Riding a two-wheeler gives you freedom, speed, and ease, but it also comes with risks. While third-party insurance is required by law, it doesn’t cover damage to your own bike. That’s where the Standalone Own Damage (OD) policy for two-wheelers from Bajaj Allianz General Insurance Company makes a real difference.
This type of insurance protects your bike whether it’s damaged in an accident, stolen, or affected by a natural disaster. It’s an extra layer of protection that gives you peace of mind on the road. What’s more, you can easily buy this bike insurance online, without any paperwork or long waits.
With plans like Bajaj Allianz General Insurance Company’s Standalone OD cover, you’re not just following rules, you’re making a more intelligent, safer choice every time you ride.
What is a Standalone Own Damage (OD) Policy?
A standalone OD policy for two wheeler is a type of bike insurance that provides coverage for damages caused to your own vehicle. Unlike third-party insurance, which only covers the damages or injuries caused to others, this policy ensures your financial security if your bike is damaged due to fire, theft, natural disasters, accidents, or other unforeseen events.
It’s a flexible, focused plan designed for those who already have third-party insurance (mandatory by law) but also want coverage for their own bike. It can be beneficial for those who bought only third-party insurance with their new two-wheeler and later realised the need for more comprehensive protection.
Why Opt for a Standalone OD Cover Instead of a Comprehensive Plan?
While a comprehensive policy includes both own damage and third-party cover, a standalone OD policy allows you to buy just the coverage you need when you already have a valid third-party policy. This separation gives you the freedom to customise your insurance portfolio and manage costs better.
Plus, when you purchase your bike insurance online, it’s easier to compare features, renew plans, and modify coverage as per your vehicle’s age and usage.
What Makes Bajaj Allianz General Insurance Company’s Standalone OD Policy Ideal?
Let’s take a closer look at the features of Bajaj Allianz’s Standalone Own Damage Cover for two-wheelers:
1. Wide Coverage for Damages
This policy covers loss or damage to your two-wheeler and its accessories due to the risks listed above.
2. Depreciation Handling and Repair Support
- Depreciation on replaced parts:
- Rubber, nylon, plastic parts, tyres, and battery: 50%
- Fibreglass components: 30%
- Glass parts: Nil
- Painting: 50% depreciation on material cost (material assumed as 25% of total painting charges if not itemised)
- Other parts: Depreciation as per vehicle age (see table below)1
| Age of Vehicle | Depreciation on Parts |
| Not exceeding 6 months | Nil |
| 6 months – 1 year | 5% |
| 1 – 2 years | 10% |
| 2 – 3 years | 15% |
| 3 – 4 years | 25% |
| 4 – 5 years | 35% |
| 5 – 10 years | 40% |
| Over 10 years | 50% |
- Minor repairs: Allowed up to ₹150 without prior approval.
- Towing charges: Covered up to ₹300 per accident.
3. IDV-Based Protection
The Insured Declared Value (IDV) is essentially the market value of your bike, adjusted for depreciation. Bajaj Allianz allows you to set your IDV based on your vehicle’s make, model, and age, ensuring you get a fair sum insured for total loss or constructive total loss scenarios. This approach ensures that your compensation in the event of a major loss remains realistic and aligned with the vehicle’s value.
4. Built-In Flexibility and Cancellation Benefits
You can cancel the policy anytime and receive a premium refund (if no claims are made) based on the company’s short-term rates. A minimum premium of ₹100 (₹25 for specially designed vehicles for the differently-abled) is retained, making the product affordable and fair.
Exclusions You Should Know
Like any insurance product, this standalone OD policy for two wheeler has a few exclusions:
- Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown/failure
- Damage to tyres and tubes (unless the vehicle is also damaged; then 50% of the replacement cost is covered)
- Loss of accessories by theft unless the whole vehicle is stolen
- Accidents while driving under the influence of alcohol or drugs
- Damage due to war, nuclear risk, or using the vehicle contrary to policy conditions
Being aware of these exclusions helps manage your expectations and encourages safer driving practices.
The Convenience of Buying Bike Insurance Online
Purchasing bike insurance online from reputed insurers like Bajaj Allianz General Insurance Company is not just about avoiding paperwork; it’s about speed, transparency, and control. With digital platforms, you can:
- Instantly compare policy features
- Check premium estimates and adjust IDV
- Get immediate policy issuance and soft copies
- Enjoy hassle-free renewal and claim support
- Access support or raise queries in real time
These digital benefits make managing your two-wheeler insurance far simpler than it used to be.
How to Maximise Your Coverage Benefits?
To make the most of your standalone OD policy:
- Choose the right IDV: Don’t under-insure to save on premiums; it may reduce your claim payout.
- Renew on time: Ensure continuity to avoid inspection and loss of benefits.
- Install safety devices: This could get you discounts and improve safety.
- Opt for digital documentation: Easier tracking and faster access to services.
Conclusion
Whether you ride your two-wheeler daily to work or occasionally for errands, it deserves robust protection. A standalone OD policy for two wheeler offers that perfect middle ground between affordability and protection, especially when paired with your existing third-party cover.
When you choose to buy your bike insurance online, you gain flexibility, transparency, and convenience.
So go ahead, take the smarter route to protect your ride. With the Standalone Own Damage Cover from reputed insurers like Bajaj Allianz General Insurance Company, every ride becomes a worry-free journey.
*Standard T&C Apply
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Claims are subject to terms and conditions set forth under the motor insurance policy.
Vehicle specifications, features, and pricing may vary, and it is essential for readers to verify the latest information from authorised dealerships, manufacturers, or reliable sources before making any purchasing decisions.
