It is exciting to own a bike, but safety must always come first. Although own damage bike insurance coverage is still optional in India, third-party two-wheeler Insurance is mandatory as per the Motor Vehicles Act, 1988.
Bike owners can easily explore and buy bike insurance online to make well-informed selections from the comfort of their homes. If you are a bike owner and wondering, “Is own damage insurance mandatory for bikes?” you must think of the broader picture. Although OD bike insurance is not legally mandatory, investing in it is wise, as it offers you peace of mind knowing you will be covered against various unforeseen mishaps.
What Is Own-Damage Insurance Cover for Two-Wheelers?
Own damage bike insurance policy ensures coverage against any damage/loss to it. These could be various man-made and natural causes, including theft, collisions, accidents, riots, vandalism, and natural calamities. This policy covers the expenses related to repairs or replacement of your bike's parts that have been damaged.
On the other hand, a third-party liability cover will only offer coverage for expenses leading to an injury/death of a third party or pay for damages caused to the third party's property. If your own bike gets damaged, you will have to bear the expenses out-of-pocket, as third-party liability coverage will not cover your vehicle. However, if you have damage cover, you can make a claim for the damages caused to your bike due to such unforeseen mishaps.
Is Own Damage Insurance Mandatory for Bike Owners?
Own-damage insurance is not mandatory for bike owners. However, it comes highly recommended due to its extensive scope of coverage. This includes natural and man-made disasters, accidental damage, fire and explosion, etc. You can purchase an OD insurance cover as a standalone policy. You can also opt for add-ons or customise the plan to enhance the scope of coverage.
The premium for the OD bike insurance plan depends on certain factors like your age, your bike's make and model, your vehicle's year of manufacturing, the registration zone of your bike, whether you have an AIAA membership, and safety gadgets in the vehicle.
What is Included in Own-Damage Cover?
You will be protected against damages to your two-wheeler in the following scenarios if you choose your OD insurance for your bike —
- Natural Disasters: You will receive coverage if your bike suffers damage due to natural calamities like cyclones, floods, and earthquakes.
- Accidental Damages: Expenses incurred for parts replacement or repair are covered by the insurer.
- Man-made Damages: If your bike gets damaged due to riots, terrorist attacks, etc., your insurer will pay for the damages caused to your bike.
- Malicious Acts or Theft: Own-damage insurance is a cover that lessens the financial burden of the policyholder when there is intentional physical damage or theft of bikes.
- Fire & Explosion: If your bike gets damaged due to an explosion or fire, your own damage bike insurance plan will cover the related expenses incurred to repair the vehicle.
- Damage Beyond Repair: If your bike gets damaged and is beyond repair, your OD insurance plan will cover the loss; however, you must check your policy documents to understand the plan’s terms and conditions.
Conclusion
Getting bike insurance online is an easy and hassle-free process. You can ride your bike confidently, knowing your vehicle is secured by choosing own damage cover. It is, therefore, essential to put your bike's safety first and enjoy every ride without worrying, irrespective of riding your vehicle on off-road paths or city streets.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.