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Love riding your bike? What if there’s an accident and your bike is damaged? Or what if your bike is stolen from your home?
How will you be able to face the financial loss?
Through an own damage bike insurance plan. The own damage insurance for the bike covers the financial losses that you might incur when your bike is damaged or when it is stolen. The own damage insurance for the bike provides coverage only for your bike-related losses and not for any third-party financial liability that you might face.
Do you know the own damage insurance for bikes meaning?
The own damage insurance meaning is quite clear from its name. The policy covers only own damages, i.e., the damages that the bike might suffer due to natural, accidental or man-made causes. Moreover, if the bike is stolen, then also the two-wheeler's own damage insurance policy pays a claim for the loss that you suffer.
Hence, the own damage insurance meaning includes coverage of the bike against natural and man-made calamities like fire, riots, earthquakes, storms, floods, etc. Moreover, the policy goes on to cover the theft of the bike.
The two-wheeler's own damage insurance policy can be taken if you already have an existing third-party liability insurance policy.
You can even extend the scope of your own damage cover by adding add-ons. Add-ons are optional coverage features that are available at an additional premium. Add-ons help enhance the claim payout and come to your aid in bike-related emergencies.
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Coverage under an own damage bike insurance policy is available for the following types of contingencies –
If your bike is involved in an accident and suffers damages, the policy pays for the repair costs that you incur.
If your bike is damaged due to man-made causes like fire, riots, explosions, implosion, malicious acts, etc., the repair costs will be covered.
If your two-wheeler is damaged due to natural causes like earthquakes, landslides, hurricanes, storms, floods, etc., the repair costs will be covered.
If your bike is stolen, you will get compensation for the financial loss that you suffer.
If your bike is being transported by air, land, or water and it is damaged during such transportation, coverage will be allowed.
Furthermore, you can opt for personal accident cover under the plan. The personal accident cover covers accidental death and disablements and pays a lump sum benefit of up to Rs.15 lakhs.
The own damage bike insurance policy has specified exclusions for which claims are not payable. Such exclusions are as follows –
1. Normal wear and tear and depreciation of the bike due to age,
2. Mechanical and electrical breakdowns,
3. Consequential losses,
4. Violation of limitations of use,
5. Driving without a valid driving license,
6. Driving with drugs or intoxicated with alcohol,
7. Driving outside India,
8. Participating in hazardous acts or acts of criminal nature.
Wondering what your own damage premium is in bike insurance?
The own damage insurance for the bike premium is not a fixed value. It depends on a lot of factors. These factors include the following –
1. The make and model of the bike.
2. The registration date and location.
3. Previous claim history for no claim bonus.
4. Previous policy history, i.e., whether the existing policy has expired or not.
5. The Insured Declared Value that you chose.
6. The add-ons that you choose.
7. Premium discounts are available.
These factors are considered, and then the own damage insurance for the bike premium is calculated. If you want to know what is basic own damage premium in bike insurance is, you can use the premium calculator available online and calculate the premium.
The own damage cover for the bike is usually available for one year. Once the period is over, the policy expires and the coverage lapses. If you want to continue the coverage, you will have to renew your own damage insurance for the bike.
The own damage insurance renewal for bikes is quite an easy process. You can go online and renew the policy instantly. Just provide your previous policy details to check the renewal premium. You can make changes to your existing policy during your own damage bike insurance renewal. You can add or remove add-ons, and the premium will change. Pay the updated premium, and the policy will be instantly renewed.
During two-wheeler insurance's own damage renewal, you can even switch insurance companies and buy the policy from another insurer. Remember that if you do not renew your own damage insurance for your bike within the due date, the coverage will lapse. The own damage bike insurance renewal will be available after the lapse also, but you will have to undergo an inspection of the bike, after which the renewal is allowed.
Here are some of the salient features of the own damage two-wheeler insurance policy –
The benefits of having your own damage two-wheeler insurance policy are many. These benefits are as follows –
1. The policy covers your bike’s damages and pays for the considerable financial loss that you might suffer.
2. The add-ons available under your own damage cover help you enhance the scope of the policy and get higher claims.
3. You can earn a claim bonus for every claim-free year and enjoy attractive premium discounts.
4. You can opt for other discounts that the policy offers to make the premium affordable
5. You get complete peace of mind knowing that theft or damage to your bike will be compensated by the insurance company.
