Everything About Standalone Bike Insurance Explained

Bike insurance is mandatory for all bikes being driven on Indian roads. Third party insurance is compulsory for all bikes, which encompasses any kind of losses caused to a third party in case of an accident. However, it does not cover any financial aspects of your own bike.

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To complement this type of bike insurance, standalone bike insurance or own damage bike insurance was introduced by IRDAI. Standalone bike insurance covers losses caused only to the bike of the insured. This alone is not enough to cover the legality of the bike insurance clause. Here is a complete guide to knowing standalone bike insurance. 

How is Standalone Bike Insurance Different from Third-Party & Comprehensive Insurance? 

To understand the differences between the 3 types of bike insurance, refer to the table below. 

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Coverage Under Standalone Bike Insurance 

Now that the concept of standalone bike insurance is explained, it is essential to note who should invest in this bike insurance policy. For those who have already bought a third party insurance and want to fortify the protection around their bike, standalone bike insurance is for those. At the same time, if your third party insurance is recently renewed and you feel the need to cover damages for your own bike, you can choose standalone insurance till the end of tenure and then upgrade to comprehensive bike insurance. 

Here are the things covered under standalone bike insurance:

1. Damages and losses caused to your bike in an accident.
2. Damages caused to your bike due to a fire.
3. Covers for losses in case of bike theft. 
4. Damages caused to the bike in case of a natural calamity. 

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Exclusions Under the Standalone Bike Insurance 

Knowing the exclusions are just as important as knowing the inclusions as there is ambiguity while filing for claims and settlements. Here are the exclusions mentioned under standalone bike insurance. 

1. Damages or losses caused to the third party due to an accident will not be covered. Your third party insurance will cover those. 
2. If an accident occurs while riding under the influence of alcohol, it is not covered under standalone bike insurance.
3. You cannot place a claim if the rider has no legal driving license. It includes an expired license too. 
4. If you have not purchased a particular add-on, you will not benefit from that.
5. Damages that have not occurred during the accident will not be covered. 
6. If you have done something with your bike that you were not supposed to do, then you will not be covered for damages. For example, you got your bike damaged in flood.
7. If you have learner’s permit, you need to have a person with a valid permanent license on the pillion seat. Your standalone insurance is invalid if you drove without a pillion rider with a permanent license. 

Add-on Covers with Standalone Bike Insurance 

One of the advantages of standalone bike insurance is that you can purchase add-ons and make your plan more robust. Here are some of the add-ons available to choose from. 

1. Zero depreciation cover – Whenever your bike is repaired, the insurer has to pay the full cost for parts, and depreciation is not calculated. 
2. Return to Invoice cover – If the bike gets stolen or damaged beyond repair, the full cost of the bike is given to the insured as mentioned on the invoice cover, including road tax and registration fees. 
3. Engine and gearbox protection cover – This cover is perfect for taking care of any consequential damages post the accident. 
4. Consumable cover – This cover takes care of the smaller costs like nuts, bolts, screws, and so on. 
5. Breakdown assistance – This cover can be used in case your bike breaks down, and you need assistance. 

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These add-ons are chargeable and are applicable to you only if you have purchased them. 

Factors Influencing the Standalone Bike Insurance Premium 

It is essential to know how your standalone bike insurance premium is calculated. Here are the factors that affect the premium. 

1. IDV – The Insured Declared Value refers to the correct value in the bike market. This is one of the reasons why the premium will depend on this. 
2. Bike’s CC – Your bike’s CC determines the power, speed, and risk of your bike. The higher the bike’s CC, the higher will be the premium. 
3. Make and model of the bike – This is fairly obvious that the more expensive the bike is, the premium will be that much higher. 
4. Bike’s age – The older the bike, the more problems it will face. That is why the premium of an older bike will automatically be higher. 

These factors influence the bike’s premium, no claim bonus, and the add-ons opted for. 

This is everything you need to know about standalone bike insurance. The next time you consider buying this insurance, you just need to take a quick look here to make an educated decision. 

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