Owning a two-wheeler is not just about convenience; it is about freedom, adventure, and sometimes, necessity. However, with the increasing number of vehicles on the road, the risk of accidents and damage has also surged. This is where the Standalone Own Damage Cover (OD) for Two-Wheeler by Bajaj General Insurance comes into play. This policy is designed to provide comprehensive protection for your two-wheeler against a variety of damages, ensuring peace of mind every time you hit the road.

Bajaj General Insurance offers a range of features that make the Standalone Own Damage Cover a must-have for every two-wheeler owner:

1. Accident Cover: Covers damages resulting from accidents, collisions, and overturning.

2. Theft Protection: Provides compensation if your two-wheeler is stolen based on its Insured Declared Value (IDV).

3. Natural Calamities: Covers damages due to natural disasters like floods, earthquakes, and storms.

4. Man-Made Disasters: Protection against damages caused by riots, strikes, and vandalism.

5. Fire and Explosion: Covers damages due to fire, explosion, and self-ignition.

A standalone own damage policy would be ideal for a two-wheeler when:

1. You want to give your bike comprehensive safety.

2. You already have a third-party policy but want added protection.

3. Those who are purchasing a new bike, as well as an old bike.

What Deductible is Own Damage Insurance for Bikes?

If you are planning to buy a standalone OD policy for a two-wheeler, you must be aware of the deductible. This is basically the extra amount you agree to pay out-of-pocket during a claim. These deductibles can be of two types: compulsory and voluntary.

1. Compulsory Deductible: As the name suggests, it is the fixed and mandatory amount set by the insurance regulator (IRDAI) which you have to pay for every claim.

2. Voluntary Deductible: It is optional, and an extra amount that a policyholder decides to pay over the mandatory deductible amount.

Voluntary Deductible Discount in Own Damage Insurance for Bikes (IDV up to ₹75000)

For applying a voluntary deductible on your standalone OD policy for a bike that has IDV up to ₹75000, you get a discount on your premium as per the following table.

Voluntary Deductible Discount in Own Damage Policy for Bikes (IDV Over ₹75000)

Two-wheelers with an IDV of more than ₹75000 would get a discount on their standalone OD policy premium as per the following table.

How is Insured Declared Value (IDV) Decided at the Start of an OD Policy?

The Insured Declared Value or IDV is determined on:

1. Sum Insured of the two-wheeler motor insurance policy.

2. Fixed at the commencement of each policy period.

3. The manufacturer’s listed selling price of the vehicle.

4. After applying the depreciation grid as per the Indian Motor Tariff.

Products Governed by the IRDAI

The list of products specified below is governed by IRDAI, where IDV is calculated per the mentioned guidelines:

How IDV and Depreciation Impact Your Two-Wheeler Claim?

During the claim process, the pre-determined IDV and depreciation are the two factors considered to settle your two-wheeler claim

1. The age-wise depreciation of a two-wheeler is based on Total Loss (TL), Constructive Total Loss (CTL), or Cash Loss claims.

2. IDV for two-wheelers above 5 years or discontinued models is fixed by mutual agreement between the Insurer and policyholder.

3. IDV remains fixed and is treated as the Market Value for the entire policy period after issuing the policy.

4. Depreciation will be applied while settling TL, CTL, or Cash Loss claims.

The Schedule of Depreciation for Fixing IDV of the Vehicle

The table below outlines the schedule of depreciation for fixing the IDV of the vehicle.

The IDV arrived as per the above method may be further adjusted on the basis of various factors such as location, make and model, etc., with agreement of the Insured and as captured in the Policy Schedule.

Basis of Arriving at TL (Total Loss)/ CTL (Constructive Total Loss) of the Insured Vehicle

The total loss or constructive total loss of an insured two-wheeler is decided on,

1. If the total repair and retrieval cost of a two-wheeler exceeds 75% of the Insured Declared Value (IDV), it will be treated as CTL.

2. The insurer’s liability is limited to the IDV applicable on the date of loss for TL, CTL, or Cash Loss, which is determined on the basis of their specific calculation method.

3. When a two-wheeler is declared unrepairable, or a write-off policyholder can have an option to retain the wreck.

4. For an unrepairable or a write-off two-wheeler, the claim is settled as a cash loss, where the payout equals IDV minus the salvage value.

Factors Affecting Standalone OD Two Wheeler Insurance Premium

Riders with good driving history and minimal claims usually pay less. However, to determine premiums and risk exposure, insurers evaluate these factors below.

1. Bike age and value

2. Claim history (affects NCB)

3. RTO location risk zone

4. Selected IDV

5. Rider’s profile and modifications

The premium amount of the standalone od policy for a two-wheeler depends on:

1. Bike’s IDV (market value)

2. Model, age and location

3. Voluntary deductibles selected

4. Add-ons like zero depreciation

5. Anti-theft devices or rider profile

Bajaj General Insurance Limited uses these inputs to calculate premiums that reflect actual risk and value. You can use their online premium calculators for quick, tailored quotes.

How to Reduce Your Own Damage (OD) Premium

Opt for Voluntary Deductibles

If you can comfortably pay for small repairs, choosing a higher voluntary deductible will lower your own damage premium.

Install ARAI-Approved Anti-Theft Devices

Anti-theft devices that have been approved by ARAI lower the risk of theft, making your two-wheeler safer and eligible for OD premium discounts.

