In India, if you own a bike, it is important to have mandatory third-party bike insurance. Third-party insurance keeps you safe from financial or legal burdens that might be caused by unforeseen circumstances. Though third-party insurance covers you from third party liability, it does not cover your own vehicle damage. Own damage bike insurance can be a great option in such cases. 

Own damage insurance helps cover your vehicle in case of accidental damage. Thus, having your own damage insurance for bike will help you claim for the damages incurred in an accident. 

What is the Importance of Buying Own Damage Insurance for Bike? 

There are several reasons why own damage insurance for bike is important for you – 

• Own damage bike insurance gives extensive coverage for your bike.
• It provides coverage for theft.
• Covers you from damage to the vehicle due to natural calamities like floods, landslides, earthquakes, etc.
• Covers for the damage caused due to manmade disasters such as riots, strikes, malicious acts, and terrorism.
• It provides coverage against damage caused due to fire and lightning.
• You can customise the plan by adding or reducing add-ons to avail more extensive coverages.
• It covers you from third party liabilities.
• It offers cashless repairs at network garages.
• It covers your vehicle if damaged beyond repair. 

What are the Factors Determining Own Damage Bike Insurance Premium?

The premium of own damage insurance depends on several factors, such as -

• Age
• Vehicle registration location
• Make and model of the bike
• Age of the vehicle
• Anti theft installation
• Add-on covers opted
• Two wheeler owner with AIAA membership
• Voluntary deductibles 

You can also calculate the premium of own damage insurance using a bike insurance calculator. It is easy to use and available online. It helps you make a sound financial decision regarding bike insurance premiums 

How to Claim Own Damage Insurance? 

Here’s how to claim own damaged bike insurance in case of an emergency -

• You must immediately inform the nearest police station and get a copy of the FIR.
• The next step is to inform your insurance provider about the incident.
• Ensure to click pictures of the incident and note the number and name of the witness if they agree to come forward.
• Get a claim form by calling the insurer on their toll-free number, or download it online.
• Provide as much information as you can.
• Fill in the claim form with all the relevant information and submit it with the picture or videos you clicked at the accident site.
• A surveyor will investigate the situation and send the reports to the insurer.
• Once the report gets approved by the insurer, take your vehicle to the nearest network garage, where your bike will be repaired at no cost from your end. The settlement will take place between the insurer and the network garage. 

Getting an own damage bike insurance policy is a smart choice. Though it might seem like an additional expense, but it offers you an important safety net that protects you and your finances in case of any mishaps. 

With the availability of the internet and online portals, it is now easier to buy or renew bike insurance by yourself rather than relying on an agent.  All you need to do is visit the insurance provider's website and select the insurance you want to buy. Select the add-ons required and pay the premium amount. The policy document will be sent to your email ID. But thoroughly check the insurance company's inclusion, exclusion, and credibility. Also, it is also important to renew bike insurance every year to ensure the policy is intact.