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Motor Blog
30 Jul 2024
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Paid the token amount for your new bike, congratulations! Now the next step is choosing a two wheeler insurance policy. As confusing it gets in picking your favourite bike, similar is the experience of selecting the right bike insurance policy. With a plethora of options, it can be perplexing as to what shall be the best for you. Between this selection, you are posed with a crucial choice of opting for first-party coverage and third party coverage. To deduce, understanding how a first-party insurance for two wheeler differs from a third party policy is necessary. Let us look at it.
First-party insurance for two wheeler is a type of insurance plan that offers a complete protection to your bike. For this reason, it is popularly referred to a comprehensive policy. As the name suggests, the policy offers coverage for first-party liabilities i.e. to you, the policyholder. Any damage to your bike is insured under this first-party insurance for two wheeler. The compensation under this coverage is directly paid to you by the insurer. Here are some examples of cases covered under a first-party insurance for two wheeler:
However, there are still a few situations that are excluded from first-party coverage which include routine wear and tear, depreciation of your bike, any electrical or mechanical breakdown, damages to consumable spares like tyres, tubes, damages when the driver did not possess a valid driving license or was under the influence of alcohol or other intoxicating substance.
First-party two-wheeler insurance online offers numerous benefits that ensure comprehensive protection and peace of mind. Some of these benefits include:
It covers various damages, from natural calamities to theft and accidents.
It often includes personal accident cover for the owner-driver, ensuring medical expenses are taken care of.
You can enhance your policy with add-ons like zero depreciation cover, roadside assistance, and engine protection.
Enjoy cashless repair services at network garages.
Protects you from financial losses arising from damages to your vehicle.
On the contrary to a first-party cover, third party bike insurance has a limited coverage. It only protects you, the policyholder, against the liabilities arising due to an accident to a person or damages to property. Since it is to ensure protection of a third party outside the contract of insurance, it is called third party two wheeler insurance cover. Now that you know how first-party insurance differs from third party cover, let us understand why it is essential to purchase a first-party two wheeler insurance online.
Applying for first-party two-wheeler insurance online is a simple and convenient process. Follow these steps to secure your policy:
Go to the insurance provider's website.
Select the first-party insurance plan that suits your needs.
Enter your bike details, personal information, and any previous policy details.
Opt for any additional coverages you might need.
Complete the payment process online.
Receive your policy document via email instantly.
The Motor Vehicles Act of 1988 makes it compulsory for all bike owners to have at least third party insurance cover. While it is not compulsory to invest in a first-party policy, it does benefit you by providing an all-round coverage. Accidents are unfortunate events that not only cause injury or damages to others, but also to you and your vehicle. First-party bike insurance policy is that which offers coverage for both the owner as well as third party. Also, natural calamities that cause significant damage to life also have disastrous consequences on vehicles. First-party insurance cover helps you safeguard your vehicles and prevent a financial loss. Lastly, when buying a first-party vehicle insurance online, it can be customised to include additional coverage options that cover depreciation, offer roadside assistance, engine breakdown cover, and more. These benefits otherwise are not available for third party insurance plans. To conclude, it is a smart choice to opt for a first-party cover as it helps avoid third party liabilities as well as reducing financial losses from damages to your vehicle. However, when you select one, carefully analyse your requirements and select after comparing the available options so that it offers benefits that are tangible in the long run.
In case of an unfortunate event, claiming first-party bike insurance involves a few straightforward steps:
Notify your insurance company about the incident immediately.
Fill and submit the claim form and the required documents.
The insurer will send a surveyor to inspect the damage.
Get your bike repaired at a network garage, and the insurer will settle the bill directly.
Selecting the right first-party insurance for your bike involves considering various factors:
Ensure the policy covers many perils, including theft, fire, and natural disasters.
Look for useful add-ons like zero depreciation, engine protection, and roadside assistance.
Choose an insurer with a hassle-free and quick claim process.
Compare insurance premiums to find an affordable yet comprehensive plan.
Check customer feedback and reviews for insights into the insurer's service quality.
Securing first-party two-wheeler insurance online is essential to protect your bike comprehensively against unforeseen risks.Investing in first-party two-wheeler insurance online is crucial for several reasons:
Offers extensive coverage against a variety of risks.
Ensures financial protection, reducing stress in case of accidents or theft.
While third-party insurance is mandatory, first-party insurance provides additional security.
Maintains the value of your bike by covering repair costs, thereby keeping it in good condition.
Allows you to tailor the policy to meet your specific needs with various add-ons. Choosing first-party insurance not only fulfills legal requirements but also ensures your bike is protected, providing peace of mind and maintaining its value over time.
Aspect | First-Party Insurance | Third-Party Insurance |
Coverage | Comprehensive (own damage, theft, fire, calamities) | Limited (third-party damage or injury) |
Premium | Higher | Lower |
Legal Requirement | Optional | Mandatory |
Add-ons Availability | Yes | No |
Financial Protection | High | Low |
First-party insurance covers damages to your bike caused by accidents, fire, theft, natural calamities, and man-made perils.
Yes, first-party insurance provides coverage for damages to your bike resulting from accidents.
Yes, first-party insurance includes coverage for theft, ensuring you are compensated if your bike is stolen.
First-party insurance covers natural disasters such as floods, earthquakes, storms, and cyclones.
Yes, damages caused by fire or explosion are covered under first-party insurance.
No, first-party insurance is available for both new and used bikes, providing comprehensive coverage regardless of the bike’s age. *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. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Claims are subject to terms and conditions set forth under the motor insurance policy.
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