Owning a bike offers freedom and convenience but comes with risks like accidents or theft, which can lead to costly repairs. That is where own damage bike insurance helps, providing extra protection by covering repair costs. Let’s learn why own damage bike insurance is a smart way to ride confidently.
Understanding Own Damage Bike Insurance
Own damage bike insurance is a policy that covers only your insured bike against losses and damages. Unlike third-party insurance, which covers damages to another person’s vehicle or property, this policy protects your bike.
This type of bike insurance is optional in India but highly beneficial, especially if you want extra security for your vehicle. You can buy it separately or with a third-party insurance policy for full coverage.
6 Reasons Why Own Damage Bike Insurance is Beneficial
Own damage bike insurance protects you, covering repair costs and unexpected damages. Here are some key reasons why it is a worthwhile investment.
- Financial Security Against Accidental Damages
Fixing a damaged bike can be costly, depending on the severity of the damage. That is where own damage bike insurance steps in—it helps cover repair or replacement costs, so you are not left alone with the expenses. Your safety net gives you peace of mind on every ride.
- Protection from Natural Disasters and Calamities
Natural disasters like floods, earthquakes, or storms can damage your bike. Own damage bike insurance ensures that such damages are covered, saving you from high repair costs. Without this coverage, you would have to spend a lot on repairs caused by natural disasters.
- Theft Coverage: Compensation for Stolen Bikes
Bike theft is a common concern in many areas. If your bike is stolen, it can be a huge financial loss. Own damage bike insurance helps compensate for the loss if your bike is stolen. The insurance payout can ease your financial stress.
- Coverage Against Vandalism and Fire Damage
Your bike might get damaged due to vandalism, riots, or other reasons. Fire accidents can also cause complete loss. Own damage bike insurance covers such damages, ensuring you do not have to pay for repairs or replacements out of pocket.
- No-claim Bonus (NCB) Benefits
One of the benefits of having own damage bike insurance is the No-claim Bonus (NCB). If you go through your policy period without making a claim, many insurers reward you with a discount on your renewal premiums.
If you maintain multiple claim-free years, your NCB benefit can reach up to 50%. So, not only does own damage bike insurance protect you on the road, but it can also be a smart financial choice over time.
- Customisation with Add-ons for Enhanced Protection
You can include many add-ons with own damage bike insurance. Some useful add-ons include:
- Ensuring full claim settlement without factoring in depreciation.
- Helping you recover the full price of your bike in case of total loss.
- Covering expensive engine-related repairs.
- Offering help if your bike breaks down.
How to Claim Own Damage Bike Insurance?
Claiming own damage bike insurance may seem complicated, but it becomes easy and hassle-free with the right steps.
- Inform Your Insurer
Notify your insurance provider about the incident as soon as possible.
- File an FIR (If Required)
If your bike is stolen or involved in a major accident, you may need to file an FIR at the closest police station.
- Provide Necessary Documents
Submit the necessary documents.
- Get the Bike Assessed
Your insurer may send a surveyor to assess the damage before approving the claim.
- Receive Compensation
After verification, your insurer will settle the claim based on the policy terms.
Documents Required for Own Damage Bike Insurance Claim
To successfully claim own damage bike insurance, submit the following documents:
| Documents | Description |
| Insurance Policy Copy | Proof of active coverage |
| Bike Registration Certificate (RC) | Confirms ownership and vehicle details |
| Driving Licence | Ensures you are a valid rider |
| FIR (If required) | Needed in cases of theft or major accidents |
| Claim Form | Filled and signed for processing the request |
| Repair Bills and Estimates | For reimbursement claims |
| Photos of the Damage | Helps in claim assessment |
| No Objection Certificate (NOC) from Financier | To check If the bike is under a loan |
Owning a vehicle comes with responsibilities, and having the right insurance offers extra protection. Own damage bike insurance helps cover repair costs for unexpected damages, ensuring financial security. You can also benefit from rewards like the No-Claim Bonus (NCB) and customise your policy with add-ons for better coverage. It is a smart choice for long-term savings and peace of mind.
Write and Win: Participate in Creative writing Contest & International Essay Contest and win fabulous prizes.
