my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers
Types of Online Bike Insurance Coverage | Finserv MARKETS

Types of Online Bike Insurance Coverage Available in India 

✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹482/year*

The freedom of riding your own bike can be amazing. But this happiness comes with a high sense of responsibility. It is an accepted fact that accidents are unpredictable and have the potential to damage more than just your vehicle. In such cases, the third-party insurance cover shall take care of the compensation. However, since this type of insurance demands a lower premium, its benefits are very limited.

 

To tackle this, comprehensive insurance serves the rider’s needs as it promises to cover all the losses one can bear during an accident under a single policy. So, let’s take a look at the types of two-wheeler insurance plans.

 

Types of Bike Insurance Plans

When it comes to types of two wheeler insurance, there are three kinds that you need to watch out for:

1. Third-Party Bike Insurance

Third-party insurance coverage safeguards the owner-rider from any third-party liabilities incurred on the road. Be it damage to property, bodily injuries endured by the third party or death of the victim, your insurer covers all such unfortunate scenarios. However, you must also know that third-party insurance is compulsory under the Motor Vehicles Act, 1988, and there is no way of opting out of it.

 

Furthermore, third-party bike insurance protects you from any accidental injuries endured in a mishap. But right off the bat, you must have understood that third-party insurance offers no coverage to your own two-wheeler, which is one of the major drawbacks of this policy.

 

2. Comprehensive Bike Insurance

  • Roadside assistance cover
  • Return to invoice rider
  • Passenger cover
  • NCB protection rider
  • Engine protection cover

For vehicle owners who travel using their bikes on a daily basis, comprehensive insurance is a must. Not only does the plan cover third-party liabilities but also offers protection against numerous other perils affecting your vehicle. From theft and accidental damage to calamities and fire, comprehensive bike insurance has got it all!

 

Similar to third-party insurance, the comprehensive bike insurance policy secures you against injuries resulting from an accident. But did you think this was it? Such an insurance plan further enables you to enhance your cover by opting for add-on benefits. These additional components provide extra protection in case of certain events. Some popular add-on covers are:

3. Standalone Own Damage Cover

By looking at the name itself, you can infer that the standalone Own Damage (OD) cover secures the loss or damage incurred by your own two-wheeler. But how is this different from comprehensive insurance, you ask? Well, you can opt for a standalone OD cover if you have already purchased third-party insurance.

 

It may so happen that you choose to buy a third-party cover but later realise the importance of securing the loss caused to your vehicle. In this case, you can opt for OD cover instead of waiting for the renewal due date to upgrade to a comprehensive insurance plan. The standalone OD cover safeguards your bike from perils such as natural and man-made calamities, theft, own damage, etc.

Difference Between the Types of Two-Wheeler Insurance

Understand the difference between the three types of insurance plans for bikes with the below-given comparative view:

 

Parameters

Third-Party Bike Insurance

Comprehensive Bike Insurance

Standalone OD Cover

Coverage

Third-party bike insurance covers loss incurred by the third party such as damage to property, bodily injuries or death

Comprehensive bike insurance offers a well-rounded coverage that includes third-party liabilities, calamities, theft, own damage, etc.

Standalone OD cover in bike insurance covers natural and man-made calamities, accidental damage, theft, etc.

Legal Aspect

Third-party bike insurance is compulsory to drive in India

Comprehensive bike insurance is optional

Standalone OD cover is optional

Premium Amount

The premium rate of third-party cover is lower in comparison to the other two plans.

The premium is decided by the IRDAI

The premium rate for comprehensive insurance is slightly higher.

The premium rate is decided by the insurance company

The premium rate for standalone OD cover is optimal.

The premium rate is decided by the IRDAI and the insurance company

IDV

Third-party insurance has no IDV

Insured Declared Value is a crucial aspect of a comprehensive bike plan

Insured Declared Value is an essential aspect of standalone OD cover in bike insurance

Customisation

Customisation isn't available

Comprehensive insurance can be customised with add-on covers

Standalone OD cover can be customised with add-on covers

Claim Amount

The claim amount is decided by the Motor Accident Tribunal

The claim amount is decided by your insurance provider

The claim amount is decided by your insurance provider

Exclusions

Third-party insurance doesn't cover own damage, theft, calamities, etc.

-

Standalone OD cover doesn't include third-party liabilities

Why is it Important to Opt for Bike Insurance?

 

  • Financial Protection

Can you imagine your precious bike getting stolen or incurring damages that are beyond repair? Though we never wish such an unfortunate incident to affect you, such vehicular expenses can easily burn through your savings! Moreover, the repair cost of accidental loss incurred by your bike can be quite hefty. With comprehensive bike insurance, you can rest assured about the financial aspect of any damage that affects your motorcycle!

 

  • Extensive Coverage

A comprehensive two-wheeler insurance plan not only offers 360-degree protection but also extensive coverage with add-on covers. By opting for some essential add-ons such as nil depreciation, roadside assistance, NCB protection cover, you can really save a lot of money!

 

  • Peace of Mind

The number of road accidents that occur in India has only been increasing. During such times, you can have peace of mind when it comes to unforeseen perils on the road. Be it an accident, theft, natural or man-made calamity or third-party liability, insurance has got your back!

Conclusion

A two-wheeler insurance policy is just the thing you need to secure your bike and any future expenses related to it. Most of the time it so happens that an accident occurs with no fault of our own. But that doesn’t mean you don’t require any backup against mishaps. You can first estimate the premium you need to pay with our bike insurance premium calculator before opting for a policy!

 

Browse through the two-wheeler insurance plans available on Finserv MARKETS today and enjoy enhanced coverage at an affordable premium!

FAQs on Types of Bike Insurance Coverage

  • ✔️What will happen if I don’t have third-party bike insurance?

    If you are caught without a valid third-party bike insurance plan, you will have to pay a hefty penalty and/or face the risk of imprisonment. Thus, it is recommended to avoid riding your vehicle without insurance first!

     

  • ✔️Which type of bike insurance is best?

    A comprehensive two-wheeler insurance policy is the most suitable option as it offers maximum coverage during an unfortunate mishap. Learn more about the benefits of comprehensive bike insurance on our platform now!

  • ✔️Is third-party insurance enough for my bike?

    If you use your two-wheeler on a frequent basis to travel in the city, third-party bike insurance isn’t enough. You must opt for a comprehensive bike insurance policy for complete protection!

  • ✔️Who is eligible for a standalone Own Damage cover?

    Policyholders who have already purchased a third-party bike insurance policy are eligible to buy a standalone OD cover.

  • ✔️What is third party insurance for a bike?

    Third-party insurance for a bike secures any damage or loss incurred by the third party and not your own vehicle.