OD only – Two Wheeler Insurance

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Client Testimonials​

Prakhar Srivastava
2 months ago
They guided me through the intricacies of various insurance options, ensuring I fully understood each policy's coverage and benefits. Their transparency and willingness to address all my concerns instilled a sense of trust and confidence in their services.
Agam Kansal
2 weeks ago
Brilliant place for all types of insurance. Always connected with every claim settlement.. Hassle free.. Kudos to beemawala..
punitchibber chibber
2 weeks ago
Good service whenever we call to them they give positive response i have a claim they support and my claim got settled
rahul goyal
6 months ago
Beemawala and team is a best Company for take any type of insurance. They support and take care of your claim . Thanks a lot for your support of my claims many times .
Devyani Kharbanda
2 years ago
Shantanu is professional and very prompt in responding to my questions. I’m a repeated client and he’s been supportive throughout. I highly recommend his services. I wish him and his team good luck for future.

What Is - OD only - Two Wheeler Insurance ?

OD only – Two Wheeler Insurance refers to a type of insurance policy that provides coverage only for Own Damage (OD) to the insured two-wheeler. It does not include coverage for Third-Party Liability, which means it does not protect against damages or injuries caused to third parties. The OD component covers damages to the insured vehicle due to accidents, theft, fire, natural disasters, and other specified perils. This type of insurance is suitable for those who want to protect their own vehicle from potential damages and losses but are not interested in the additional cost of Third-Party Liability coverage.

Example Scenario:

In the case of Rahul’s two wheeler accident in Shimla, where his two wheeler was washed away in a flood, his two wheeler nsurance policy proved to be immensely helpful. The incident was immediately reported to the insurance company, and a surveyor was assigned to assess the damage. As the policy covered damages from natural disasters, the insurance claim was accepted. The two wheeler was towed to an authorized garage for repairs, and the insurance company settled the repair bills directly, relieving Rahul from financial burden. The incident highlighted the significance of having a reliable two wheeler insurance policy to protect against unforeseen events and ensure peace of mind for Indian two wheeler owners.

What is the Difference Between OD only Two Wheeler Insurance policy and Two Wheeler Full Insurance policy

Feature OD Only - Two Wheeler Insurance Two Wheeler Full InsuranceTwo Wheeler Full Insurance
Coverage
Provides both Own Damage (OD) and Third-Party Liability coverage.
Provides both Own Damage (OD) and Third-Party Liability coverage.
Own Damage Coverage
Covers damages to the insured vehicle due to accidents, theft, fire, and natural disasters.
Covers damages to the insured vehicle due to accidents, theft, fire, and natural disasters.
Third-Party Liability Coverage
Does not include Third-Party Liability coverage.
Includes Third-Party Liability coverage for damages or injuries caused to third parties.
Legal Requirement
Not legally required, but advisable to have.
Legally required as per the Motor Vehicles Act to drive on public roads.
Premium
Generally lower premium compared to full insurance.
Usually higher premium due to the inclusion of Third-Party Liability coverage.
Suitable For
Suitable for those who want to protect their own vehicle from damages and losses but are not interested in Third-Party Liability coverage.
Suitable for those who want comprehensive coverage for their vehicle and fulfill legal requirements.
Additional Benefits
May offer add-on covers for extra protection, such as Personal Accident cover for the owner/driver.
May offer a range of add-on covers like Zero Depreciation, Engine Protection, etc., for enhanced coverage.

Coverages of OD only - Two Wheeler Insurance

Own Damage (OD) Coverage

Own Damage (OD) Coverage

Provides protection against damages to your own bike due to accidents, natural calamities, theft, fire, vandalism, and other unforeseen events. The insurance company will cover the repair or replacement cost of the insured bike.

Zero Depreciation Cover

Zero Depreciation Cover

Provides coverage for the full cost of repair or replacement of damaged parts without considering the depreciation value.

New Vehicle Coverage

Return to Invoice (RTI) Cover

In case of total loss or theft of the vehicle, this add-on covers the difference between the Insured Declared Value (IDV) and the invoice price of the two-wheeler.

Additional Add-ons OF Coverages of OD only Two Wheeler Insurance

Zero Depreciation Cover

Zero Depreciation Cover

Provides coverage for the full cost of repair or replacement of damaged parts without considering the depreciation value.

