Understanding Two-Wheeler Insurance: Third-Party vs. Own Damage Cover

In India, people usually prefer a two-wheeler over a four-wheeler as their mode of transportation. It’s because of the dense crowd and traffic on the Indian road. But to make sure that the two-wheeler is well-protected, it’s important to opt for either OD insurance or a third-party one. Both of these policies offer many conveniences and advantages to the policyholder. However, there is a massive difference between od and tp insurance, and it’s important to stay well aware of them. Read on to learn more.

3rd Party vs OD Insurance Cover: The Difference

Both OD and tp insurance for bike are ideal for all bike owners, but it’s important to know how different they are from each other:

Third-Party Bike Cover

This insurance plan can cover the damages caused to a property or third party by your two-wheeler. In simple words, the Bike insurance coverage will provide legal liabilities and payout for damages to a property or a 3rd-party if your bike was responsible for it. Even though it is less expensive compared to a comprehensive cover, the coverage is limited. It’s important for all bike owners to have a third-party insurance policy according to The Indians Motor Vehicles Act of 1988.

Own Damage Bike Insurance

The od cover in insurance stands out as a standalone policy for bike owners. It will offer coverage for injuries/damages induced to an insured bike. Having this type of insurance policy is important for bike owners. It’s because the policy will protect your two-wheeler from natural calamities, accidents, and even theft. The Own damage insurance will also provide monetary assistance to the two-wheeler when unforeseen incidents take place. Investing in this kind of two-wheeler plan will be helpful, offer protection against unexpected events, and offer peace of mind.

Benefits of a Third-Party Bike Insurance

A two wheeler third party insurance can provide a bike owner with many benefits. Some of these are mentioned below:

Provides Monetary Aid: 

The policy will cover the liabilities for the injury or death caused to a third party. It will also cover up for the damages caused to a third-party property.

Requires Less Paperwork:

You can apply for this bike plan without any problems. This is because it does not involve much paperwork. A Sign of Relief: Having this insurance cover will not help cover the damages but will also not drain out your own finances.

Cost-Effective:

Opting for a third-party bike cover is an excellent option as it is economical compared to a two-wheeler comprehensive plan.

Benefits of an Own Damage Bike Insurance

Apart from offering an excellent od premium in insurance, this bike policy is also packed with some great advantages. Some of these are:

1. It will offer coverage for damages that took place due to natural calamities, such as earthquakes
2. The policy will also cover the damages caused due to accidents
3. Covers for all damages or losses to the bike that occurred due to an explosion or fire
4. The plan will also protect man-made activities such as burglary, theft, etc

However, remember, the Own damage comprehensive motorcycle insurance will not cover up for mechanical and electrical problems and normal wear and tear. It will also not cover if the vehicle was driven under the influence of narcotics or alcohol.

Purchasing a Two-Wheeler Plan: Which one is the Right one For You

Before opting for Own Damage Plan or a Third Party Plan for your two-wheeler, there are certain factors that you must under your consideration:

Complimentary Solutions

Opt for an insurance firm that provides unique solutions along with their two-wheeler insurance plan. Check to see whether or not the company offers complimentary solutions as an extra benefit, and then make your decision.

Claiming and Purchasing Method

Before obtaining a two-wheeler plan, you must inspect the claiming and buying process. Go through various insurance companies online and then check which one provides a straightforward claim settlement and buying process.

Ratio and Speed of the Claim Settlement

Through the Claim Settlement Ratio, you can find out how successful and easy the claim settlement work of an insurance firm is. Make sure to go through the claim settlement ratio of the insurance companies before purchasing a two-wheeler plan for your vehicle.

Conclusion

It depends heavily on you whether you want third-party insurance cover or the Own Damage cover for your two-wheeler. Even though these insurance covers are good, they are different from each other. That’s why it’s important to gain proper knowledge about both these policies and then decide which one you want. One such expert offering feature-packet two wheeler insurance is Bajaj Allianz. A renowned and trusted two wheeler insurance company that offers the best policies for bike owners. Make sure to opt for a bike policy that will match your requirements.   *Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.