Bike Insurance Blogs

Helping you to make informed decisions about insurance
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What is the Difference Between Own-Damage vs Third-Party Insurance for Two Wheelers?
published on May 16, 2022

The primary difference between an own-damage and third-party cover is that of coverage benefits.

As the name suggests, own damage bike insurance protects your vehicle against damages due to an accident. The IRDAI (Insurance Regulatory and Development Authority of India) has permitted bike owners to purchase standalone damage cover from different insurers. Bike owners can opt for this coverage for a year and renew the same if required. By paying an extra premium, bike owners can enhance coverage by opting for add-ons. This allows you to get your bike/ scooter repaired easily with the insuring company paying for all damages.

The third-party bike insurance policy offers protection to two-wheeler owners against injury, damages, or death caused due to a third party or their property. It protects the owner against legal liabilities.

Differences between third-party and own-damage insurance for two-wheeler:

Parameter Third-Party Own-damage
Protection This type of insurance protects against damages caused to a third person or property. It protects you against damages caused to your bike.
Legal Liability As per the Motor Vehicles Act 1988, third-party insurance is mandatory Own-damage insurance is optional, depending on the requirements.
Add-ons No add-ons can be purchased with this type of insurance. Coverage can be enhanced by opting for riders like zero depreciation, engine protection, roadside assistance, and more.
Cost Premium is decided by the IRDAI and is less expensive than own damage cover. Premium is decided by the insurance provider and depends on the bike’s engine capacity, IDV, make and model, etc.
 Coverage Limited coverage Wider coverage

Third-party insurance provides hassle-free, and minimum documentation coverage. It protects you from all legal expenses against damage or death to a third party and is affordable in comparison to an own-damage cover. Own damage insurance protects the vehicle against accidental damages, theft, vandalism, man-made disasters, and natural calamities such as floods, landslides, and hurricanes.

Keeping the above comparisons in your mind, compare the best two-wheeler insurance policies on Elephant and choose between a third-party or own-damage cover for your bike.

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Comprehensive vs Third-party two-wheeler insurance – What’s best?
published on April 11, 2022

For a large segment of people in India, the two-wheeler is the primary mode of transport. Although they provide better options in traffic and quick mobility, two-wheeler vehicles are more prone to accidents than four-wheelers.

As per the Indian Motor Tariff act, it is mandatory to have at least third-party insurance for your vehicle. Have you ever wondered what comprehensive insurance and third-party insurance are?

The key purpose of two-wheeler insurance is to compensate for the expenses due to two-wheeler damages or losses incurred by the policyholder or third party, i.e. if it’s your mistake. Two-wheeler insurance has three plans, designed to cover standalone own-damage expenses, third-party expenses, and comprehensive expenses.

  • Third-Party Insurance: 3rd party bike insurance policy covers bodily injuries caused to and even the death of a third-party individual. The damage to third-party vehicles or property is also covered by your insurance policy. Premium rates of your third-party bike insurance are based on the cubic capacity of the engine and are decided by IRDAI annually. As per the Motor Vehicles Act, it is mandatory to have 3rd-party bike insurance, without which the driver/owner can receive a fine of Rs 2000 and/or imprisonment of up to 3 months. Hence, for every two-wheeler, it is necessary to have valid third-party insurance for commuting.
  • Comprehensive Insurance: This insurance offers extensive coverage as compared to third-party bike insurance. It consists of third-party bike insurance and protects your bike from third-party damages. Comprehensive Insurance also includes its own damage cover so your bike is also safe. The comprehensive insurance covers damages from fires, total loss or irreversible damage caused to your bike, self-ignition, acts of vandalism, terrorism, in addition to damages caused by natural calamities such as cyclones, earthquakes, etc.

