Standalone Two Wheeler Insurance with HDFC ERGO

Get Complete Protection For Your Bike With Standalone Own Damage Bike Insurance

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Home / Two Wheeler Insurance / Standalone Own Damage Cover Two Wheeler

Standalone Own Damage Bike Insurance

Standalone own damage two-wheeler insurance

Bike insurance policy protects your expenses from losses due to vehicular damage. However, the policy you opt for decides whether you get coverage for that particular damage. As per the Motor Vehicles Act of 1988, every vehicle owner must have third party cover, however, here you will only get coverage for third-party liabilities. If you choose own damage insurance for bike, the insurer will cover you for damages due to accidents, fire, theft, burglary, natural disasters, man-made disasters, etc. Therefore, to get coverage for the expenses incurred in repair and the cost of replacement of parts due to damages from any insurable peril, you need to purchase a standalone own damage bike insurance policy over the third-party insurance plan. You can buy or renew own damage insurance for bike easily through the HDFC ERGO website.

Features of an Own-Damage Two Wheeler Insurance

Features	Description
Coverage for own damage	The own damage bike insurance policy covers the vehicle's damage due to theft, fire, accidental damages, floods, earthquakes and damage to any other insurable peril.
No claim bonus	You can avail no claim bonus benefits during bike own damage insurance renewal if you do not make any claim during the policy tenure.
Pocket-friendly premiums	The HDFC ERGO own damage bike insurance is pocket friendly and affordable.
Cashless garages	HDFC ERGO has over 2000+ network garages offering free repairs and replacement services.
Add-Ons	If you purchase own damage insurance two wheeler from HDFC ERGO, you get to choose from add-ons like no claim bonus protection, zero depreciation, emergency roadside assistance, etc.

Benefits of an Own-Damage Two Wheeler Insurance

Features	Benefits
Comprehensive coverage	Own damage insurance for bike covers a broad range of occurrences that can cause damage to your insured vehicle.
Validity	You can buy own damage bike insurance with one year validity, thereby you will have to pay less premium in comparison to comprehensive cover where the minimum validity is three years.
Hassle Free Claims	You can raise claim easily with HDFC ERGO and we have a record of 100% claim settlement ratio.
Flexible	You can broaden the extent of coverage by purchasing an appropriate add on cover like no claim bonus protection, emergency roadside assistance, etc.

Why is Own Damage Cover Useful?

Own Damage bike insurance is beneficial when your insured two- wheeler sustains damages due to fire, accidents, natural calamities, theft and other unforeseen events. The bike own damage insurance cover will provide coverage for vehicle repair if your two-wheeler gets damaged due to these events. This benefit is not available with the mandatory third-party insurance as it covers only third-party liabilities. Investing in own damage insurance for bike will help you ride your two-wheeler with peace of mind as you will safeguard your two-wheeler against critical losses.

Who Should Get Standalone Own Damage Two Wheeler Insurance?

If you’ve recently bought a Third Party Bike Insurance plan then you should purchase Standalone OD Bike insurance to protect your own vehicle from damages and losses. It is not necessary to purchase both policies from the same insurance provider. In other words, even if you have purchased your third-party insurance from some other insurer, you can still go ahead and buy a standalone OD insurance plan from HDFC ERGO and any other insurer of your choice. Be careful to read all the inclusions, exclusions, features, and other terms and conditions before choosing your plan and insurance provider.

Standalone Two Wheeler Policy Inclusions & Exclusions

What is covered?
What is not covered?

A good plan takes into account several risks and threats which can cause damage to your vehicle and protects you from the expenses arising thereof. These include:

Accidents

Accidents that your vehicle may be involved in and related damages

Fire & Explosion

A fire or an explosion can turn your mean machine into ashes. But our policy won’t let the heat reach your finances.

Theft

We can’t prevent your bike from being stolen, but we can keep your finances secured by covering your theft-related losses.

Calamities

Some situations are out of our control like natural calamities. But we help you restore your vehicle without denting your finances.

It is equally important to be aware of the conditions which are excluded and cannot be claimed for. These include:

Third Party Liability

A standalone Own Damage Bike Insurance only covers damages for your bike. Your third-party cover will take care of the rest.

Depreciation

Sorry, but we do not cover general wear and tear or depreciation in the value of your bike.

Electrical & Mechanical Breakdown

Electrical or mechanical breakdowns of any nature are beyond the scope of coverage.

Illegal Driving

Riding under the influence of substances or without a valid driving license is neither cool nor covered.

4 Reasons Why HDFC ERGO Should Be Your First Choice!

HDFC ERGO is a widely renowned and acclaimed insurance provider, resulting in over 1.5 crore happy customers availing their services. The immense popularity of HDFC ERGO’s vehicle insurance can be attributed to several factors, some of which include:

100% Claim Settlement Ratio^

With respect to the erstwhile tariff on own damage cover rates, to keep you effective and affordable coverage.

8500+ cashless Garagesˇ

Which is always increasing to provide you pan-India services without the need for you having to pay any upfront amount for services availed.

24x7 roadside assistance °°

Even on holidays is extremely useful when you get stuck or meet with an accident at awkward hours of the day and need assistance.

Door Step Two Wheeler repairs°

Get convenient car repair service at your doorsteps now.

