An individual in India can opt for several modes of transportation, but the two-wheeler is the preferred choice to dodge the dense crowds and traffic. Hence, bike insurance, whether to cover own damage or third-party cover, is a must-have. Some people may get confused about their benefits, so here we are to clarify about own damage vs third-party bike insurance.
Own Damage Vs Third-Party Bike Insurance
The benefits and coverage of the own damage vs third-party bike insurance have been discussed below and compared based on several factors. It is important to buy the right insurance plan that covers all the aspects while maintaining your budget. When purchasing bike insurance, it makes sense to consider factors such as bike value, model, engine power, age, and locality.
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Particulars
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Own Damage Cover
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Third-Party Over
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What is it?
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It is a type of bike insurance that covers the finance of damages to the bike.
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This provides insurance when one is responsible for accidents that hurt people or damage their property.
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What does it cover?
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Covers own bike damages
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Covers third-party liabilities
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What are the add-ons?
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One can purchase the add-ons with their damage cover
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This insurance cover does not come with an option to upgrade to any add-ons
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Cover for personal accident
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Does not offer any personal accident cover
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Covers up to INR 15 lakh personal accident cover
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Premium costs
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Increase with time
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Lower premium than own damage coverage
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Conclusion
Third-party insurance covers liabilities for accidents involving others, while own-damage policies cover the insured bike. Compensation exclusions include illegal driving, out-of-area accidents, or non-accidental damages. Optional add-ons enhance policy flexibility for personal requirements.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.