Owning a two-wheeler provides convenience, speed, and a thrilling riding experience. But due to the growing number of vehicles, it also exposes riders to potential risks on the road. Accidents can happen suddenly at any place and at any time. While you may not be able to predict when or how a mishap is going to take place, you can take precautions to reduce the impact of the accident. To safeguard your valuable asset and protect yourself from financial liabilities, it is crucial to consider the importance of first party bike insurance
Let’s delve into the significance of first-party insurance for two-wheelers and why it is an essential investment for all riders.
First-Party Insurance- The Benefits You Get
When you are in the market, hunting for a new bike insurance policy
, looking for something economical, you can always consider going for a first-party insurance policy. It is also known as own-damage policy. Let us dive into the benefits you can enjoy with the policy:
- Comprehensive Coverage for Your Two-Wheeler
First-party two-wheeler insurance offers comprehensive coverage tailored specifically to protect your vehicle. Unlike third-party insurance that only covers damages to others, first-party insurance focuses on safeguarding your own interests. It provides coverage for theft, damage, or total loss due to accidents, natural disasters, fire, or vandalism. By insuring your two-wheeler comprehensively, you can ensure financial protection and the ability to repair or replace your vehicle if the unexpected occurs. Claims are subject to terms and conditions set forth under Motor insurance policy.*
- Personal Accident Cover
Road accidents can result in severe injuries and, in the worst cases, even loss of life. First-party two-wheeler insurance often includes personal accident cover, which provides compensation in the event of bodily injury or fatality caused by an accident. This coverage offers financial support for medical expenses, hospitalization costs, and even compensation for permanent disability or loss of life. Having personal accident cover ensures that you and your loved ones are protected in the unfortunate event of a mishap. Claims are subject to terms and conditions set forth under Motor insurance policy.*
- Protection Against Unforeseen Events
Life is unpredictable, and accidents can happen at any time. Your two-wheeler is vulnerable to risks such as theft, natural disasters, or unforeseen events are beyond your control. First-party insurance acts as a safety net by providing coverage for such events. Whether it's a sudden flood, an earthquake, or a fire, your insurance policy will ensure you receive compensation for the loss or damage to your vehicle. This protection offers peace of mind, allowing you to ride with confidence and focus on the road ahead. Claims are subject to terms and conditions set forth under Motor insurance policy.*
- Financial Security and Peace of Mind
Riding a two-wheeler involves inherent risks, including potential damages, legal liabilities, and medical expenses. By opting for first-party insurance, you secure your financial well-being and gain peace of mind. In the event of an accident, you won't have to bear the burden of repair costs or legal liabilities on your own. Insurance coverage allows you to ride confidently, knowing that you have a safety net to fall back on in times of need.*
Is First-Party Insurance Mandatory?
The benefits mentioned above make a good case for you to consider this policy. However, there can be other doubts in your mind regarding the policy. The following is a common doubt policy-buyers have about first-party insurance: Is first-party insurance mandatory for two-wheeler?
The answer is negative. First-party insurance is not mandatory for your two-wheeler. As per the Motor Vehicles Act of 1988, every bike owner has to mandatorily own a third-party insurance. Unlike first-party insurance, two-wheeler insurance for third-party compensates third-party for any damages or injuries which they suffer in an accident. Hence, third-party policy is mandatory. Whereas first-party insurance focuses solely on own-damages, without any compensation for third-party damages.
Even if you own first-party insurance, you are required by law to own third-party insurance as well. If you wish to avoid penalties and action by authorities, it is important that you purchase such a policy at the earliest. Alternatively, you can consider going for comprehensive insurance, which offers both own-damage and third-party coverage under the same policy. Therefore, eliminating the requirement of owning two different policies.
As the policy is focused on compensating you for damages caused to your vehicle, first-party insurance makes a great addition in covering you financially from liabilities which can burden you. However, it is important to remember that the policy does not offer third-party coverage. It is important that you purchase third-party insurance to comply with the Motor Vehicles Act of 1988. Before you renew bike insurance
, visit your insurer’s website to get more information about third-party insurance as well as comprehensive insurance. This might help you make an informed decision.
*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.