Is Third Party Insurance Enough For Bike? Own Damage Vs Third Party

3 Reasons Why A Third Party Car Insurance Is Not Enough?

A bike owner must make the appropriate insurance for two wheeler plan purchase that meets all of their needs while staying within their means. As a result, you need to pay attention to the coverage in your insurance policy. In the event of accidents like car accidents, it serves as a safety net against any monetary losses and legal responsibilities. 

So, it is always a great choice to take into account parameters like IDV, bike model, engine size, bike age, and geographic area when purchasing any type of bike insurance coverage. It is advised to browse, contrast, and research the many possibilities on offer online before making a decision. 

The advantages of own-damage bike insurance 

A bike insurance policy’s own-damage coverage guards your own vehicle from any losses or damages brought on by an accident. In September 2019, the Insurance Regulatory and Development Authority of India (IRDAI) gave all bike owners permission to purchase this policy from various insurers in accordance with their requirements. #

The purchase of a long-term two wheeler insurance is no longer required of all new bike owners; instead, they are free to purchase a one-year standalone own-damage plan. The insured bike is covered by this policy, which must be renewed yearly. Also, policyholders have the option of enhancing their own-damage policy by choosing an add-on cover option. 

A two wheeler insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

Advantages of third-party motorcycle insurance 

Third-party bike insurance is required in India, according the Motor Vehicle Insurance 1988. It offers you financial security for losses or damages brought on by accidents to both your own car and other people’s cars. 

Point of Basis Own-damage Cover *Third-party Cover *
DefinitionOwn-damage coverage is a sort of bike insurance that offers financial protection for the policyholder’s damaged bike. Although it is optional, it provides more protection than simple third-party insurance. *Every bike owner is required to obtain third-party insurance coverage under the Motor Vehicle Act of 1988. This provides protection against third-party obligations such as harm, demise, and property damage. *
Personal Accident Cover *No personal accident cover.A personal accident cover of Rs 15 lakh is available to the bike owner.
Add-onsYou can purchase add-ons with an own-damage cover. *You are not able to upgrade your basic policy with add-on covers.
Coverage Only own damages are covered. *Only Liabilities of third-party are covered under this plan.
Premium PriceThe premium price rises with time. *Lower premium rates than the own-damage cover. ##

Considerations Before Purchasing A Bike Insurance Coverage 

  • Purchase and Claim Procedure: 

The buying and claiming process is one of the most important things you should consider when obtaining insurance for two wheeler policy. You must conduct an online search for various insurers to see which one offers a simple online purchasing and claim processing method. 

  • Claim Settlement Speed & Ratio: An insurance company’s claim settlement ratio will give you an idea of how successful & easy their claim process will be. Thus, before purchasing any kind of bike insurance policy, compare the claim settlement ratios of several insurers.*
  • The Insured Declared Value(IDV): It is the most money an insurance carrier will pay you if your bike is stolen or a total loss. A higher IDV corresponds to a higher reimbursement amount in the case of a total loss. Low premiums are typically appealing, but they won’t provide you with the most financial advantages. Thus, it is wise to look at your IDV as well as the premium sum. *
  • 24-Hour Customer Help: A reputable insurance provider is well known for offering unmatched 24 Hour Customer Support. Make sure your bike insurer is there for you whenever you need them by making sure they are constantly available. *

* Standard T&C Apply

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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