New Vehicle Coverage

Return to Invoice (RTI) Cover

In case of total loss or theft of the vehicle, this add-on covers the difference between the Insured Declared Value (IDV) and the invoice price of the two-wheeler.

Factors Determining the Premium of Coverages of OD only Two Wheeler Insurance

Two Wheeler Make and Model

Vehicle Make and Model

The brand, model, and variant of the Vehicle play a significant role in premium calculation. Expensive or high-end Vehicles may attract higher premiums.

Two Wheeler 's Age

Vehicle's Age

 Since this policy is designed for brand-new Vehicles, the age of the vehicle is a crucial factor in premium calculation. Newer Vehicles usually have lower premiums.

Insured Declared Value (IDV)

Insured Declared Value (IDV)

 The IDV represents the Vehicle’s current market value and is a major factor in premium calculation. Higher IDV results in a higher premium.

RTO Number / State

RTO Number / State

The location where the Two Wheeler is registered (RTO number or state) affects the premium. Metropolitan cities or certain states may have higher premiums due to increased risks.

Engine Capacity

Engine Capacity

The engine’s cubic capacity also influences the premium. Two Wheeler with higher engine capacity may have higher premiums.

Fuel Type (CNG / Petrol / Electric)

Fuel Type (CNG / Petrol / Electric)

The type of fuel used in the new Two Wheeler affects the premium.

Policy Add-ons

Policy Add-ons

The choice of add-ons, like zero depreciation cover or engine protection, will impact the total premium cost.

NCB Transfer Benefit

NCB Transfer Benefit

The No Claim Bonus (NCB) from the previous policy can be transferred, providing a discount on the premium.

Voluntary Deductibles

Voluntary Deductibles

Opting for a higher voluntary deductible amount can reduce the premium.

Previous Claims History

Previous Claims History

A history of past claims may affect the premium amount.

Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Two Wheeler Insurance

Coverage Own Damage (OD) Cover Third-Party Liability Cover
Definition
Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more.
Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident.
Scope of Coverage
Protects your own vehicle against a wide range of perils and damages.
Only covers damages and injuries caused to third parties, not your vehicle.
Premium Determination
Based on factors like vehicle's make, model, IDV, and add-ons chosen.
Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity.
Coverage Extent
Comprehensive coverage for your vehicle, including theft, own damage, and accidents.
Limited to liabilities arising from third-party property damage, injuries, or death.
Add-ons
Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage.
No add-ons are available, as it is a standardized cover as per IRDAI regulations.
Legal Compliance
Optional, but highly recommended for complete protection of your vehicle.
Mandatory by law to drive a vehicle on Indian roads.
Claim Settlement
Applicable for damages to your vehicle, subject to policy terms and conditions.
Covers financial liabilities towards third parties up to the prescribed limits.
Insurance Premium
Can significantly impact the premium amount based on the extent of coverage and chosen add-ons.
Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle's engine capacity.

How to Settle OD only - Two Wheeler Insurance Policy Claims?

- claim due to an accident -

Inform the Insurer

Inform the Insurer

Notify your insurance company about the accident and damages as soon as possible. Provide all necessary details, such as the policy number, date and time of the incident, location, and a brief description of the accident.

File an FIR (If applicable)

File an FIR (If applicable)

If there is significant damage or third-party involvement, file a First Information Report (FIR) at the nearest police station. This is especially important for theft or major accidents.

Survey and Assessment

Survey and Assessment

The insurance company will appoint a surveyor to assess the extent of damage to your vehicle. Cooperate with the surveyor and provide all relevant documents and evidence related to the accident.

Submit Required Documents

Submit Required Documents

The insurance company will request specific documents, such as the FIR/NCR copy, original policy documents, vehicle registration certificate (RC), claim form, and any other documents as required.

Repairs and Inspection

Repairs and Inspection

After the assessment, the insurer may arrange for an inspection of the damaged vehicle or direct you to an authorized garage for repairs. Some insurers may offer cashless facility at network garages.

claim settlement

Claim Settlement

Once the repairs are completed, submit the bills and invoices to the insurance company for reimbursement or settlement as per the policy terms.

Claim Amount

Claim Amount

The claim amount will depend on the extent of damage and the terms of your insurance policy, including the deductible and policy coverage.

