Choosing the best type of insurance for your two-wheeler is crucial given the magnitude of the risks regarding riding bikes in and out of cities. Plus, with the new highway code and the hefty fines, you can't afford to be without insurance! The main difference between third-party liability policy and own-damage two-wheeler insurance, especially in an unfortunate accident, is the coverage.
While a third-party two-wheeler insurance policy only covers third-party liability, own-damage insurance covers you and your two-wheeler in the event of accidental or other covered damages. To make an informed decision, you must compare certain crucial factors like the ability to pay the premium, the age of the bike, etc.
Consequently, you should at least cover your car with third-party liability insurance, as required by the Motor Vehicles Act, 1988. Although own-damage insurance is optional, it provides superior coverage to your two-wheeler.
How to Register a Claim Under Third-party Liability Bike Insurance Online?
You must rely on the third-party insurance company's compensation for the party that caused the damage. This process is complicated and time-consuming.
For example, if your bike has caused damage to another person/vehicle, and after verification, it is proved that you are liable to pay the third party for expenses, your insurance company will do so on your behalf. You won't have to pay from your own pocket.
Another scenario is if another vehicle damages your bike, you can make a third-party bike insurance claim against the insurance of the third party who caused the damage (if proved and provided that the other person also has third-party liability insurance).
Here is what you must do:
Step 1 - Inform the insurer immediately about the incident.
Step 2 - Click photos of the damage caused and note the details of the damaged vehicle.
Step 3 - File an FIR at a police station where the incident occurred. Register a case with the Traffic Accident Court with the help of a lawyer.
Step 4 - Prove in court that the third party was guilty by providing the required documents and details.
Step 5 - Receive adequate compensation from the applicant's insurance company.
Documents Needed to Make a Claim
- Copy of your insurance policy
- FIR submitted to the police
- Application form
- RC of your bike(duplicate)
- DL
- Medical receipts for personal injury
- Repair estimates
- Original reports of other costs incurred
Inclusions
Some common things covered under third-party bike insurance include the following:
- It covers all legal liabilities
- This policy covers the medical expenses of the insured
- Motor Tribunal Court approves the case.
Exclusions
- Damage caused by a near-miss is not covered by third-party coverage.
- The two-wheeler is not covered if it is covered by civil liability only.
- It doesn't cover damage due to natural disasters or theft.
Own-Damage Bike Insurance Claim Procedure
Step 1 - Submit your claim within 24 hours; else, your claim can be rejected.
Take note of the license plate, model and colour of the other car involved in the accident.
Step 2 - Talk to witnesses at the accident site and keep their names and contact details.
Step 3 - Do not argue with the third party; it may cause unnecessary confusion.
Step 4 - You must submit all documents required for the application and complete the application form. The vehicle may also need to pass an inspection.
Step 5 – You can opt for a cashless claim and take your bike to the nearest network garage for repairs. You could also get the repairs done yourself after informing the insurer and claim reimbursement.
Inclusions
- This bike insurance online plan covers accidents, theft, natural disasters, and manmade disasters.
Exclusions
- The policy does not cover third-party claims.
No claims will be made if the rider was not carrying his DL at the time of an accident.
Accidents while the driver was under the influence of alcohol, drugs, etc.
Read more - Difference Between First-party and Third-party Two Wheeler Insurance
Comparison of Third-party Liability and Own-damage Bike Insurance
The simplest type of two-wheeler insurance is third-party liability bike insurance, through which you can cover liability to third parties (bodily injury, death, and/or material damage) following a traffic accident or other disaster. Own-damage bike insurance provides greater protection than liability insurance.
It is mandatory to take out liability insurance; otherwise, heavy fines can be imposed. Standalone own-damage two-wheeler insurance covers various costs associated with multi-peril damage.
Here are a few differences between both:
Difference Between Own-damage and Third-party Bike Insurance
| Own-damage two-wheeler insurance online | Third-party two-wheeler insurance online | |
| What is it? | It financially protects your bike from damages resulting from self or third-party actions. | It is a mandatory policy that considers the damages caused to third-party, as per the Motor Vehicles Act, 1988. |
| Coverage Details | It offers extensive coverage to your bike against theft, loss, and damage. | This policy offers limited coverage and protects the third party against damage. |
| Why should you buy it? | You should consider this policy if you want damage coverage for your bike. | You can opt for this policy if you don’t use your bike that much and only want basic coverage. |
| Premium Price | The premium is higher for this bike insurance online policy. | The premium is lower. |
Conclusion
Two-wheeler insurance online can be of three types, out of which, here we have compared the third-party liability and own-damage bike insurance policies. The benefits, inclusions and exclusions of both two-wheeler insurance plans are different, but it is mandatory to get one, as specified by the Motor Vehicles Act, 1988. Although own-damage insurance is optional, when combined with third-party liability bike insurance, it provides superior coverage for your two-wheeler.
Read more - Third Party v/s Comprehensive Two Wheeler Insurance