You can buy your own damage bike insurance online in a few easy steps. Have a look -
1. Go to: Kotak Two-Wheeler Insurance Page.
2. Click on ‘Get a Quick Quote.
3. A new page will open wherein you should provide the registration details of your bike. These include your registration number and the previous policy details (if any).
4. On the next page, enter your vehicle details, i.e., the model and variant, registration location, and registration date.
5. In the next step, provide your mobile number and email ID and then click on 'Continue'.
6. The quote for the own damage bike insurance policy will be generated. You can choose add-ons, get discounts and change the IDV.
7. Pay the premium online and fill out the application form.
8. Kotak General will assess your application and issue coverage.
The hard copy of the policy will be sent to your address. The soft copy will be sent to your registered email ID instantly.
The own damage bike insurance policy is suitable for every bike owner, especially those who have a new bike. The policy will cover damages to the bike and even theft. So, buy your own damage bike insurance plan if –
1. You have a new bike
2. You have a premium bike
3. You want financial security against damages
4. You want to cover the theft of the bike.
The own damage bike insurance policy is available for old bikes too. You can buy a policy whether you buy a new bike or a used one.
So, whether you have a brand-new bike or an old one, buy your own damage policy for better coverage.
Add-ons are optional coverage benefits available under your own damage plans. The add-ons that Kotak General Insurance offers are as follows –
Filing a claim for your own damage bike insurance policy is quite easy with Kotak General Insurance. Here are the steps that you can take for claim filing –
1. Call Kotak General Insurance at 1800 266 4545 and register your claim. You can also fill and the Claim Intimation Form and submit it at our branch for claim intimation.
2. If you want a cashless claim, choose a networked garage for repairs and take your bike there.
3. Within 24 hours of claim intimation, we will arrange for an inspection of the damages by our surveyor.
4. You should submit the claim-related documents for claim processing
5. Once the claim is assessed, verified, and approved, the garage will begin the repairs. We will settle the bills directly with the garage.
6. Pay your part of the deductible or inadmissible expenses and settle the claim. Then you can take delivery of your repaired bike.
7. In the case of a reimbursement claim, we will arrange for an inspection within 24 hours.
8. After the inspection, you can get the bike repaired at a non-networked garage and pay for the repair bills.
9. Once your bike is repaired, submit your claim with all the necessary documents.
10. We will check and verify your claim and reimburse you for the expenses incurred within 7 days of document submission.
Looking for the best own-damage bike insurance coverage? Here’s how to choose the best own-damage bike insurance –
1. Opt for a higher IDV of your bike, i.e. Insured Declared Value. This will give you a higher claim payout in the case of theft of the bike or if the bike is damaged beyond repair.
2. Choose suitable add-ons with the plan to enhance the scope of the policy and get complete protection.
3. Look for the discounts available with the coverage. Get as many discounts as possible so that you can lower the premium outgo.
4. Check the list of cashless garages of the insurance company. A company that is tied up with the greatest number of cashless garages will be a better pick since you will be able to locate the nearest networked garage easily.
5. Understand the claim process of the insurer. The easier the process, the better the policy will be.
1. Honda Two-Wheeler
2. Royal Enfield
3. Hero MotoCorp.
4. TVS
5. Yamaha
6. Suzuki Two-Wheeler
7. Bajaj Two-Wheeler.
Own damage means the damage that the bike itself suffers. It includes damages to the bike due to natural causes, man-made calamities and also the theft of the bike.
An own damage bike insurance policy is best for covering the damages that the bike might suffer. The policy provides a comprehensive scope of coverage and helps alleviate the financial strain of a bike-related emergency
The own damage insurance policy covers the following contingencies –
Yes, the own damage insurance policy is a valid cover which covers the damages suffered by the bike. However, buying only the own damage policy is not sufficient. You need a third-party liability policy also on the bike.
No, the standalone own damage cover is not mandatory for your two-wheeler. However, the cover is recommended because it covers the damages that your bike might suffer, including the theft of your bike.
No, the third-party bike insurance policy does not cover its own damages, i.e., damages suffered by the bike. It only covers third-party liabilities that you might suffer if you physically harm any individual or damage another individual’s property. You can buy it separately or opt for a comprehensive bike insurance plan which provides coverage for both third-party liability and own damage to the bike.
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