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Own Damage insurance for bikes or OD bike insurance refers to an insurance cover that offers financial protection if your insured two-wheeler gets damaged. For instance, if your two-wheeler gets damaged due to accidents, calamities, vandalism, etc., the Own Damage Two-Wheeler Insurance Plan will cover you for the losses as per the terms and conditions. Such coverage is not possible under the mandatory Third-party Liability Policy, as it does not cover damages to your two-wheeler.
Own Damage bike insurance is super useful in situations where your insured bike sustains damages due to accidents, calamities or even vehicle theft. The bike Own Damage insurance cover will provide financial backup if your two-wheeler suffers damages. This benefit is not available with the mandatory third-party insurance as it covers only third-party liabilities.
Here are the key features of Own Damage insurance for bikes.
OD insurance for bikes provides financial backup to repair the insured two-wheelers in case of damages due to accidents, calamities, theft, etc.
You can opt for add-ons while buying OD insurance for bikes to further enhance the coverage.
You can customise the cover as per your preference. For instance, you can tweak the IDV and opt for add-ons that you feel will be useful for you.
The following sections throw light on the two wheeler Own Damage insurance coverage benefits.
Here are the coverage benefits of the Own Damage bike insurance.
Has an accident caused damage to your two-wheeler? Not to worry, the two wheeler Own Damage insurance will cover the cost to repair or replace bike parts damaged due to the accident.
In case your bike is damaged due to floods, earthquakes, cyclones, etc. ACKO’s OD plan will cover the damages to your bike.
Damages caused to your bike due to man-made calamities such as riots, vandalism, terror attacks, and strikes are covered under the OD plan.
Fire & Explosion
Fire and explosion can cause damage to your vehicle resulting in financial loss. ACKO’s Standalone OD plan covers such damages.
Theft of your two-wheeler can be worrying. However, with ACKO’s Own Damage Insurance, you can depend on us as the OD plan covers such losses.
In case the damages to your vehicle are beyond repair, ACKO’s OD Insurance will compensate you for such losses based on the terms and conditions.
Here are the exclusions of the Own Damage insurance for bikes.
The Standalone OD plan does not cover third-party liabilities such as injuries/death of the third party or damages to their property.
Riding Without a Driving Licence
Riding without a valid Driving Licence (DL) is illegal in India. ACKO’s OD Plan does not cover any damages to your vehicle during such circumstances.
Damage caused to your bike while riding the vehicle under the influence of alcohol or other intoxicating substances is not covered under the plan.
Damages caused due to mechanical or electrical failure are not covered under the OD insurance plan.
The Standalone OD insurance plan does not cover subsequent damages or losses caused due to accidents, fire, etc.
Wear & Tear
With time, your two-wheeler depreciates due to wear and tear. The Own Damage Two-wheeler insurance will not cover such losses.
Damages caused while using the vehicle for other purposes not mentioned in the policy will not be covered.
Outside Policy’s Terms
Damages or losses to your bike that are beyond the purview of your policy’s terms and conditions are not covered under the plan.
Outside Geographical Limits
Damage or losses to your bike that are caused outside the geographical limits of the policy coverage are not covered under the OD bike insurance plan.
Here are the benefits of buying Own Damage insurance for bikes from ACKO.
Since ACKO adopts a no-commission model, you get to enjoy incredibly low-premium insurance plans.
With a 100% digital platform, buying/renewing your two-wheeler insurance policy is quick and hassle-free.
Access your account through www.acko.com or the mobile app and choose “claim now” to submit your claim. ACKO’s insurance experts will do the rest for you.
Enjoy instant payment for minor damages. Login and upload the picture of the damaged two-wheeler, and ACKO may settle the claim instantly within 2 hours.
Get personalised offers and discounts on special festivals/occasions so that you can save money.
With ACKO’s multi-year two-wheeler insurance plans, you get to enjoy additional savings.
Here are the steps to raise a claim against OD bike insurance on ACKO.
In case of any damages or losses to your two-wheeler, inform us through our website, mobile app, email, or even call us. You will be required to file the First Information Report (FIR) with the police in some cases.
If the damages are due to accidents, natural or man-made disasters, or fire, we will appoint a surveyor to assess the damages.
In case the damages are minor, ACKO will settle the claim instantly through an on-account money transfer.
Here is the list of documents you need to have to file a claim against the Own Damage bike insurance policy.
Two-wheeler’s Registration Certificate
Photocopy of your Driving Licence
Pictures of the damaged two-wheeler
Repair bills if you get the two-wheeler repaired through a non-network garage
First Information Report (FIR) if the vehicle is stolen
Non-traceable certificate in case of vehicle theft
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Own Damage bike insurance is not mandatory for bikes. However, it’s better to buy it as it covers damages to your two-wheeler.
You can claim insurance if your bike gets damaged, provided that you have purchased an Own Damage or Comprehensive bike insurance.
You can buy a standalone Own Damage bike insurance if you have already purchased the mandatory third-party insurance.
OD premium is calculated after considering several factors like make/model, vehicle’s age, add-ons bought, geographical location, etc.
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.
No, the Standalone OD Insurance is optional; however, Third-party Two-wheeler Insurance is mandatory as per The Motor Vehicles Act, 1988.
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.
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.
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.
Yes, the OD plan will cover such losses when damages are beyond repair.