Differences between the two types of insurance policies:

  • Comprehensive two-wheeler insurance covers both the first-party and third-party liabilities. Third-party two-wheeler insurance is for loss and damage due to a third person’s faults.
  • Third-party insurance is mandatory by law, whereas comprehensive insurance is not. However, comprehensive two-wheeler insurance includes third-party liability insurance.
  • Third-party insurance policies have a lower premium than comprehensive insurance policies.
  • In comprehensive insurance, additional policies are bundled with first party-policy insurance. These add-ons may not be offered in third-party bike insurance.

When getting a comprehensive or a third-party bike insurance policy, always evaluate the coverage you need for the protection of your bike. Compare the best bike insurance plan on Elephant.in and enjoy a hassle-free ride.

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How to choose the best Bike Insurance Policy
published on November 22, 2021

One of the most popular modes of transport on the Indian roads is two-wheelers. The two-wheeler riders are also exposed to high risks of accidental injuries and fatalities, but riding a two-wheeler can make it easier to breeze through the traffic. We consider numerous factors such as design, mileage, and price, among others, when buying a two-wheeler. Hence, owning two-wheeler insurance is highly recommended to enjoy the ride without any worry. The third-party insurance cover is obligatory, which gives you coverage against a third party’s financial liabilities.

It is advisable to purchase a standalone own-damage cover or a comprehensive insurance plan that will cover both aspects under a single premium in a hassle-free manner; hence, it is also advisable to think about the cost of own damages in a mishap.

Why should you buy two-wheeler insurance online?

Motor insurance is mandatory as per the Motor Vehicles Act 1988; riding a bike without insurance is an offence that’s punishable by law. As per law, only third-party insurance is mandatory, and people prefer buying a third-party cover to save on premiums. However, it is essential to understand that having an insufficient insurance cover is as good as having no insurance at all. Therefore, it is necessary to compare bike insurance online and buy an insurance policy that meets your requirements in the best way.

Tips to consider when it comes to buying two-wheeler insurance online:

You consider various factors like looks, mileage, cost, etc. Similarly, you should choose the right insurance cover for your two-wheeler by going through several aspects while buying a two-wheeler. As a comprehensive two-wheeler insurance cover provides an all-inclusive cover, it is advisable to prefer buying cover over third-party insurance.

Know your Coverage Requirement:

It is essential to make an assessment based on your requirement and budget before you start to look for insurance. Bike insurance is of two types depending upon coverage – third-party cover and comprehensive cover. Based on your two-wheeler usage, your expenditures, and other existing liabilities, choose a plan that offers the right range.

The Cubic Capacity of the Bike Decides your Premium:

When you are choosing insurance, be informed about your bike’s cubic capacity, as your bike’s cubic capacity decides the insurance premium that you will pay. If the cubic capacity of your two-wheeler is high, your premium will also be on the higher side under the motor vehicle insurance quote.

Understand Insurance Declared Value (ID):

Ideally, as per the motor vehicle insurance quote, ID is the current market value of a vehicle. ID is the maximum sum insured fixed at the time of purchasing a policy and is the amount that will be paid in case of total loss or theft of a two-wheeler. As a vehicle age, depreciation will increase, ID will decrease, and as a result, the premium will get lower year on year. Keep the above points in mind when buying insurance, and also ensure to renew your policy on time.

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Do’s and don’ts before buying Two-Wheeler Insurance.
published on October 22, 2021

As per the Motor Vehicle Act of 1988, having a motor insurance is compulsory for all vehicle owners in India. This move was conceptualized for the benefit of both parties, the one involved and one who may get involved in an unfortunate accident or mishap.

Some dos under insurance buying process by highlighting just the essentials:

