If you recently purchased a bike and already have two wheeler third party insurance, you can opt for own damage bike insurance. You can also purchase an Own Damage insurance policy separately to protect your bike from damages and losses.

If you already have a third-party bike insurance policy with another company, you can obtain a standalone own damage bike insurance policy from a reputable insurance company to protect your bike from losses.

Coverage under own damage bike insurance

Own damage bike insurance compensates for damages to your bike in the event of an accident.

It provides complete compensation if your bike is stolen.

Expenses incurred due to fire are covered.

Damage to your bike caused by natural disasters is covered.

Exclusions from own damage bike insurance

Third-party damage expenses are not covered. The coverage is limited to damages to your own bike.

Claims will not be accepted if the accident occurred while riding under the influence of alcohol, as it is against the law.

If you haven't purchased a specific add-on, you won't receive its benefits.

Damages to your bike that occur after the accident and are not directly related will not be reimbursed.

If you engaged in a completely contradictory activity leading to bike damages, they will not be compensated.

Expenditures will not be covered if you did not have a valid driver's license at the time of the accident.

Key features of own damage bike insurance

Own damage bike insurance provides coverage for both the insured vehicle and third-party liabilities.

It is known for its comprehensive coverage and offers add-on riders to enhance the basic policy's coverage.

The premium for own damage insurance is typically higher than that of third-party liability insurance.

The policy covers man-made disasters, third-party liabilities, and natural calamities.

Determining the premium for own damage bike insurance

The Insurance Regulatory and Development Authority of India (IRDA) sets the price for third-party insurance for a specified period. Calculating the premium for own damage insurance can be a bit complex. Several factors directly impact your own damage two wheeler insurance premium. 

Consider the following:

1. The age of the policyholder.
2. New motorcycles have higher premiums compared to older bikes.
3. Premiums for vehicles registered in Zone A are usually higher than those in Zone B.
4. Bikes with advanced features or models will have a higher premium.
5. Premiums may be lower if your bike is equipped with safety equipment.
6. Owners of two-wheelers with AIAA membership may qualify for reduced premiums.
7. Using voluntary deductibles during insurance purchase can lower the premium rate.
8. Deductibles selected by the policyholder at the time of insurance acquisition.

These factors are considered by insurers when determining premium prices for bike insurance. You can use an online damage premium calculator to estimate the premium on your own.

So, get a own damage bike insurance and effortlessly safeguard your beloved bike.