{"id":643,"date":"2022-05-16T08:46:38","date_gmt":"2022-05-16T08:46:38","guid":{"rendered":"https:\/\/elephant.in\/knowledge-center\/?p=643"},"modified":"2024-08-13T09:16:19","modified_gmt":"2024-08-13T09:16:19","slug":"own-damage-vs-third-party-bike-insurance","status":"publish","type":"post","link":"https:\/\/elephant.in\/knowledge-center\/blogs\/bike-insurance\/own-damage-vs-third-party-bike-insurance\/","title":{"rendered":"What is the Difference Between Own-Damage vs Third-Party Insurance for Two Wheelers?"},"content":{"rendered":"<p>The primary difference between an own-damage and third-party cover is that of coverage benefits.<\/p>\n<p>As the name suggests, own damage bike insurance protects your vehicle against damages due to an accident. The IRDAI\u00a0(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.\u00a0This allows you to get your bike\/ scooter repaired easily with the insuring company paying for all damages.<\/p>\n<p>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.<\/p>\n<p>Differences between third-party and own-damage <a href=\"https:\/\/elephant.in\/motor-insurance\/two-wheeler-insurance\" target=\"_blank\" rel=\"noopener\">insurance for two-wheeler<\/a>:<\/p>\n<table style=\"font-size: 1.125rem;\">\n<tbody>\n<tr>\n<td width=\"189\"><strong>Parameter<\/strong><\/td>\n<td width=\"189\"><strong>Third-Party<\/strong><\/td>\n<td width=\"189\"><strong>Own-damage<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Protection<\/td>\n<td width=\"189\">This type of insurance protects against damages caused to a third person or property.<\/td>\n<td width=\"189\">It protects you against damages caused to your bike.<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Legal Liability<\/td>\n<td width=\"189\">As per the Motor Vehicles Act 1988, third-party insurance is mandatory<\/td>\n<td width=\"189\">Own-damage insurance is optional, depending on the requirements.<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Add-ons<\/td>\n<td width=\"189\">No add-ons can be purchased with this type of insurance.<\/td>\n<td width=\"189\">Coverage can be enhanced by opting for riders like zero depreciation, engine protection, roadside assistance, and more.<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">Cost<\/td>\n<td width=\"189\">Premium is decided by the IRDAI and is less expensive than own damage cover.<\/td>\n<td width=\"189\">Premium is decided by the insurance provider and depends on the bike\u2019s engine capacity, IDV, make and model, etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"189\">\u00a0Coverage<\/td>\n<td width=\"189\">Limited coverage<\/td>\n<td width=\"189\">Wider coverage<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>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.<\/p>\n<p>Keeping the above comparisons in your mind, compare the best two-wheeler insurance policies on <u>Elephant<\/u>\u00a0and choose between a third-party or own-damage cover for your bike.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <\/p>\n","protected":false},"author":2,"featured_media":645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bike-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bike Insurance: Own Damage vs. Third-Party Comparison<\/title>\n<meta name=\"description\" content=\"Explore the differences between own damage and third-party bike insurance to make an informed choice for your two-wheeler. 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