Own Damage Bike Insurance

Get Standalone Own Damage Insurance by Digit and secure your two-wheeler and yourself against damage or loss due to accidents, theft, or natural calamities. 

Own Damage Insurance two-wheeler protects your own bike from damage or loss. Know everything about Own Damage bike insurance to make an informed choice!

Own Damage Bike Insurance refers to a standalone bike insurance policy that only covers your own two-wheeler against damages and losses. The same could arise due to an accident, collision, natural calamity or even a fire. 

Having Standalone OD insurance for bike is optional in India and is often included as part of a comprehensive bike insurance policy, but it can also be purchased separately if you already have an active third-party bike insurance policy for additional coverage.

For a long time, there have only been two types of bike insurance policies. However, in September 2019, IRDAI introduced OD insurance for bike as a standalone policy to help people cover their own bike’s damages and losses. However, remember that this is only applicable if you already have Third-Party Bike Insurance in place.

The policy was introduced as standalone to provide additional coverage to one’s own vehicle and injuries, as a Third-Party Policy did not cover one’s own damages and injuries, which was a major issue.

Let’s take an example to understand this better; let’s say you’ve recently bought a new bike and immediately got yourself a three-years long term Third-Party bike insurance policy to cover legal and third-party liabilities.

However, it’s only after one year that you realize the importance of protecting your own bike from damage and losses too but now, you need to wait for your insurance renewal to upgrade to a comprehensive bike insurance policy.

This is the kind of situation where you can just buy an own damage insurance policy for your bike instead. This way, you can protect your own bike too at a reasonable rate.

Standalone OD in bike insurance offers several key benefits to bike owners such as:

Protection Against Own Damages

OD bike insurance covers damage to your bike, ensuring repair costs are covered if your bike is damaged or lost due to natural calamities, theft, fire, or accidents.

Add-on Options

Enhance your bike’s protection with add-ons like zero depreciation, engine and gearbox protection, and personal accident cover.

No Claim Bonus (NCB)

With OD bike insurance, you can enjoy the benefits of NCB, which rewards you for your safe driving by giving you a discount on bike insurance own damage premium for the previous claim-free years.

Affordable and Flexible

Own Damage insurance for bike is an affordable insurance plan that provides flexibility and comprehensive protection for you and your bike. 

While buying a new standalone own damage insurance two-wheeler online from Digit, you don’t need a load of documents or paperwork; just keep the following documents handy:

• Bike Registration Certificate 

• Previous year bike insurance policy, if applicable

• Any of these documents for KYC verification - PAN/Aadhar/DL/Voter id/Form 16/Passport 

To download your renewed or already active OD bike insurance policy with Digit, follow the given steps:

Step 1

On the Digit app, go to the ‘My Policies’ tab at the bottom. All your current active policies will be displayed.

Step 2

Choose the policy for which you want to download the document. Check the details and then click on ‘Download Policy’. Your bike insurance policy document will be downloaded.

New Bike Owners

For new bike owners, it is wise to get Standalone Own Damage insurance for bikes to safeguard your vehicle from damage and losses, as it will back you up financially in case of hefty amount spent on repairs or replacements.

New Bike Riders

If you're new to bike riding, the roads can seem daunting. In such a case, having an Own Damage bike insurance plan ensures you and your bike are protected in case of unfortunate incidents.

Luxury Bike Owners

Repairing or replacing parts of a luxury bike can be costly. Thus, Own Damage bike insurance is essential for expensive and luxury bike owners to cover these costs.

If You Have Only Third-Party Policy

If you only have Third-Party Bike Insurance, you can opt for Standalone Own Damage cover as well to protect your bike from own damage and losses.

If You Live in Accident-Prone Areas

Riding in high-traffic or accident-prone areas comes with risks. You can ensure your bike's safety with Own Damage insurance two-wheeler policy to mitigate these risks.

Here’s how to calculate the OD premium for two-wheeler:

 
IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. extra coverage)] – [Discount & benefits (eg. No Claim Bonus)]

• Increase Voluntary Deductibles: Voluntary Deductibles refer to the percentage of claims you choose to pay during claims. If you can, you could choose to increase the same which will directly reduce your OD premium. 

• Declare Correct IDV: When you buy your OD cover with Digit, we let you customize your IDV instead of automatically doing it for you. With this, you can ensure the right IDV is stated as this will determine both your OD premium and the amount of money you can receive during claims.  

• Don’t Forget to Transfer your NCB: As mentioned earlier, you can get a discount on your OD premium with your No Claim Bonus. Therefore, ensure you transfer the same while buying your OD policy.