First-Party Bike Insurance

First-party bike insurance, often referred to as comprehensive bike insurance, is an extensive policy designed to safeguard bike owners' interests. It protects against several damages and losses, including theft, explosion, accidents, third-party damage and natural disasters.

The insurance policy follows the principle of “Self-protection.” This means that it will provide you with legal and financial protection regardless of how the incident happened, unlike third-party bike insurance, which only protects against third-party damages.

Also Read: What are 1st, 2nd and 3rd Parties in Bike Insurance?

Provides Comprehensive Coverage

Being comprehensive insurance, the policy protects from a wide range of damages and losses. For example, third-party liability, accidental damage, theft, and more. It means you will have peace of mind while driving the vehicle.

Protection From Financial Losses

Bike damage or any accidental loss can burden you a lot financially. But if you have first-party bike insurance, you get financial protection against all such losses. In the event of any accident, the insurance company will compensate you fairly based on the losses incurred.

Compliance With Law

As per the Motor Vehicles Act, every vehicle owner must have at least third-party insurance for their vehicle’s protection. However, if you buy first-party insurance for a two-wheeler, you will not only be complying with the law but will also get additional protection.

Customisation Options

The first-party bike insurance comes with several customisation options. It provides unique add-ons that not only add to your vehicle protection but also give you the option to tailor the policy. This way, you can create the best protection coverage that suits your requirements.

Drive Comfortably

When you are protected by comprehensive insurance coverage, you can drive without any worries. You can now concentrate on driving and enjoy your rides with peace of mind.

1st Party Bike Insurance Inclusions

Accidental Damage: First-party bike insurance covers accidental damage to the bike and the cost of repairs and replacement.

Third-Party Liability: First-party bike insurance benefits also include third-party liability coverage. This coverage compensates for third-party person and property damage to your insured bike.

Personal Accident Cover: The policy also provides personal accident cover for owner-drivers. This covers their medical expenses due to injuries caused by bike accidents.

Man-Made Disaster Damages: First-party bike insurance covers damage caused by man-made disasters, including fire, explosion, lightning, electricity sparks and other human activities such as terrorism, riots and strikes.

Bike Theft Cover: In the event of theft or irreplaceable damage to your bike, you can claim the “insured declared value” of your bike as per your insurance policy.

Natural Disaster Damages: The policy also covers damage caused by natural disasters such as earthquakes, floods, typhoons, and cyclones.

Also Read: Bike Theft Insurance Claim Settlement Process

1st Party Bike Insurance Exclusions

• The damages caused by the driver under the influence of drugs, alcohol or other toxins.

• Driving a private bike for a commercial vehicle.

• Damages that are caused by driving bikes in restricted areas like flood-prone regions.

• Ordinary wear and tear caused by bike usage and depreciation.

• Damages sustained while participating in dangerous activities like speed driving, racing, etc.

• Any damage resulting due to the driver’s negligence.

• The cost is incurred due to the general maintenance of the bike.

• Damages incurred by burglary and break-in if the bike does not get stolen.

• Damages were incurred to the bike due to war or any similar situation in the country.

Additional Third-Party Damage Cover

Having an additional third-party damage cover provides extra protection against third-party legal and financial liabilities. While, first-party bike insurance and third-party bike insurance already provide third-party coverage having this additional add-on adds to your protection over and above the base coverage limit.

Additional Personal Accident Cover for Owner Driver

Almost every road accident results in injuries for the owner-driver. That is why first-party bike insurance provides additional personal accident coverage for owner-drivers in case of injuries.

Zero-depreciation add-on cover

The zero-depreciation add-on cover ensures that the accumulated depreciation amount on your bike and its components do not get deducted from the claim amount. This means you will get the full claim amount without any depreciation deductions. However, remember this clause is applicable only to two claims you make in a year.

Also Read: Does Depreciation Affect Your Two-Wheeler Insurance?

Return-to-Invoice Cover

In the event of theft of a bike or irreplaceable damage to it, this return-to-invoice add-on cover ensures that you get the invoice cost of the vehicle. The amount you will receive is the “insured declared value” of the bike that is paid in the mentioned situations.

Emergency Medical Expenses Add-on

This first-party insurance two-wheeler add-on reimburses medical expenses and transportation costs incurred in an accident. If the owner and pillion rider are injured in an accident, this add-on will pay for ambulance and hospitalisation costs.

Consumable Expenses Add-on

In case when your bike meets an accident, a lot of consumable items get damaged, such as nuts, bolts, screws, brake oil, grease and gearbox. Having the consumables expenses add-on helps reimburse the cost of replacing these consumable items. However, the cost of fuel lost in an accident will not be compensated.

Roadside assistance

Make sure to add roadside assistance to your first-party insurance two-wheeler insurance. This add-on ensures that you are not left stranded in the middle of the road when your bike breaks down. The roadside assistance team will assist you with towing, fuel replacement, repairs, battery repair or replacement on the spot.

Also Read: 5 Advantages of roadside assistance Cover for Two-Wheeler Insurance

Several factors affect the premiums for first-party bike insurance. It is important to understand these factors before buying a policy.

Insured Declared Value of Bike

The insured declared value (IDV) of a bike is its market value after deducting depreciation. Since a new bike has no accumulated depreciation, its IDV value would be higher than that of an old bike.

The IDV value is the highest sum an insurer will pay in case of irreparable damage or theft. It must be selected when purchasing a policy; the higher the IDV value, the higher the premium price.

