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How to Claim Standalone Own Damage Bike Insurance?

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Published on July 25, 2023. EST READ TIME: 4 minutes

Purchasing bike insurance can be a great investment not just for your bike but for your peace of mind as well. In India, under the Motor Vehicle Act of 1988, it is mandatory for all motor vehicles, including bikes, to have a minimum third-party insurance policy. However, when it comes to coverage, the third-party cover doesn’t offer any compensation for damages incurred by your bike. Investing in standalone own damage bike insurance along with a third party is a wise choice. Read the article to know why your bike seeks comprehensive coverage and how to claim bike insurance for own damage.

What is Own Damage Insurance for Bike?

In 2019, the Insurance Regulatory and Development Authority of India (IRDAI) introduced standalone own damage insurance for bikes. You need to keep in mind that standalone bike insurance can be purchased only when you already have the mandatory third-party liability cover for your bike. With the own damage cover for your bike, you are covered for:

1. Accidental damages

2. Theft of your bike

3. Damages caused by man-made and natural disasters

4. Fire and explosion.

Importance of Own Damage Bike Insurance

Accidents can be inevitable at times and cause serious damage. Since a bike is a hefty possession, the cost of repairing it can be heavy on your pocket. This is when the own damage insurance for bikes comes into use. When you have standalone own damage bike insurance, you need not worry about the repair costs if your bike has had an accident. Your insurer is there to compensate you for the damage.

Add-ons with Standalone Own Damage Two-wheeler Insurance

Add-ons are the additional coverage that you can opt for along with the motor insurance of your vehicle. With a standalone own damage bike insurance, you have the option of various add-ons. By paying an extra amount of premium, you can enjoy these coverages:

1. Zero depreciation cover

The general wear and tear and continuous use of the bike depreciate it. At the time of raising a claim, the depreciation value of your bike is reduced from the claim amount. In order to waive off the depreciation value and turn it zero, you can invest in zero depreciation cover.

2. Emergency assistance cover

Your bike may be your partner on trips to unknown places or off-roads. At such places, you may not always be able to seek the help of a mechanic if your bike needs assistance. With the emergency assistance cover, you can enjoy 24/7 roadside assistance.

3. Return to Invoice

In case of theft or total loss of your bike, you will receive the actual invoice price as compensation.

4. Accessories cover

If you have also adorned your bike with accessories, having an accessories cover will help you get compensation in case of loss/damage to the insured items.

Benefits of Buying Own Damage Two-wheeler Insurance

Own damage insurance for bikes has proved to be very beneficial for bike owners. It is highly recommended for people who have only a third-party insurance policy. Let's read about the various benefits of this bike insurance:

1. Own damage cover:

People who only have third-party cover for their own bike can now opt for their own damage cover. Under a standalone own damage bike insurance, the insurance company pays the repair expenses and compensation amount in case the vehicle is lost or damaged beyond repairs.

2. Cashless claim:

With the benefit of a cashless claim, the bike owner does not have to pay for the repair cost from their end. Rather, the garage directly settles the bills with the insurer.

3. Self-inspection option:

HDFC ERGO allows bike owners or policyholders to opt for self-inspection at the time of raising a claim. The bike owners can inspect the damages on their own and submit the documents to the insurance company for further processing and approval.

4. Add-ons available:

The own damage insurance for bikes also gives you the option to customise the plan as per your needs. There are several add-ons available, like accessories cover, zero depreciation, etc. You can purchase these add-ons and enjoy extra coverage for the bike.

5. Multi-year policy:

The standalone own-damage bike insurance is not limited to a one-year agreement. You can purchase the plan for multiple years and then renew it on time to continue availing of the services.

How to Claim Standalone Own Damage Bike Insurance?

Raising a claim for your bike insurance can arise in two situations:

1. Theft of your Bike

2. Accidental Damage to Your Bike

Theft of your Bike

Losing your bike to theft can be devastating. However, your standalone own-damage bike insurance will cover you. You’ll have to file an FIR at the earliest and also inform your insurance company about the same. If your bike is not found by the police, they will issue you a “non-traceable” certificate which you can use to file a claim with your insurer. The compensation you receive will be based on the bike IDV, insured declared value. In case you opted for the Return to Invoice add-on, you’ll receive the actual invoice cost of your bike.

Accidental Damage to Your Bike

After an accident, ensure your safety and the safety of the people around you. If you are seriously hurt, wait for help. If you are okay and in a position to drive, you may proceed towards the claim procedure.

You have the choice to opt for a cashless or a reimbursement claim. However, a cashless claim is often preferred by most policyholders. The claim procedure will be determined by the type of garage you take your bike to. However, in both cases, you need to:

1. Inform your insurer as easily as possible

2. In case of a serious accident, make sure to file an FIR at the nearest police station and get a copy of the FIR

3. Try to take photos and videos of the scene to attach at the time of filling out the claim form

4. After this, you need to take your bike to a garage.

Let us take a look at both claim procedures:

Cashless Claims at a Network garage

1. Your insurer will send a surveyor to the network garage, who will then access the damage. The same will be conveyed to the insurer, and you. You can opt for self-inspection and submit the matter to the insurer.

2. Once the surveyor approves the claim, the repair will begin.

3. You will have to fill in the claim form and attach all the required documents. The paperwork is to be submitted to the company.

4. Once your bike is repaired, you’ll be able to take it home. Your insurance company will settle the bills directly with the garage, and you’ll have to pay only the uncovered expenses, if any.

Reimbursement Claims at a Non-Network garage

At a non-network garage, you have to pay the bill upfront. After making the payment, you can take the bike home and then file for reimbursement.

You’ll have to fill out the claim form and submit all the required documents to the company. When the insurance company verifies the paperwork, you will receive the compensation in your bank account. The company will settle the entire bill barring the uncovered expenses.

List of Documents Needed when Making a Bike Insurance Claim

Keep the following documents handy to ensure a quick and smooth claim settlement:

1. Bike insurance policy papers

2. Driver’s License

3. Bike RC

4. FIR, if filed

5. Duly filled Claim Form

6. Repair bills and receipts (for reimbursement claim)

7. Bank account details (for reimbursement claim).

Conclusion

Purchasing bike insurance can be one of the wisest decisions. Apart from the regular maintenance of your two-wheeler, bike insurance is also necessary as some events of mishaps can lead to exhaustive repair costs. However, when you have the needed insurance plan, you need not bear these expenses. You may look for the standalone own damage bike insurance if you already have a third-party liability cover and do not own damages cover yet. Stay safe, and ride safe!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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