You need to know about types of insurances-You need to be well aware of the two basic types of coverage. When you buy two-wheeler insurance online, there is also a third-party plan with only third-party legal liabilities. It is a basic plan with lower premium rates. Under the compressive plan, you can get a complete cover package that includes third-party liabilities as well as personal accident cover.
Look for add-ons- in a few words, the current insurance market scenario stands as a well-planned and organized machine. Additionally, under two-wheeler insurance, online add-ons focus on the pain areas of several customers and tend to the need of the hour for each of them separately, including repairs, roadside assistance, the return of invoice value, accessories cover, etc.
Understand the ID: one of the essential factors that need to be considered while reducing the premium amount of your vehicle insurance is Insured Declared Value (ID). It is the current valuation of your two-wheeler in the market. Depreciation of the two-wheelers is factored into the ID, and the ID is then calculated.
Look for the coverages-, basic coverages are similar which are offered by most insurers. You must carefully go through and understand every factor included to be claimed in case of damage or loss. Under the cover, Natural calamities, human-made disasters, etc., are included. It is impossible to know when to claim without having sufficient knowledge of this.
Remember the inclusions and exclusions- it is essential to know and keep in mind when you are eligible for a claim, and when you are not, be it the add-on or the necessary cover. When your two-wheeler vehicle has been damaged due to driver intoxication, then making a claim is a futile effort.

Don’t under a two-wheeler insurance policy:

Do not go for a cheaper cover that does not cover well-There might cover that may give you premium respites. However, this is not always recommended for you.
Do not delay in filing for the claim-Filing a claim within the stipulated time is the only way to ensure you receive the benefits of the insurance policy. Claiming the policy even a day after the slotted time will disqualify your entitlement to the claim.
Do not forget to renew policies- if you own a two-wheeler vehicle, Two-wheeler insurance. So you can proceed to renewals and are always covered by setting reminders for getting a heads-up on when the policy expires.

Hence, when it comes to buying a two-wheeler insurance policy, you need to know one thing for sure if you fail to understand any part, get in touch with your insurance provider.

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Bike Accessories For Long Distance Motorcycles Touring
published on October 6, 2021

Words can hardly describe how it feels when it comes to Exploring new locations on a motorcycle. Experts who offer two wheeler insurance online say ‘free spirits’ throw caution to the wind and hope everything works out. Meeting new people, visiting new places, on a bike has the ability to empower you, at the same time, freshen you up. To go on such a journey, you need to equip yourself with some necessary bike accessories for a practical and safe ride.

A few must-have Bike Accessories for long-distance rides are:

Tool kit:

Different bikes have different tool kits, which have evolved over the years into a set of more advanced and efficient tools. These new tool kits reduce the amount of work for the mechanic and also reduce the effort applied and increase the speed of a repair. For long-distance touring, a tool kit is now a requirement as you never know what problems your bike might face and when it might need a repair. 

First aid kit:

In case of an emergency, a first-aid kit is a collection of supplies and medical equipment that is used to give medical treatment. There is a wide variation in the contents of first-aid kits based on the knowledge and experience of those putting it together. A first-aid kit can also save lives in case of an accident or medical emergency. Since doctors and hospitals won’t be available in remote destinations, the first-aid kit proves to be one of the essential touring accessories you need.

Saddlebags or tank bags:

Earlier saddlebags were earlier used on horses, but ever since the motorcycle was invented, the military started using these bags to carry heavy ammunition and artillery on the bike. Saddlebags are now available as modern motorcycle accessories to place across the rear portion of the motorcycle seat, making them quickly detachable. Panniers are Modern metal Saddlebags. Experts who offer two wheeler insurance online say a tank bag is a storage compartment attached to the top of the gas tank.

Evacuation Insurance:

you may need to be evacuated to the nearest medical facility and, ultimately, back home when excrement really hits the propeller. Based on your two-wheeler insurance online you could end up with an exceptionally costly transportation bill. Medical evacuation insurance can provide peace of mind for you and your loved ones and potentially save you a pile of money.

Portable Air Compressor:

You will need a way to re-inflate it After you fix your flat tire. Some flat-repair kits come with a few CO2 cartridges, but depending on your tire’s size, you probably won’t have enough to inflate it fully for safe operation.

Motorcycle Owner’s Manual and Spare Bike Key:

Keeping your motorcycle owner’s manual on the bike and being familiar with its contents can be very helpful. Experts who offer two-wheeler insurance online say it contains valuable information about routine maintenance, load capacity, electrical system charging output, proper tire inflation, etc. 

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