Excess Payment

Excess Payment

Pay the applicable excess or deductible amount as per the policy terms. The insurer will cover the remaining claim amount.

Necessary Documentation

Necessary Documentation

Keep copies of all documents related to the claim, including the settlement letter and payment receipt, for future reference.

How to Settle OD only - Two Wheeler Insurance Policy Claims?

- In case of theft of the vehicle -

File an FIR (If applicable)

File a Police Report

Immediately report the theft to the nearest police station and obtain a First Information Report (FIR) or a Non-Cognizable Report (NCR) as required by the insurer.

Inform the Insurance Company

Inform the Insurance Company

Contact your insurance company’s customer support or claims helpline as soon as possible and provide them with all the necessary details about the theft incident.

Submit Required Documents

Submit Required Documents

The insurance company will request specific documents, such as the FIR/NCR copy, original policy documents, vehicle registration certificate (RC), claim form, and any other documents as required.

Cooperate with Investigation

Cooperate with Investigation

The insurer may conduct an investigation to verify the theft incident. Cooperate fully and provide any additional information or documents they may require.

claim survey

Claim Survey

An authorized surveyor appointed by the insurance company will assess the loss and damages to determine the claim amount.

Transfer Vehicle Ownership

Transfer Vehicle Ownership

In case the stolen vehicle is not recovered, transfer the ownership of the vehicle to the insurance company as per their requirements.

Claim Settlement

Claim Settlement

Once the surveyor’s report is received, and all necessary documentation is in place, the insurance company will process the claim settlement.

Claim Payout

Claim Payout

If the claim is accepted, the insurance company will provide the claim payout amount as per the terms and conditions of the policy.

Exclusions of OD only - Two Wheeler Insurance

Consequential Loss

Consequential Loss

Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.

Driving Under Influence

Driving Under Influence

Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.

Unauthorized Drivers

Unauthorized Drivers

If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.

Racing or Adventure Activities

Racing or Adventure Activities

Damages occurring during racing, rallies, or adventure sports are typically excluded.

Intentional Damage

Intentional Damage

Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Two Wheeler Insurance policy.

Wear and Tear

Wear and Tear

Regular wear and tear of the vehicle or mechanical breakdowns are not covered.

Illegal Activities

Illegal Activities

Accidents caused while using the Two Wheeler for illegal purposes may be excluded.

Loss of Personal Belongings

Loss of Personal Belongings

Loss of personal belongings from the Two Wheeler may not be covered.

War or Terrorism

War or Terrorism

Damages due to war, war-like situations, or acts of terrorism are generally excluded.

Nuclear Damage

Nuclear Damage

Any damages caused by nuclear activity are not covered.

Expired or Lapsed Policy

Expired or Lapsed Policy

If the policy is expired or lapsed at the time of the incident, there will be no coverage.

Documents Required for Claim Settlement under OD only - Two Wheeler Insurance

- IN CASE OF THEFT CLAIM -

Police FIR (if applicable):

First Information Report (FIR)

A copy of the FIR lodged with the police station reporting the theft of the vehicle.

KYC Documents

KYC Documents

Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.

Insured's PAN Card

Insured's PAN Card

A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.

Insured's GST Certificate

Insured's GST Certificate

If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.

Claim Form

Duly Filled Claim Form

A completed claim form provided by the insurance company, containing all necessary details about the incident.

Policy Document

Policy Document

The original insurance policy document showing the coverage details.

Vehicle Registration Certificate (RC)

Vehicle Registration Certificate (RC)

A copy of the vehicle’s RC to establish ownership and vehicle details.

Driving License

Driving License

A valid driving license of the insured to verify the authority to drive the vehicle.

Keys and Locks

Keys and Locks

All available sets of keys and locks of the stolen vehicle.

Previous Insurance Records

Previous Insurance Records

If applicable, documents related to any previous insurance claims or policies.

No Trace Report

No Trace Report

If the vehicle is not recovered, a No Trace Report from the police stating that the stolen vehicle could not be located.

NOC from Financier

NOC from Financier

In case of a financed vehicle, a No Objection Certificate (NOC) from the financing institution.

Letter of Subrogation

Letter of Subrogation

If the claim is paid to the policyholder, the insured needs to provide a letter of subrogation allowing the insurance company to take legal action against the guilty party.

