What Does a Standalone OD Policy Cover for Your Two-Wheeler?

Two-wheeler ownership is a very proud moment and ensures ease of travel. It offers convenience when you are traveling daily to the office or going on a long-awaited trip. However, it is also important to make sure that your two-wheeler is insured against any type of damage to ensure long-term protection. This is where a Standalone Own Damage (OD) Policy helps you. With this, you get coverage against specific types of damages or theft. Read this blog to learn about the features, benefits, and what is included and excluded in the Standalone OD Policy for two-wheelers. 

What is the Standalone Own Damage Policy?

The Standalone OD Policy for two-wheelers refers to a specific type of insurance that covers damages to your bike caused by accidents, natural disasters, fire, theft, or vandalism. However, it is essential to note that it does not cover any third-party liabilities. Overall, it offers additional protection for your vehicle.

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Features of Standalone Own Damage Policy

Below are the key features of a Standalone Own Damage Policy for bikes. 

• The policy covers accidental damages, theft, and fire-related losses.

• It also offers protection against natural calamities like floods, earthquakes, and storms.

• The policy even offers coverage for damage due to riots, vandalism, or explosions.

• Bike owners get flexible tenure options ranging from the first year onwards.

• You also get optional add-ons for enhanced coverage.

Benefits of Standalone Own Damage Policy

The Standalone Own Damage Two-wheeler Policy offers a lot of benefits to the policyholders. 

• Choice of insurer – It offers the flexibility to buy third-party insurance from one provider and OD cover from another.

• Flexible coverage tenure – You can also opt for short-term OD plans that can be renewed annually.

• Affordable premiums – With this policy, you can split the OD and third-party coverage, which makes it more budget-friendly.

• Comprehensive coverage – Bike owners get protection against natural disasters, theft, and accidents.

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What are the Inclusions in a Standalone Own Damage Policy?

This policy provides extensive coverage for various risks associated with your two-wheeler.

• Covers damages due to accidents, collisions, or crashes.

• Protection against theft and total loss of the vehicle.

• Damage caused by fire, explosions, or self-ignition.

• Coverage for natural disasters like floods, earthquakes, or landslides.

• Protection against riots, vandalism, and other man-made disasters.

What are the Exclusions in the Standalone Own Damage Policy?

Despite its extensive coverage, certain scenarios are not included in an OD policy.

• Damage to third-party property or injuries to third parties.

• Regular wear and tear or mechanical/electrical failures.

• Damages due to driving under the influence of alcohol or drugs.

• Damage occurring due to negligence or misuse by the owner.

• Losses sustained outside the coverage area of the policy.

Documents Required for Claiming a Standalone Own Damage Policy

To file a claim for your standalone OD policy, the following documents are needed:

• A duly filled and signed claim form

• Own-damage bike insurance policy document

• Driving licence

• FIR in case of accidents, vandalism and theft.

• Bike registration certificate

• Evidence of the damage (photographs and videos)

• No Trace Certificate (in case of theft)

• Estimate of repair costs

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Factors Affecting Standalone Own Damage Policy

Several factors determine the premium and coverage of your Standalone Own Damage Cover for two-wheelers.

• Age of the vehicle – Older vehicles may have lower premiums due to depreciation.

• Vehicle's Insured Declared Value (IDV) – Higher IDV means better coverage.

• Type of vehicle – Premium varies for different models and engine capacities.

• Claim history – A good claim-free record leads to lower premiums.

• Add-ons selected – Additional covers increase premium costs.

Why is OD Policy Important When Buying a Two-Wheeler on Loan?

When purchasing a two-wheeler on loan, having an OD policy is highly beneficial. Here’s why.

• Lenders generally require comprehensive insurance for loan approval.

• Protects against total loss or theft, reducing financial liabilities.

• Offers peace of mind by covering repair and replacement costs.

Read Also: Guide to Getting Two-Wheeler Loan Application Approved

Steps to Apply for a Two-Wheeler Loan Online

Applying for a Two-wheeler Loan online is quick and hassle-free with Hero FinCorp. Follow these steps to apply online and get competitive Two-wheeler Loan interest rates.

Step 1: Visit the Hero FinCorp official website and go to the loan section.

Step 2: Check eligibility criteria and required documentation.

Step 3: Enter all the details in the application form. 

Step 4: Select the checkbox and agree to the loan terms.

Step 5: Submit the application and wait for approval confirmation. 

Conclusion

A Standalone Own Damage Policy is helpful for protecting your two-wheeler from unforeseen damages, theft, and natural calamities. While third-party insurance is mandatory, an OD policy provides additional financial security and ensures your bike remains safeguarded. When you are looking to buy a two-wheeler, investing in this policy is a smart decision.

Frequently Asked Questions

1. Is OD insurance mandatory for two-wheelers? 

No, OD insurance is not mandatory but highly recommended for financial protection against damages.

2. What are the eligibility criteria to buy Own Damage insurance? 

Anyone owning a two-wheeler with a valid RC can purchase an OD policy.

3. Does Own Damage insurance cover also include Personal Accident cover? 

No, a separate Personal Accident cover needs to be purchased.

4. How many times can I claim my Own Damage insurance for my bike? 

There is no fixed limit, but multiple claims may increase premiums.

5. What is the period of an OD insurance policy?

The tenure usually ranges from 1 to 3 years, depending on the insurer.