Standalone Own-Damage Bike Insurance

Standalone Own-Damage Bike Insurance

Standalone Own-Damage Bike Insurance

A standalone own damage bike insurance is a type of bike insurance plan which provides an insurance cover only for your bike’s own damages. The plan safeguards your bike against own damages incurred due to accidents, natural calamities, man-made disasters, fire, theft as well as damages incurred in transit.

The standalone own damage bike insurance plan came into existence in September 2019 after the Insurance Regulatory and Development Authority of India (IRDAI) allowed its purchase.

What Is Covered Under Standalone Own Damage Bike Insurance?

A standalone own damage bike insurance plan provides coverage for the following:

  1. Accidental Damages – This plan gives coverage for the damages sustained by your bike in an accident or collision.

  2. Natural Disasters: A standalone own damage plan keeps your bike insured against damages incurred in earthquakes, floods, cyclones, and other natural calamities.

  3. Man-Made Disasters: The plan also keeps you insured against damages incurred in strikes, riots, explosions, and other man-made disasters.

  4. Theft – A standalone own damage plan also keeps you insured against theft of your bike.

  5. Fire – This plan also covers the own damages caused to your bike by fire and explosions.

Benefits of Standalone Own Damage Bike Insurance

A standalone own damage bike insurance plan offers the following benefits to policyholders:

  1. Option of Different insurers - With the introduction of standalone own damage bike insurance plans, the bike insurance policyholders can now opt for a third party insurance cover and an own damage insurance cover from different insurance providers of their choice.

  1. Flexibility in Tenure of Own Damage Plan - The new bike owners are no more bound to purchase a long term comprehensive insurance policy due to the compulsion of holding a long term third party plan. Now, they can now have a long-term third party insurance plan of 5 years and a standalone own damage plan of 1 year, which they can renew every year.

  1. Economical - With the breakup of long term comprehensive insurance plan into long term third party insurance and short term own damage plan, the insurance plans have now become economical for the policyholders. Also, the policyholders can buy their own damage policy from the insurers providing the most affordable insurance offers that can enhance their financial benefits.




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#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.