Own Damage v/s Third Party Cover Under Bike Insurance

Own damage bike insurance is an insurance category that covers your bike for any damage, theft, accident, etc., to share the financial burden of repair and replacement. It is not mandatory to purchase an own-damage bike insurance.

However, it provides extensive financial assistance to cover any damage or repair needs of the insured bike. Whether someone stole your bike or a natural calamity like a flood or earthquake damaged your bike badly, own-damage insurance will take care.

At the time of purchase or renewal of own damage bike insurance, you can also customise the policy by adding required riders with the base policy plan. This will increase the scope of coverage significantly.

Key Points to Remember

Covers against any natural or man-made disasters that cause damage or loss to the insured bike.

All damage or loss due to vandalism, political riots, etc, is also covered by an insurer under this policy.

Own-damage is a bike insurance plan that permits customisation flexibility to add required add-ons for increased coverage and protection of the bike.

The depreciated value of the insured's bike is taken into consideration during claim requests.

No personal accident cover is available under this bike insurance plan.

The list of exclusions under this policy includes general wear and tear cover, third-party liabilities, repair requirements for tubes or tyres, damage due to drinking and driving, etc.

Third-party bike insurance is an insurance category that protects you from any damage or loss incurred by a third party because of your bike. All third-party liabilities are covered, and ample financial assistance is provided to the insured in case there is damage to the third-party vehicle, property, or even serious injuries or death.

According to the Motor Vehicles Act 1988, third-party insurance for a bike is mandatory for every bike owner. Without third-party insurance, no vehicle can be taken on the road. Riding a bike without valid third-party insurance can attract heavy financial penalties.

If you are wondering, “Is third-party insurance enough for a bike?” The answer is yes, it is beneficial to cover for damages caused by your bike. However, it does not cover any repair and replacement of the insured bike, making it important to invest in an insurance plan that protects your bike.

Key Points to Remember

Third-party insurance is mandatory and can attract legal complications if not available with the rider.

Extends cover for any damage or loss caused to a third party by your bike.

The premium charged for this category of bike insurance is mostly more affordable than any other bike insurance category.

The availability of personal accident cover is not compulsory and is mostly not available with these plans. However, Tata AIG offers financial support in case the insured faces disability or death.

The depreciated value of the insured bike is not taken into consideration during the claim process under this bike insurance category.

The list of exclusions under this policy includes general wear and tear cover of the insured bike, third-party liabilities due to careless riding or riding after the consumption of alcohol or other substances, etc.

The decision between OD and TP in insurance plans for bikes is solely dependent on the policyholder and their requirements. OD covers for damage and loss incurred by your bike, while TP covers for damage and loss incurred by a third party due to your bike.

Let us discuss the key differences between OD and TP below.

Now that you are well aware of the key differences between the two common bike insurance plans available, let us find out how to purchase bike insurance online with us in a few quick steps.

Visit our official website.

Locate and click on the section indicating “Bike”

Enter your bike registration number and click on the “Get Price” option to begin.

Once on the new page, enter all the necessary information about the bike and fill up the personal details as requested.

After that, choose the policy you wish to purchase and add any rider options you want to opt for if applicable.

Upon completion, you will be promoted with a calculated premium for the chosen insurance policy. If you are okay with the offered premium, continue to make the payment.

Once the payment is completed, you will receive an email with your bike insurance document.

There is no fixed right or wrong choice when it comes to bike insurance. Based on individual capacity, needs, and budget, the two-wheeler insurance policy can be customised and purchased.

The top priority is to safeguard your bike from the excessive financial burden of covering for loss or damage. Certain insurance providers also offer bundled insurance plans for a bike that combines OD and TP for a longer coverage period with combined benefits.

So, if you are wondering what 1-year OD and 3 years TP means, it is a bundled bike insurance policy wherein you benefit from 1 year own-damage cover and 3 years of third-party cover with one purchase.

These bundle plans are also called long-term two-wheeler insurance plans, as they cover your bike for a longer period without yearly renewals. When you buy from Tata AIG, you can also compare different bike insurance plans with ease and choose the one that fits your needs best.

Safeguard your biking twists and turns with us today!