the insured’s vehicle

2. Consequential Damages -

Damages sustained consequently that have not been

3. Contributory Negligence -

Damages that are a result of the driver or policyholder’s misuse or negligence

Difference between Stand-Alone Own Damage and Comprehensive Two-Wheeler Insurance

Standalone Own Damage is considerably different from Comprehensive Two-Wheeler insurance. Here are some factors on which they differ. 

Factor

Stand-alone

Comprehensive

Coverage

Standalone own damages cover only covers the damages sustained by the insured’s vehicle

Comprehensive insurance includes own damage as well as third party liabilities cover, all for a single premium amount.

Premium

The premium for Standalone OD cover decreases as time passes, and is only for own damages cover

The premium for comprehensive insurance covers own damages and third-party liabilities costs and decreases over time.

 

Impact of Depreciation

The depreciation rate of your two-wheeler affects the Standalone OD plan cover.

comprehensive insurance is only partly affected by the depreciation rate as the depreciation rate of your two-wheeler does not affect third-party liabilities cover.

Benefits of Standalone Own Damage Two-Wheeler Insurance

Standalone Own Damage cover for two-wheelers carries multiple benefits:

  • Obtaining insurance from different insurers

Thanks to standalone OD plans, policyholders can now get third party cover from one insurance provider and own damage cover from another.

  • Flexible tenure for OD plan

Now, policyholders can forgo longer-term comprehensive insurance and go for shorter tenures in OD plan of one year and renew it as and when needed.

  • Affordability

Dividing a comprehensive insurance plan into short term OD plans and long term third party plans has made the standalone plans more affordable for prospective policyholders.

Who Should Buy Standalone Own Damage Two-Wheeler Insurance?

A standalone damage cover is ideal for anybody who owns and drives a two-wheeler. Two-wheeler insurance is just as necessary as four-wheeler insurance. It is particularly important for people who

  • Live in regions that often see the occurrence of certain natural disasters

  • Live in conflict-ridden regions

  • Drive long distances on a daily basis

  • Are new drivers or owners

The extent of the cover depends on the Insured Declared Value of the vehicle, which is dependent on the current market value of your two-wheeler. The IDV is determined by the rate of depreciation, which rises as the two-wheeler gets older.

How To Calculate Own Damage Premium?

The three major factors that determine On Damage premium are the two-wheeler’s IDV (Insured Declared Value), age and cubic capacity. Each of these is factored in when using an online insurance premium calculator. Below are some simple steps for calculating your insurance premium using a bike insurance online premium calculator like the one at Finserv MARKETS.

Note that the specific steps and details required will vary depending on whether you are getting your existing insurance plan renewed or are buying a new insurance plan.

  1. Input your details such as the registration number of your vehicle & your mobile number.

  2. You’ll need to then indicate whether or not your existing plan has expired or not. When buying a new plan, you will need to select ‘yes’.

  3. Go ahead and put in your bike’s details such as its make & model, fuel type, registration details, and so on.

While the above should be enough to give you a quick quote, you can move forward and:

  1. Compare various plans and choose the best one for you.

  2. Provide your personal details.

  3. Get a final quote for your bike insurance premium.

How to Renew Standalone Own Damage Two-Wheeler Insurance?

Follow these steps to renew your OD cover quickly and easily:

Step 1: Go to your insurance provider’s website

Step 2: Go to the own damage insurance section

Step 3: Provide the necessary details such as fuel type, registration number, variant, model/make, year of registration, etc.

Step 4: Put down the policy’s expiry date and add personal KYC details. Mention details of any claims you have filed in the previous year.

Step 5: Select the policy and add-ons and proceed by clicking on “buy now”. Complete the payment process and the insurance plan documents will be sent to you via email.

How to File for a Standalone Own Damage Two-Wheeler Insurance Claim?

In order to file a claim for your insurance, follow these steps:

  1. In case of an accident, after first-aid and priority safety measures, inform your insurance provider immediately

  2. File an FIR as soon as possible, as you will need the documents while filing a claim

  3. Provide all the details about the accident, all parties and witnesses at the scene, vehicle information and so on

  4. Submit the collated documents to your insurance provider and enlist a surveyor to assess the damages sustained

  5. Get your vehicle repaired, preferably at a repair shop associated with the insurance company

Conclusion

Several factors such as the age of the vehicle, engine capacity, IDV, chosen add-ons, no-claim bonus influence Standalone Own Damage insurance coverage and premium. Ensure that your research is thorough and account for these factors while looking for an OD plan for your bike. Understanding the features, inclusions, exclusions, and IDV fluctuations will help you make a confident and informed decision. Platforms like Finserv MARKETS offer a variety of insurance plans all in one place, allowing customers to tweak the criteria according to their preferences and find the best option for them. Thanks to the streamlined application process, you can now buy your own damage insurance for your two-wheeler with just a few clicks!

FAQs on Standalone Own Damage Two Wheeler Insurance

  • ✔️What are the main features of Standalone Own Damage Insurance for Two-Wheelers?

    • Coverage for insured two-wheeler as well as third party liability

    • The premium is slightly higher than third party insurance premium

    • Protection against natural calamities, man-made disasters, damage caused by a third party in a mishap.

    • Add-ons can help extend the coverage of the OD policy.

  • ✔️What is included in Standalone Own Damage Two-Wheeler Insurance?

    Standalone Own Damage coverage includes:

    1. Damage due to natural disasters such as cyclones, floods, earthquakes, etc.

    2. Damage due to man-made disasters such as explosions, riots, etc.

    3. Damage due to fire

    4. Theft

    5. Damage sustained in a collision or accident

  • ✔️What is not included in Standalone Own Damage Two-Wheeler Insurance?

    An OD insurance policy does have certain exclusions; these scenarios are not covered under this policy

    1. Third Party Liability - damage sustained by a third party in an accident with the insured’s vehicle

    2. Consequential Damages - damages sustained consequently that have not been

    3. Contributory Negligence - damages that are a result of the driver or policyholder’s misuse or negligence  

  • ✔️Which Add-ons can be availed with Standalone Own Damage Two-wheeler Insurance Cover?

    Some of the add-ons you can avail with your insurance plan are:

    • Return to Invoice Cover

    • Zero Depreciation Cover

    • Consumables Cover

    • Roadside Assistance

  • ✔️Which factors affect the premium rate for Standalone Own Damage insurance?

    Some of the factors that can influence the premium you pay for your insurance include:

    • Insured Declared Value

    • Engine Capacity

    • Vehicle’s Age

    • No Claim Bonus

    • Add-Ons