Documents Required for Claim Settlement under OD only - Two Wheeler Insurance

- ACCIDENTAL CLAIM -

Claim Form

Accident Claim Form

A duly filled and signed claim form providing details of the accident, the extent of damages, and injuries (if any).

KYC Documents

KYC Documents

Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.

Insured's PAN Card

Insured's PAN Card

A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.

Insured's GST Certificate

Insured's GST Certificate

If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.

Policy Document

Copy of the Insurance Policy

A copy of the valid and active insurance policy for the vehicle.

Police Report/FIR

FIR/NCR Copy(if applicable)

A copy of the First Information Report (FIR) or Non-Cognizable Report (NCR) filed with the police in case of an accident.

Driving License

Driving License

A copy of the valid driving license of the driver involved in the accident.

Vehicle Registration Certificate (RC)

Vehicle Registration Certificate (RC)

A copy of the vehicle’s RC, which includes details such as the registration number, engine number, chassis number, etc.

Estimate of Repairs

Estimate of Repairs

An estimate of the repair costs from an authorized garage or workshop.

Photographs(if available)

Photographs(if available)

Clear photographs of the accident scene, damages to the vehicle, and the location.

Witness Statements

Witness Statements

Statements from any witnesses present at the time of the accident (if available).

Medical Records (if applicable)

Medical Records (if applicable)

Medical documents, bills, and reports in case of injuries to the insured or any third party.

Police Investigation Report (if applicable)

Police Investigation Report (if applicable)

In case of a serious accident, a police investigation report may be required.

Contact Information for Claim Settlement:related to OD only - Two Wheeler Insurance

If Policy Obtained through Agent/Broker

Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.

If Policy Obtained Directly from Insurance Company

Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.

Claim Contact Information for Policy from Beemawala.com

If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.

Frequently Asked Questions: OD only - Two Wheeler Insurance

OD only – Two Wheeler Insurance provides coverage for damages to your insured vehicle against accidents, theft, fire, and natural disasters. It does not include Third-Party Liability coverage.
No, OD only insurance is not mandatory by law. However, it is recommended for those who want to protect their own vehicle from damages and losses.
Yes, some insurance providers may offer add-on covers like Personal Accident cover for the owner/driver to enhance the coverage.
No, OD only insurance covers damages caused to your vehicle by accidents, theft, fire, or natural disasters. Damages caused by others will not be covered under this policy.
Yes, you can purchase OD only insurance online through various insurance providers’ websites or through insurance comparison portals.
OD only insurance can be a good option for new vehicles if you want to protect your vehicle from damages without including Third-Party Liability coverage.
Yes, you can switch from OD only insurance to a comprehensive policy by renewing your insurance with additional Third-Party Liability coverage.
In case of any damages to your insured vehicle, you can file a claim with your insurance provider, and they will guide you through the claim settlement process.
Yes, OD only insurance covers theft of your insured two-wheeler, and you can claim for the damages incurred.
Yes, you can cancel your OD only insurance policy mid-term, but it is recommended to check with your insurance provider for any applicable charges or refunds.
Add-ons in Two Wheeler Insurance are optional coverages that you can include to enhance your policy’s protection. Examples of add-ons include Personal Accident cover for pillion riders, Zero Depreciation cover, and Engine Protection cover.
No, add-ons are not mandatory, but they provide additional benefits and comprehensive coverage. It’s essential to assess your needs and choose add-ons that suit your requirements.
Yes, you can choose multiple add-ons based on your preferences and needs. However, adding too many add-ons may increase the premium, so consider your budget while selecting them.

Before buying Two Wheeler Insurance with add-ons, consider the following:
a) Evaluate the add-ons’ relevance and whether they address your specific needs.
b) Check the premium increase with each add-on and ensure it fits your budget.
c) Review the terms and conditions of each add-on for better understanding.
d) Compare different insurance providers to find the best coverage at a reasonable price.

