IFFCO Tokio Own Damage Bike Insurance
Riding a two-wheeler involves various risks every day for you and your family. Getting two wheeler bike insurance would definitely be a good option to minimise such risks. It will give you security that protects you and your two-wheeler in case something damaging happens and will also provide financial support in any kind of emergency situation.
Own damage bike insurance comes as a cover for the expenses of accidents, theft, vandalism, fire, explosion, and natural and artificial calamities that require repairs. Purchasing this cover with a third party makes sure that you have complete protection for your bike and others on the road.
Standalone Bike Insurance v/s Third-Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | Own Damage Insurance | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage your own bike | Covers damages to your bike only | Not covered | Covers damages to both your bike and third-party liabilities |
| Third-party liability coverage | Not covered | Covers third-party property damage and injuries | Covers both third-party liabilities and own bike damage |
| Coverage for theft | Yes, bike theft is covered | Not covered | Yes, bike theft is covered |
| Coverage for natural disasters | Yes, covers natural disasters like floods | Not covered | Yes, covers natural disasters |
| Coverage for man-made events | Yes, covers vandalism and riots | Not covered | Yes, covers man-made events |
| Personal accident cover | Optional (through add-ons) | Not included | Available as an add-on |
| Premium cost | Moderate | Lower as it only covers third-party liabilities | Higher due to broader coverage |
| Add-on covers available | Available (e.g., zero depreciation) | Not available | Available (e.g., engine protection, zero depreciation) |
| Legal requirement | Not required | Mandatory by law | Optional but highly recommended |
| Best for | Those wanting protection for their own bike | Those seeking basic, mandatory protection | Those seeking full coverage for bike, third-party, and theft |
What is Covered and Not Covered Under IFFCO Tokio Own Damage Bike Insurance
1Inclusions (What is Covered)
- Accidental damage: This policy covers all the damages to your bike due to accidents.
- Theft: It provides coverage if your bike is stolen.
- Fire: The policy also covers damages caused by fire, explosions, or self-ignition.
- Natural calamities: It also offers protection against damage caused by floods, earthquakes, storms, etc.
- Man-made calamities: Covers damage from riots, vandalism, or other civil disturbances.
- Transit damage: Covers damage during transit via road, rail, or air.
2Exclusions (What is Not Covered)
- Normal wear and tear: This does not cover routine wear and tear or ageing of the bike.
- Mechanical or electrical breakdowns: Excludes coverage for any mechanical or electrical failure.
- Riding under the influence: Claims will not be honoured if the rider is under the influence of alcohol or drugs.
- Illegal use: The policy will not provide any coverage if the bike was used for illegal activities.
- Riding without a valid licence: Your claims will be rejected if the rider doesn’t have a valid driving licence.
- Consequential losses: Damages that occur indirectly or due to negligence (e.g., riding with a damaged part) are also not covered.
How to Buy IFFCO Tokio Own Damage Bike Insurance with Square Insurance
1Step 1
To get started, visit the website of Square Insurance "https://www.squareinsurance.in/".
2Step 2
Now click on the" Bike Insurance" option from the "Insurance Products" menu.
3Step 3
To get a plan for a new bike, click "Got a New Two-Wheeler."
4Step 4
For an old bike, enter the bike's registration number and click "View Plans."
5Step 5
Now, fill in details like RTO, make, model, variant, and registration year along with others to move to the next step.
6Step 6
The plan dashboard will open on your screen. You can go through the plans and click on an insurance plan given by IFFCO Tokio.
7Step 7
Now just pay for the selected plan, and the insurance document will be received at the email address within a very short period.
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