Maintain No Claim Bonus

Not making claims helps you build up your No Claim Bonus (NCB), which lowers your damage premium by a lot when you renew.

Select the Right IDV, Not Inflated

A higher IDV makes your OD premium higher than it needs to be. To get the best coverage and cost balance, choose an accurate market value.

Avoid Unnecessary Add-Ons

Skipping non-essential add-ons like engine protection or zero depreciation lowers the OD premium without changing the basic coverage needs.

Documents Required for Filing an Own-Damage Bike Insurance Claim

To file a claim for a standalone own-damage bike insurance, you need to have the following documents:

1. Your policy copy

2. RC book

3. Repair estimate

4. Photos of Damage

5. FIR (if applicaple)

6. Claim form

7. Invoice copies (if required by the insurer)

8 Tips for Maintaining Your Two-Wheeler

While having insurance is crucial, maintaining your two-wheeler can help prevent damage and extend its lifespan along with saving premium during insurance renewal. Here are some tips to follow:

1. Proper Servicing: For daily riders of a two-wheeler, get it serviced at least every 2 to 3 months to maintain optimal performance and prevent costly repairs.

2. Safe Riding: Follow traffic rules and ride responsibly to reduce wear and tear on your vehicle.

3. Monitor the Engine Oil: Ensure smooth engine functioning by regularly checking engine oil levels and replacing it on time.

4. Maintain Tyres: Keep the tyres of your two-wheeler properly inflated and check tread wear to ensure safety and better fuel efficiency.   

5. Clean the Air Filter: To improve engine efficiency and mileage, you should regularly clean your bike’s air filter.

6. Check Brakes: Inspect brake pads and fluid often to ensure the effectiveness of your bike's stopping power.

7. Lubricate the Chain: Clean and lubricate your two-wheeler’s chain once a week to avoid stiffness and premature damage.

8. Inspect Battery Health: Checking battery terminals and charge levels is essential to prevent sudden breakdowns.

Factors to Consider When You Buy or Renew a Standalone OD Policy for Two-Wheeler

For first-time buyers, buying the best standalone od policy for a two-wheeler can be a bit confusing. However, by keeping these given factors in mind, you can ensure a smart purchase.

Compare Policy Benefits and Add-ons

The policy benefits and add-on coverages can vary across different providers. Therefore, ensure your standalone Own Damage policy for two-wheeler includes benefits like theft or in-transit damage coverage. Along with add-on features, such as zero depreciation cover,  engine protector and all-round roadside assistance would be best.

Calculation of Insured Declared Value (IDV)

Insured Declared Value or IDV is the amount your insurer will pay upon total loss or damage of your two-wheeler. Different providers have their own way of calculating IDV of a two-wheeler. This is why you should always purchase a policy where your bike’s IDV is equivalent to the current market value of your two-wheeler.

Insurer's Claim Settlement Ratio (CSR)

The claim settlement ratio represents the percentage of claims an insurer pays out of the total claims filed in a policy year. Thus, opt for an insurance provider with a high CSR to receive quick and smooth claims at the time of your need. 

Network of Cashless Garages

You only get cashless repair benefits at the network garages. So, always purchase a standalone OD policy for a two-wheeler from a provider who is associated with a vast network of cashless network garages at your nearby locations.

No Claim Bonus (NCB) Facility

Ensure your policyholder is given the mandatory no-claim bonus facility before buying the standalone od insurance plan for the bike. In fact, this will be highly beneficial during your policy renewal to reduce your premium amount if you haven’t made any claims in the previous policy period.

Why Should You Buy the Standalone Own Damage Insurance from Bajaj General Insurance?

Here is why Bajaj General Insurance stand out as the top provider for bike insurance in India. 

Complete Protection for Damages Caused to Vehicle

With our standalone own-damage insurance plans, your two-wheeler would get comprehensive protection. From personal accidents to theft, it ensures you have complete peace of mind on the roads.

Easy Cashless Claims

You can avail of cashless claims at our wide network of garages(7,200+) across the country. This benefit can help you reduce out-of-pocket expenses in an emergency on the road. In fact, you can instantly register your bike insurance claim from the accident spot within minutes through our website.

Zero Paperwork

We offer you a fully digitalised process to purchase the policy online through our website as well as from our website or the Bajaj General App. For this process, you do have to face the hassle of juggling different paperwork, as it can be done within a minute. 

Cost-Effective

The comprehensive protection of our own damage cover ensures you get the best value for money. You will get a premium quote depending on the features of the bike, so it helps your policy to be completely cost-effective

24x7 Customer Support

Our all-around customer service will be there at your service anytime, anywhere, if you have any queries related to your own damage insurance. You can call at your toll-free number 1800 209 5858 or drop us an email at careforyou@bajajgeneral.com.

No Claim Bonus (NCB)

With our standalone own-damage cover, you can avail of some whopping discounts for every claim-free year. This way, you can reduce your premium amount and make the policy affordable over time.

So, protect your bike beyond third-party limits with Standalone Own Damage Cover for Two-Wheeler by Bajaj General Insurance. Get comprehensive protection against accidents, theft, and natural calamities with flexible add-ons, competitive premiums, and a hassle-free digital buying experience.