Standalone Own Damage Cover 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. These are generally sustained due to natural disasters, man-made disasters, theft and so on.  

If you are looking to get bike insurance, it would be best to understand the features and benefits of a Standalone OD policy, This article breaks down all the inclusions, exclusions, and features, among others.

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

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

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

2. Damages sustained consequently that have not been

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

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

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.

The three major factors that determine Own Damage premium are the two-wheeler’s IDV (Insured Declared Value), age and cubic capacity. Below are some steps for calculating your insurance premium using a bike insurance online premium calculator:

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.

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

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

• Input 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:

• Provide your personal details.

• Compare various plans and choose the best one for you

You will then get a final quote for your bike insurance premium.

You can follow these steps to renew your OD cover quickly and easily:

• Step 1: Visit your insurance provider’s website.

• Step 2: Go to the own damage insurance section.

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

• Step 4: Enter 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 your preferred add-ons and proceed by clicking on “buy now”. 

• Step 6: Complete the payment process and the insurance plan documents will be sent to you via email.

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

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

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

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

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

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