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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 |
Bike Insurance Plans By IFFCO Tokio
What is Covered and Not Covered Under IFFCO Tokio Own Damage Bike Insurance
Inclusions (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.
Exclusions (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.
Step 1: To get started, visit the website of Square Insurance "https://www.squareinsurance.in/".Step 2: Now click on the" Bike Insurance" option from the "Insurance Products" menu.Step 3: To get a plan for a new bike, click "Got a New Two-Wheeler."Step 4: For an old bike, enter the bike's registration number and click "View Plans."Step 5: Now, fill in details like RTO, make, model, variant, and registration year along with others to move to the next step.Step 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.Step 7: Now just pay for the selected plan, and the insurance document will be received at the email address within a very short period.