Own Damage Cover in Two-Wheeler Insurance Policy

Can we claim own damage insurance?

Yes, you can claim own damage insurance for your bike. Since September 2019, the Insurance Regulatory and Development Authority of India introduced standalone own-damage policies. It offers separate coverage for financial protection against damage from fire, accidents, theft, or natural disasters.

What is OD and TP in bike insurance?

In bike insurance, OD refers to the Own Damage cover that covers your vehicle's loss and damage, while TP stands for Third-Party cover that safeguards against damage to other vehicles and properties. Comprehensive coverage combines both for complete protection against various risks.

How do I claim own damage in motor insurance?

After an accident, immediately contact your insurance company to report vehicle damage. Gather details of the responsible vehicle and share them with the insurer. Submit the necessary documents within the specified timeframe for a hassle-free own-damage claim process.

How many times can I claim own damage insurance?

You can file multiple own-damage insurance claims. However, you will lose the NCB (No Claim Bonus) discount during policy renewal if you raise a claim during the policy year. Prioritise safe driving practices to maintain a healthy claims history.

Which is mandatory OD or TP?

Third-party (TP) insurance is mandatory as per The Motor Vehicle Act, 1988. While TP is obligatory, Own Damage (OD) coverage is optional but highly recommended for comprehensive protection against damages to your own vehicle in addition to the mandated TP cover.

Can we drive vehicle without own damage insurance?

You can drive a vehicle without own damage insurance. However, driving without third-party insurance is an offence. The Motor Vehicles Act states that every motor vehicle must have third-party insurance. However, having both third-party and own damage insurance offers comprehensive protection.

What is not covered in own damage insurance?

Own damage insurance excludes drunk driving damages and consequential losses. It does not cover damages from driving under alcohol/drugs, driving without valid documents, overspeeding, etc. Understand these exclusions before buying insurance for your vehicle.

What is the difference between own damage and zero DEP?

Own damage insurance is part of Comprehensive insurance or a standalone plan covering vehicle damages. Zero Depreciation is an add-on for coverage against depreciation. While own damage is inherent, Zero Depreciation is an additional layer for extensive protection.

What are the benefits of own damage insurance?

Own Damage Insurance provides holistic coverage for your car, covering damages, theft, or loss. Crucial alongside Third-party insurance, it complements by providing own damage coverage, ensuring comprehensive protection beyond third-party liabilities.

What is the period of own damage insurance?

Own Damage Insurance typically has a tenure of one year, necessitating annual renewal to ensure continual coverage against unexpected damages. For new cars, buying a bundled Three-Year Third-Party Insurance policy is mandatory for added security.

Which two wheeler insurance is best?

Choosing the best two-wheeler insurance depends on factors like coverage, premium, and customer service. Opt for an insurance provider who provides the best coverage at a lower premium. Also, go for online insurance as it can eliminate the hassle of offline purchases.

How much does own damage insurance cover?

Own damage insurance covers the cost of vehicle damages caused by natural calamities, accidents, theft, and vandalism. Additionally, you can enhance coverage with add-ons and customise the comprehensive policy as per your needs.

Does own damage cover theft?

Yes, own damage insurance covers theft along with damages from accidents, natural calamities, riots, and fire. It provides comprehensive protection for unforeseen events, ensuring you are financially safeguarded.

What is own damage in bike insurance?

Own damage in bike insurance covers losses the insured vehicle suffers from accidents, natural calamities like earthquakes or floods, and man-made events such as theft, riots, or strikes, providing comprehensive protection for your insured vehicle.

How is own damage premium calculated?

Own damage premium is calculated using the formula: Own Damage premium = IDV x Premium Rate (set by the insurer) + Add-Ons (bonus coverage) – Discounts & benefits (like no claim bonus, theft discount). This formula determines the comprehensive coverage cost for your bike insurance.

What is mean by own damage in insurance?

Own damage in insurance covers your vehicle's damages—accidents, thefts, natural calamities, etc. It complements Third-Party Insurance, covering liabilities for damages to others. Both are essential for comprehensive protection.

How to claim bike insurance for own damage?

You can raise a claim against OD bike insurance by informing the insurer and raising a claim request. For instance, at ACKO, you can file a claim through our app or website within a few clicks.

Is own damage insurance mandatory for bikes?

Own Damage bike insurance is not mandatory for bikes. However, it’s better to buy it as it covers damages to your two-wheeler.

Can we claim insurance on bike for self damage?

You can claim insurance if your bike gets damaged, provided that you have purchased an Own Damage or Comprehensive bike insurance.

Can I buy only own damage insurance?

You can buy a standalone Own Damage bike insurance if you have already purchased the mandatory third-party insurance.

How is own damage calculated?

OD premium is calculated after considering several factors like make/model, vehicle’s age, add-ons bought, geographical location, etc.

Which is better own damage or comprehensive?

If you already have a third-party insurance plan, it’s better to buy the standalone Own Damage insurance. If you do not have a third-party plan, you can opt for the Comprehensive Plan, which covers third-party liabilities and own damage.

Is it mandatory to buy Standalone Own Damage Insurance for my two-wheeler?

No, the Standalone OD Insurance is optional; however, Third-party Two-wheeler Insurance is mandatory as per The Motor Vehicles Act, 1988.

Does Third-party bike insurance include the Own Damage component?

No, Third-party Bike Insurance does not cover damages to the insured vehicle. However, a Comprehensive Car Insurance Plan comes bundled with both Third-party insurance and Own Damage insurance component.

Can I insure my two-wheeler only with the Standalone Own Damage Insurance plan?

No, you have to insure your vehicle at least with Third-party Insurance as it is mandatory as per The Motor Vehicles Act, 1988. While the Own Damage Insurance is optional, it will ensure better coverage for your two-wheeler.

I have insured my two-wheeler with a Third-party cover. Can I buy the Own Damage insurance plan for my vehicle?

Yes, you can buy the optional OD plan. You can also switch your Third-party policy to a Comprehensive policy (includes both Third-party cover and Own Damage cover) at the time of bike insurance renewal.

My two-wheeler was completely damaged due to an accident. Will the Own Damage insurance cover my losses?

Yes, the OD plan will cover such losses when damages are beyond repair.