Also Read: Why IDV Is So Important for Your Two-Wheeler Insurance?

Bike and Bike Owner’s Age

The age of the bikes and bike owners significantly affect premiums. Old bikes accumulate depreciation, resulting in lower IDV value, which means a lesser premium. Similarly, bikers who are above the age of 25 years may enjoy lesser premium prices as they are considered safe drivers with less risk of accidents and claims associated with them.

Make, Model, Fuel and Variant of Bike

The latest model and higher-end bikes attract higher bike insurance policies than the old and lower-end bikes, as former bikes have higher maintenance costs than later ones.

Moreover, the fuel type of the bike also affects its premium. Petrol bikes have lower premium rates than diesel bikes as they require more maintenance. The high cost of spare parts for diesel bikes also affects their premium; the CNG-run bike also attracts a higher premium.

Bike Manufacturing Year

The premium insurance for a 2-wheeler is also determined based on its manufacturing year. Older manufactured bikes accumulated depreciation that leads to lower IDV value. Thus, they have lower premium prices. You can calculate the accurate premium using the bike insurance premium calculator.

Also Read: What is An Endorsement in Bike Insurance?

Registration Location

The bike insurance policy premium for vehicles registered in urban and metropolitan areas is higher than that for bikes registered in rural and low-risk areas.

No Claim Bonus

The No-Claim Bonus, or NCB, on first-party bike insurance, is a reward for having no claims in a particular year. If you have accumulated NCB on your bike insurance policy and renewed your policy on time, then you will be able to avail yourself of a discount on premiums.

After one year of NCB accumulation, you might receive a 20% discount on your premium. After five consecutive years without a claim, you might receive a 50% premium discount, resulting in lower insurance costs.

Also Read: How to Calculate NCB for Bike Insurance in India?

Discounts

There are several discounts available on first-party bike insurance. For example, being a member of the Automotive Association of India (AAI) can give you a discount on your bike insurance premium. Moreover, suppose you have an anti-theft device approved by the Automotive Research Association of India (ARAI) installed in your vehicle. In that case, you are eligible for a bike insurance discount for being proactive towards vehicle safety.

Getting insured with TATA AIG is a simple procedure that you can complete from the comfort of your home.

• Step 1: Visit the TATA AIG bike insurance page.

• Step 2: Enter your bike registration number and click on “Get Price” to buy a new policy or “Renew” to renew an existing policy.

• Step 3: Provide all the requested information and documents, and then select the policy coverage, add-ons and IDV.

• Step 4: If you have any No Claim Bonus (NCB) from your previous policy year, you can include it at this stage.

• Step 5: After providing all the information, you will get the policy quote. Verify it and proceed with payment. You will receive your first-party bike insurance via email.

Also Read:** How To Get A Duplicate Bike Insurance Certificate Online?

• Step 1: Visit the TATA AIG claim process page. Click on “Initiate Claim”. Then, enter your registered mobile number to get access to your policy details and file a claim.

• Step 2: You will receive a link to self-assess your bike. Use this link to submit details of the damage incurred by the bike, such as photos, videos, and the place of the incident.

• Step 3: The surveyor will then inspect the damage and submit the damage report.

• Step 4: Now, you can opt for either cashless claim settlement with a network garage or reimbursement claim settlement with a non-network garage.

• Step 5: Submit your claim request with all the supporting documents, such as policy documents, driver’s licence, FIR report, damage photographs and third-party details (if any).

• Step 6: After your claim settlement request has been reported, you will receive the claim registration number. The number can be used for further information about your claim.

• Step 7: Your claim will be verified as per the policy conditions and payment will be made accordingly.

Also Read: Total Loss/Constructive Loss Bike Insurance Claim

• Duly filled and signed claim form

• Vehicle registration certificate copy

• Copy of insurance policy document

• Identification proof of policyholder

• Copy of FIR (in case of theft and third-party claim)

• Any other documents, as requested

• Also Read: Step To Find Lost Two-Wheeler Insurance Documents

• Coverage Option: Always check the coverage option provided by the first-party insurance. It should have an adequate sum insured to protect it in case of major damage or loss.

• Premium Price: Get multiple quotes on premium prices from various insurers. Compare the price and benefits provided for first-party insurance to make an informed decision.

• Easy Claim Procedure: Buy a policy only from an insurer with an easy and hassle-free claim procedure. This will save you from inconvenience during emergencies.

• Add-On Options: Some insurers offer unique add-on options for extensive protection. Look for insurers with beneficial add-ons, such as depreciation, road assistance, consumables, etc.

• Insurance Company: Always check the reviews and reputation of the chosen first-party bike insurance company. To avoid any inconvenience, only choose a reputable insurer inconvenience.

Also Read: Tips for First-Time Bike Insurance Buyers

First-party insurance two-wheeler is a comprehensive coverage option that protects against accidental damage, theft, fire, explosions and natural disasters. With the information provided, you can make an informed decision whether to buy first-party or third-party bike insurance. It will not only help you get the best protection but save your finances.

With TATA AIG bike insurance, you can choose to tailor your coverage plan as per your protection needs. Our bike insurance policy offers several benefits like accidental damage coverage, bike theft cover, personal accident cover for owner-driver, and unique add-ons.

Moreover, we also have a network of 10,000+ garages where you can do cashless repair services.

Also Read: How to Maintain Your Bike to Prevent Accidents?