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Standalone Own-Damage Insurance V/S Third Party Insurance V/S Comprehensive Insurance
| Feature | Standalone Own Damage Insurance | Third Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Coverage | Covers damage to your own bike only. | Covers damages or injuries to others only. | Covers both your own bike and third parties. |
| Legal Requirement | Not required by law. | Mandatory by law for all bike owners. | Not mandatory, but offers extensive coverage. |
| Cost | Moderately priced; depends on coverage. | Usually less expensive. | More expensive due to broad coverage. |
| Protection against theft and damage | Covers theft and damage to your bike. | Not covered. | Covered. |
| Protection from natural disasters | Covered. | Not covered. | Covered. |
| Add-on available | Add-ons available for enhanced coverage. | Limited or no add-ons. | Several add-ons are available. |
| Ideal for | Good for new or expensive bikes. | Required for legal compliance. | Best for comprehensive protection. |
Bike Insurance Plans By SBI
HDFC
NCB : 50%IDV: ₹13712
IFFCO
NCB : 50%IDV: ₹27700
TATA
NCB : 50%IDV: ₹20914
ICICI
NCB : 50%IDV: ₹17880
What does an SBI Standalone Own-Damage Policy Cover?
This policy helps pay for damage to your two-wheeler in these cases:Damage from road accidentsDamage if the vehicle catches fire or explodesIf the vehicle is stolen and not found, or if it is completely damagedDamage caused by natural or man-made disasters (like floods or riots)
This policy does not pay in these cases:Mechanical or electrical problems that cause a breakdownDamage caused by illegal driving or the wrong use of the vehicleLoss in value because of normal wear and tear over timeAny accident or damage that happens outside IndiaDisclaimer: Please refer to your policy documents to know the exact coverage.