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SBI Own Damage Bike Insurance
SBI Own Damage Bike Insurance protects your bike from damage to your own vehicle. It pays for repair or loss if your bike is damaged in an accident, stolen, or affected by fire, floods, or other natural or man-made events. This insurance does not cover damage to other people or their property, so it is usually bought along with third-party bike insurance. With SBI Own Damage Bike Insurance, you can save money on repair costs and keep your bike safe from unexpected problems.
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
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.
What an SBI Standalone Own-Damage Policy Does Not Cover?
FAQs
No. This policy only covers damage to your own bike. For others, you need third-party insurance.
It covers accident damage, fire, explosion, theft, and damage due to floods, earthquakes, or riots.
No, it is not compulsory. But third-party insurance is mandatory by law.
Yes. You can buy this policy along with an active third-party insurance plan.
Yes. You can buy it for both new and old bikes, as long as they meet SBI’s rules.