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Own Damage Insurance for Bike/Two Wheelers Online
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!
What is Own Damage Insurance for Bike?
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.
Why was Own Damage Bike Insurance Introduced?
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.
How Standalone OD Insurance for Bike Works?
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.
What are the Benefits of Standalone OD Bike Insurance?
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.
What is Covered in OD Insurance for Bike?
What’s not covered?
While an Own Damage cover is great for your bike’s overall protection, here are some things that won’t be covered.
A standalone Own Damage Bike Insurance only covers for losses to your own bike, and won’t cover for third-party losses. Your third-party bike insurance will take care of the same.
This isn't allowed by law, therefore your bike insurance claims won’t be covered if you were riding under the influence of alcohol.
No bike insurance can accept claims if the claimed person was driving illegally. Therefore, claims can only be made if you have a valid two-wheeler licence.
If you haven’t bought a particular add-on, you can’t claim for its benefits, obviously!
Unfortunately, your bike won’t be covered for damages that haven’t taken place during the accident.
This means your bike won’t be covered if you’ve done something you weren’t supposed to do. For example; if your city has been flooding and you still took your bike out which ultimately led to its damages!
As per the law, if have a learner’s licence, you need to have someone with a permanent licence on the pillion seat. If that’s not the case, your OD claim won’t be approved.
Add-on Covers with OD Bike Insurance
Think of it like an effective anti-ageing cream for your bike and its parts. Usually, the required depreciation amount is always taken in account during claims. However, a zero-depreciation cover ensures no depreciation is taken into consideration, so you get the full value of the cost of repair/replacement during claims.
If you fall into a situation where your bike is stolen or damages beyond repair, this add-on comes in handy. With return to invoice cover add-on, we will cover the costs of getting you the same, or similar bike- including the road tax and registration fees for the same.
Do you know that the cost of replacing your engine is approximately 40% of its cost? In a standard two-wheeler insurance policy, only damages caused during the accident are covered. However, with Engine and Gear-box Protection Cover add-on, you can specifically also cover for the life of your vehicle (the engine and gearbox!) for any consequential damages caused post the accident. This could happen due to water regression, leakage of lubricating oil, and undercarriage damages.
Consumable cover adds an additional shield to your two-wheeler. Covers costs for all your bike’s nitty-gritties too, such as the engine oils, screws, nuts and bolts, grease, etc. in a situation of an accident.
The roadside assistance add-on ensures we’ll always be there for you and your two-wheeler in case of any breakdowns. The best part? Asking for our help doesn’t even count as a claim.
The tyre protect add-on cover is offered only to vehicles fitted with run flat technology. As part of it, the cost of replacing damaged tyres with equivalent or near equivalent to the one being used in the vehicle, labour and wheel balancing charges can be reimbursed. However, claims made under the add-on cover is subject to conditions set forth under the vehicle insurance policy.
The add-on cover of daily conveyance benefit will ensure that you are compensated for your transportation cost during the period when two-wheeler is under repair subject to applicable time excess. A policyholder can be compensated in the form of fixed allowance per day or coupons from taxi operators from an amount equal to per day fixed allowance.
The EV Shield add-on cover is available for EV or Hybrid Vehicles (petrol/diesel + electric) and compensates you in case of loss or consequential damage to your vehicle. This includes loss or damage to the electrical panel for the vehicle charging point, vehicle charger including charging cable, and roadside assistance services related to EV’s battery issues.
Why Should You Buy Own Damage Bike Insurance by Digit?
Types of Bike Insurance Plans in India
Here’s the difference between third-party, comprehensive, and own damage two-wheeler insurance policy in India:
| Third-Party Bike Insurance | Own Damages Bike Insurance | Comprehensive Bike Insurance |
| A Third-Party Bike Insurance is the most basic form of bike insurance available. As per the Motor Vehicles Act, every bike owner must at least have a third-party bike insurance to ride legally. | An Own Damage Bike Insurance is a standalone bike insurance policy that solely covers the bike’s own damages and losses. | Put together both a third-party bike insurance and an own damage cover and you have comprehensive bike insurance. One that covers both damage to a third-party and your own bike too. |
| It is mandatory by law to at least have a bike insurance that covers for third-party liabilities. | An Own Damage bike insurance isn’t mandatory by law, but is ultimately more useful for riders as it covers one’s own damages and losses. | A comprehensive bike insurance too isn’t mandatory but, is the best type of policy available as it covers for all possible situations. |
| Every bike is eligible to buy a Third-Party Bike Insurance. | Only bikes with an existing Third-Party Bike Insurance can buy a standalone Own Damage Bike Insurance too. | Anyone with a bike is eligible to get a Comprehensive Bike Insurance policy. However, please note that since Comprehensive Bike Insurance covers everything, you don’t need to buy any another bike insurance policy. |
| No add-ons are available with this policy. | Add-ons are available. | Add-ons are available. |
Third-party vs Comprehensive vs Own Damage Bike Insurance11
| Third-party plan | Comprehensive plan | Own Damage |
Damages/Losses to own two-wheeler due to an accident |
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Damages/Losses to own two-wheeler in case of fire |
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Damages/Losses to own two-wheeler in case of a natural calamity |
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Damages to Third-Party Vehicle |
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Damages to Third-Party Property |
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Personal Accident Cover |
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Injuries/Death of a Third-Party Person |
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Theft of your scooter or bike |
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Customize your IDV |
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Extra protection with customized add-ons |
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| Get Quote | Get Quote | Get Quote |
How to Buy OD Bike Insurance Policy Online with Digit?
