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
5. Damage sustained in a collision or accident
An OD insurance policy does have certain exclusions; these scenarios are not covered under this policy
Damage sustained by a third party in an accident with the insured’s vehicle
Damages sustained consequently that have not been
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.
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.
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 partly affected by depreciation of your two-wheeler as this rate does not affect third-party liabilities cover.
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:
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