Own Damage Bike Insurance Premium Calculation

A very helpful feature offered by HDFC ERGO is their Bike Insurance Premium Calculator. It is a quick and efficient tool that gives you a close-enough idea regarding the premium amount you will need to pay in exchange for availing all the benefits that the policy offers. After filling in the requisite details, you simply need to click the button to get the estimated premium amount and plan your finances accordingly.

How to Reduce Your Own Damage (OD) Premium

There are certain factors which affect the calculation of your OD insurance premium amount, and are discussed in the next section. Keeping those factors in mind, you can work towards reducing your OD premium with these handy tips:

● Voluntary Deductibles is the money that you have chosen to pay on your own while filing claims with the insurer. By increasing your voluntary deductibles percentage you can reduce your Own Damage premium. This requires some amount of cost-benefit analysis to be done beforehand.

● It is recommended to provide an accurate Insured Declared Value (IDV) of the vehicle, since it directly influences the OD premium & future disbursal amounts.

● For erstwhile OD or Comprehensive bike Insurance policies with a No Claim Bonus add-on, you should ensure to get them transferred to the current policy, if applicable, to get cumulative benefits.

● People with older vehicles are advised to get Zero depreciation bike insurance Cover to reduce their OD premium.

Factors Affecting Standalone OD Two Wheeler Insurance Premium

While we have introduced some of the factors in the previous section, here are some more details on how your OD premium is influenced.

IDV

IDV in two wheeler insurance used in OD premium calculation. Overstating this value may be detrimental.

Age of Bike

Age of Bike is another important factor since older bikes tend to have higher premiums due to the sustained wear and tear owing to regular usage.

NCB

NCB is No Cost Bonus and typically comes with a higher premium. But the benefit it provides is that in case of no claims made, your subsequent premiums get reduced.

Bike Make Model

Bike Make Model also influences premium calculation. Higher-end bikes will have more premiums associated with them. On the other hand, Bikes with more safety features tend to attract lesser premiums as they are deemed less of insurance risk.

Third Party vs Own Damage vs Comprehensive Bike Insurance

Let us take a quick look at the different aspects of the three most common types of insurance plans.

Third Party Insurance	Standalone Own Damage Insurance	Comprehensive Insurance
Mandatory legal requirement	Not mandatory, but a choice for the insurer to protect their own vehicle	Not mandatory, but a choice for the insurer to protect their own vehicle
Most basic policy to bear the expenses for damages caused to the third party involved	Newer policy to protect damages to your own vehicle	Combination of the two, it is a complete package with cumulative features
All Bikes are eligible for this insurance	Only those vehicles which already have a third-party insurance can buy OD	Instead of opting for third-party, you can directly purchase a comprehensive cover

How to File a Claim for Own-Damage Bike Insurance?

Filing a claim for own damage insurance two wheeler is easy. Here are following steps:

Step 1- Get in touch with our claim team by registering claim on our website. Our claim’s team will connect with you and with the link provided by our agent, you can upload documents online.

Step 2 - You can opt for self inspection or an app enabled digital inspection by a surveyor or workshop partner.

Step 3 - Track your claim status through the claim tracker.

Step 4 - When your claim is approved you will get the notification through the message and it will be settled through cashless network garage.

Documents Required for Own-Damage Two Wheeler Insurance Claim

Here are list of documents required to make claim for own damage insurance for bike under following conditions:

Accidental Damage

• Proof own damage bike insurance policy
• Copy of Bike’s RC, and original tax receipts for verification
• Police FIR report
• Copy of your original driving license
• Damage repair estimate.
• Payment receipts and repair bills

Theft Related Claim

• Original copy of own damage insurance for bike
• Theft endorsement from the concerned Regional Transport Office
• Original RC Tax payment receipt
• Service booklets/bike keys and the warranty card
• Previous Two Wheeler Insurance Details like two wheeler insurance policy number, insurance company details and duration of the policy period
• Police FIR/ JMFC report/ Final investigation report
• An approved copy of the letter addressing the concerned RTO regarding the theft and declaring the bike as "NON-USE."

Damage Due to Fire:

• Original own damage bike insurance policy documents
• Soft copy of the Registration Certificate of the bike
• Soft copy of the Driving License of the rider
• Present evidence of the incident through photographs or videos
• FIR (if required)
• Report of the fire brigade (if any)

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Across India

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Frequently Asked Questions on Standalone Own Damage Insurance for Bikes

Do I need to buy standalone own damage cover and third-party cover from the same insurance company?

No, you can choose to buy a standalone OD from any of the insurers offering this plan. Before choosing, you should do a careful evaluation and comparison of the prevalent plans in the market.

What is the eligibility criteria to buy Own Damage insurance?

For any vehicle which already has a valid third-party insurance policy associated with it, a standalone OW plan can be purchased.

What are the other types of Bike insurance policies that are available?

The three most common types of Bike insurance policies include third-party, standalone own damages and comprehensive insurance plans.

What is the most basic kind of Bike insurance that is available?

A Third Party insurance plan is the most basic and with the lowest premium. This is the bare minimum requirement to comply with Indian laws.

Does Own Damage insurance cover also include Personal Accident cover?

The updated regulations made personal accident cover a mandatory requirement. You can opt to include this while purchasing your OD policy, but it is advisable to check if it was already included in your Third-Party cover as well, so as to avoid paying twice for it.