Usually, you can add or remove add-ons at the time of policy renewal. However, some insurance providers may allow changes mid-term, subject to their terms and conditions.
– You can check your two-wheeler insurance status online through the insurer’s website or mobile app. Alternatively, you can contact the customer service team or visit the nearest branch office.
– You can renew your two-wheeler insurance online by visiting the insurer’s website or app. Enter your policy details, select the coverage, and make the payment.
– To renew your two-wheeler insurance, log in to the insurer’s website, enter your policy details, review the coverage, and complete the renewal process by making the payment.
– You can renew your two-wheeler insurance online by visiting the insurer’s website or app, entering your policy details, reviewing the coverage, and making the payment.
– You can pay for your two-wheeler insurance online through the insurer’s website or mobile app using various payment options like net banking, credit/debit cards, or mobile wallets.
– You can check the status of your two-wheeler insurance online by logging into your account on the insurer’s website or app. You can also contact the customer service for assistance.
– In case of an accident or damage to your two-wheeler, inform the insurer immediately, and submit the required documents for the claim process. The insurer will assess the claim and provide the necessary assistance.
– You can check your two-wheeler insurance status by logging into your account on the insurer’s website or app. The policy details and status will be displayed on your dashboard.
– Comprehensive insurance provides coverage for own-damage to your two-wheeler and third-party liabilities arising from accidents. It also offers protection against theft, natural disasters, and other unforeseen events.
– Comprehensive insurance provides coverage for own-damage to your two-wheeler and third-party liabilities arising from accidents. It also offers protection against theft, natural disasters, and other unforeseen events.
– You can renew your two-wheeler insurance online by visiting the insurer’s website or app, entering your policy details, reviewing the coverage, and making the payment.
– Third-party insurance for a two-wheeler provides coverage for liabilities towards third parties for injury, death, or property damage caused by your vehicle.
– NCB stands for No Claim Bonus, which is a discount given on the premium for each claim-free year. It rewards policyholders for not making any claims during the policy term.
– IDV stands for Insured Declared Value, which is the maximum amount payable by the insurer in case of theft or total loss of the insured two-wheeler. It is the current market value of the vehicle.
– You can buy two-wheeler insurance online by visiting the insurer’s website or app, entering your vehicle and personal details, selecting the coverage, and making the payment.
– You can download your two-wheeler insurance policy from the insurer’s website or app after purchasing or renewing the policy. It will be available in a PDF format.
– You can renew your expired two-wheeler insurance online by visiting the insurer’s website or app, entering the policy details, and making the payment. Some insurers may require a vehicle inspection for expired policies.
– You can get two-wheeler insurance online by visiting the insurer’s website or app, filling in your vehicle and personal details, selecting the coverage, and making the payment.
– You can check the validity of your two-wheeler insurance by looking at the policy document or checking the status online on the insurer’s website or app.
– You can download a copy of your two-wheeler insurance policy from the insurer’s website or app after purchasing or renewing the policy.
– Comprehensive two-wheeler insurance provides coverage for own-damage to your vehicle and third-party liabilities arising from accidents. It also offers protection against theft, natural disasters, and other unforeseen events.
– You can get a copy of your two-wheeler insurance policy online by visiting the insurer’s website or app and downloading the policy document in a PDF format.
– The best two-wheeler insurance policy varies based on individual needs and preferences. It’s essential to compare different policies, coverage, and customer reviews to choose the one that suits you best.
– You can find the two-wheeler insurance policy number on the policy document issued by the insurer. It is a unique alphanumeric code mentioned on the top of the document.
– As per the Motor Vehicles Act, third-party insurance is mandatory for all two-wheelers in India to cover liabilities towards third parties.
– You can find your two-wheeler insurance policy number on the policy document or the premium payment receipt issued by the insurer.
– No Claim Bonus (NCB) is a discount given on the premium for each claim-free year. It rewards policyholders for not making any claims during the policy term.
– You can renew your two-wheeler insurance online by visiting the insurer’s website or app, entering your policy details, reviewing the coverage, and making the payment.
– You can renew your expired two-wheeler insurance online by visiting the insurer’s website or app, entering the policy details, and making the payment. Some insurers may require a vehicle inspection for expired policies.
– You can check the expiry date of your two-wheeler insurance on the policy document or by contacting your insurance provider.
– You can check the insurance status of your two-wheeler by verifying the policy document or checking online on the insurer’s website or app.
– To change the name in the two-wheeler insurance policy, you need to contact your insurance provider and submit the required documents for name correction.
– You can get a copy of your two-wheeler insurance policy online by visiting the insurer’s website or app, logging into your account, and downloading the policy document.

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