Whether you're looking to buy your first bike or already have several in your garage, you may be asking yourself how to protect yourself from any damages your motorcycle might incur. Two-wheeler insurance offers you the protection and peace of mind that comes with knowing that you won't be left paying out of pocket if an accident or another incident occurs where your bike needs to be repaired or replaced.
If you are considering purchasing standalone own damage bike insurance, there are many things to consider before taking the plunge. Bike insurance might be a complicated topic to tackle, but it can be an incredibly important one. Although you may think that motorcycle insurance and auto insurance are the same, there are many differences between the two kinds of policies and how they work.
What is a Standalone Own Damage Cover?
Standalone own damage cover is a form of insurance which covers the bike owner if they are involved in an accident that was not their fault. If you hold this insurance, you will receive financial compensation if your bike is damaged in an accident where the other party is deemed responsible.
This policy will also protect you or your bike from the dangers and problems posed by incidents such as theft, natural/man-made disasters and vandalism.
Factors Affecting Own Damage Bike Insurance Premium
Insured Declared Value: Your bike insurance company will consider your bike's value when determining how much it will pay out in the event of a total loss. If you declare an insured declared value too low, then there may not be enough to cover damages incurred during an accident or theft.
Make and Model of Bike: Another important consideration is the make and model of your bike. Some models are more likely to incur damages, while others are less prone to accidents. Newer models will typically require higher premiums because they're at greater risk for damage.
Add-ons: There are additional considerations you should make when purchasing standalone own damage bike insurance. These include zero depreciation cover, return-to invoice, roadside assistance, engine protection cover, consumable cover, etc. You will have to pay additional amount over and above your base premium for these add-ons.
Bike Age: Older bikes are seen as less prone to damage than newer ones, so they generally come with cheaper premiums. However, this isn't always the case - newer bikes made from lighter materials can still incur significant damages even if the person riding them isn't going very fast.
Riding Style: Riders who tend to do a lot of aggressive stunts or hit their brakes hard all the time will probably end up paying more for their own damage bike insurance compared to someone who rides at a slower pace and rarely does tricks on their motorcycle
Bike CC: Often overlooked, but another key component of owning a bike is getting the proper motorcycle license (or endorsement). Not only will this help you stay safe, but it will also help reduce your own damage bike insurance rates.
No Claim Bonus: One of the benefits of buying standalone own damage bike insurance is the no-claim bonus. Typically, you will receive a maximum discount of up to 50% for not filing a claim for 5 consecutive years .
What is Covered Under Standalone Own Damage Two Wheeler Insurance?
Natural Disasters: This policy will cover all your losses if a natural disaster occurs. Natural disasters such as earthquakes, volcanic eruptions, tornadoes, floods, etc. are covered.
Artificial Disasters: If you suffer damage from an accident or fire caused by man, standalone own damage bike insurance is the right choice. Bike accidents and fires can happen at any time, so it is best to be prepared for these scenarios with proper coverage.
Theft/Total Loss: If your bike gets stolen or got damaged totally, this policy compensates you for the same. You can get the current market value of your bike from your insurer in case of such a scenario.
Accidental Damages: In most cases, accidental damages come from things like crashes, scrapes, and dents that result from the use of your vehicle. In many cases, those damages are not your fault, but it is important to have them covered because they could significantly increase the cost of repairs.
What is Not Covered Under Standalone Own Damage Bike Insurance?
- Third-party cover
- Drunk driving
- Damages due to mechanical and electrical failure
- Driving without valid DL, RC PUC and insurance
- Contributory negligence
- Consequential damages
Benefits of Own Damage Two-wheeler Insurance
1. Economical: Premiums are cheaper on standalone policies than those bundled with other types of insurance.
2. Options: You have more options regarding the deductible and coverage limits on standalone policies than on bundled policies.
3. Full Coverage: Many standalone policies offer full coverage that includes personal injury protection, theft protection, roadside assistance, windshield damage protection, engine breakdown protection, and tire damage protection - many bundled policies do not include these benefits.
4. Flexibility: Some standalone policies allow you to make monthly payments, while others require payment upfront.
There are plenty of considerations when shopping for insurance, and knowing what you need in advance can be difficult. The process is much easier if you know where to start, and we hope this guide has helped you figure out which steps are best for you and your bike. With that in mind, we hope that our information has been helpful!