Step 1
On the Digit app or website, enter the two-wheeler's registration number and mobile number, and click on ‘View Prices’.
Step 2
Select the Standalone OD plan, add-ons and IDV, and click on ‘Continue.’
Step 3
Enter your personal, nominee and vehicle details and click on ‘Pay Now.’
Step 4
Complete the payment and mandatory KYC verification process.
Step 5
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
Documents Required to Buy Own Damage Two-wheeler Insurance Online
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
How to file an Own Damage Bike Insurance Claim?
After you buy or renew our OD bike insurance plan, you live tension free as we have a 3-step, completely digital claims process!
Step 1
Just call on 1800-258-5956. No forms to be filled
Step 2
Get a link for Self-Inspection on your registered mobile number. Shoot your vehicle’s damages from your smartphone through a guided step by step process.
Step 3
Choose the mode of repair you wish to opt for i.e. Reimbursement or Cashless through our network of garages.
How to Do OD Bike Insurance Renewal with Digit?
Step 1
Go to Digit App or website and click on the ‘My Policy’ tab.
Step 2
Select the policy pending for bike insurance renewal online and click on ‘Renew Policy.’
Step 3
Now select the OD plan, IDV, add-ons and confirm the details, then click on ‘Pay Now.’
Step 4
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
How to Download Own Damage Bike Insurance Policy on Digit App?
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.
Who Should Get Own Damage Bike Insurance?
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.
How the OD Bike Insurance Premium is Calculated?
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)]
Factors Affecting your OD Bike Insurance Premium
In an Own Damage Bike Insurance policy, your bike premium is mainly calculated by your bike’s cc and your bike’s IDV. Apart from that, the following factors too are considered while calculating your Own Damages cover premium:
Your IDV or Insured Declared Value refers to the right market value of your bike. Therefore, based your OD premium for your bike will heavily depend on this. So, if your bike’s IDV is higher, the premium will also be higher.
Your bike’s cc determines the speed and hence risk of your bike. Therefore, the cc of your bike too will affect your OD premium. The higher the cc, the higher the OD premium and vice versa.
This goes without saying that the make and model of your bike will directly affect your OD premium. The more premium your bike, the higher will be its OD premium and vice versa.
The older your bike is, the lesser will be its OD premium and vice versa! Additionally, the RTO location of your two-wheeler or the city where you drive it also affects the OD premium. Driving in a metropolitan city with higher traffic and accident rate increases the premium.
If you’ve previously had an Own Damage cover of Comprehensive Bike Insurance and haven’t made any claims yet, you can transfer your accumulated No Claim Bonus to get a discount on your current OD premium.
Every add-on is different. Therefore, based on the type of add-on you choose and the number of add-ons you choose, your OD premium will be accordingly affected.
Tips to Reduce Your OD Bike Insurance Premium
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.
FAQs about Own Damage Bike Insurance
Own Damage insurance for bike is mandatory?
No, as per the Motor Vehicles Act, every bike owner must at least have a Third-Party Bike Insurance in place. Without this, it is illegal to ride on Indian roads and may result in a traffic penalty. However, having an own damage insurance for bike is not mandatory.
Is it mandatory to renew your own damage insurance for bike?
Yes, to have an active insurance policy you must renew your Standalone Own Damage bike insurance annually as it is valid for a year.
How many times can I claim Own Damage insurance for bike?
You can file as many claims as you want under the Standalone OD bike insurance policy. However, the same will depend on your insurer’s policy so you should check with your insurer.
How to calculate Own Damage premium for bike?
OD bike insurance premium is based on various factors including make, type, cc, and age of the vehicle, its IDV, NCB, and the location where bike is driven.
Who can buy OD bike insurance in India?
Anyone two-wheeler owner who already has a valid third-party bike insurance policy can buy Standalone OD insurance to cover for own damage and losses as well.
How many times can I claim my own damage insurance for my bike?
You can raise as many as you claim in your own damage bike insurance policy. However, it will affect your claim history, which further causes an adverse effect on your NCB.
Can I transfer Standalone OD Bike Insurance to a new owner?
Yes, you can transfer Standalone OD Bike Insurance to a new owner, but the premium might change based on the new owner's profile.
Who is eligible to buy an Own Damage Bike Insurance?
Anyone with an existing Third-Party Only Bike Insurance Policy is eligible to get an Own Damage Bike Insurance to cover their own bike’s losses too.
Can I drive in India without OD bike insurance?
Yes, you can legally drive without Own Damage insurance, however, it is risky as you would have to pay for repairs or replacements out of pocket if your bike gets in an accident.
Does an OD cover also include Personal Accident?
A Personal Accident cover is mandatory for every bike owner. The same is usually bought with a Third-Party Bike Insurance. In case you don’t have one, you can opt for it in your OD cover as well.
Can I customize the Standalone Own Damage (OD) policy?
Yes, you can customize your OD bike insurance policy by opting for different bike insurance add-ons based on your needs.
Can I buy only Own Damage bike insurance?
Yes, you can buy Own Damage insurance for two-wheeler as a standalone policy; however, you still need to have a mandatory third-party bike insurance as per the laws in India.
My friend was riding my bike under the influence of alcohol, at the time of accident. Will I be reimbursed for the damage to my bike?
Driving under the influence of alcohol is not covered under Standalone Own Damage insurance, so in such a situation no claim will be entertained.
What is the difference between Comprehensive and Standalone OD Bike Insurance?
Standalone OD insurance covers damage or loss to only your two-wheeler, while comprehensive insurance covers damage or loss to both - your bike and third-party liabilities.