First Party Bike Insurance Explained: Buying Own Damage Cover Bike Insurance Online

Protecting a bike against accidental damage is equally important as meeting legal insurance requirements. This is where first-party bike insurance, also known as own-damage bike insurance, comes in. This policy protects the insured bike against accidents.

Learn what is first-party bike insurance, how it works, what benefits it offers and how to purchase this policy online.

What is First Party Bike Insurance Cover?

First-party bike insurance is a type of insurance plan that provides broader financial protection for your bike. It offers coverage for damage due to accidents, fire, theft, natural disasters and man-made events. As the name suggests, this policy only covers first-party liability, i.e., you, the policyholder.

In some cases, this policy also includes personal accident cover for owner-riders, subject to the policy terms. Thus, opting for first-party bike insurance ensures broader financial coverage and peace of mind in the event of an unforeseen incident.

Is First-Party Bike Insurance Compulsory?

Under Indian law, first-party bike insurance is not mandatory. Only third-party bike insurance is mandated under the Motor Vehicles Act, 1988. However, first-party insurance is important to consider because it protects your bike and reduces your out-of-pocket expenses. Thus, opting for first-party bike insurance ensures broader financial coverage and peace of mind if an unforeseen event occurs.

What are the Benefits of Own Damage Bike Insurance Cover?

Theft Protection

First-party bike Insurance covers financial losses if your insured bike is stolen. It also compensates for any theft-related damage, subject to the policy's terms and conditions. This reduces the financial burden of replacing the vehicle.

Personal Accident Cover

Personal accident cover offers financial support if there is accidental death or permanent total disability of the owner-driver. This cover may be available as an optional benefit. It enhances the overall financial safety and security during unforeseen events.

Financial Assistance

Repairing the bike after a natural disaster or accident can be costly. The insurer pays for eligible repair and replacement costs. This reduces your out-of-pocket expenses and makes recovery smoother after any unexpected incident.

Availability of Add-ons

With first-party bike insurance, many insurers offer add-ons. These include zero depreciation, roadside assistance, engine protection, return to invoice, and consumables cover. Adding these options helps tailor the policy to individual needs.

Premiums Depending on Risk Profile

The premium is determined by the age of the bike, make, model, insured declared value, geographic location and chosen add-ons. A low risk profile keeps the premium more affordable.

How to Buy Your Own Damage Bike Insurance Cover Online?

To buy your own damage bike insurance online, follow the steps below:

Step 1: Go to the official website of your insurer and fill in your bike details such as the make, model, registration number, year of manufacture and previous policy details, if available.

Step 2: Choose the standalone own damage two-wheeler option from the drop-down menu if you have a valid third-party liability cover.

Step 3: Review the coverage and add necessary add-ons, such as engine protection or zero depreciation cover, for improved protection.

Step 4: Your bike insurance premium will be calculated based on the location, Insured Declared Value (IDV) of the bike, and other factors.

Step 5: Make payment securely using UPI, credit or debit card and net banking. As soon as you complete the payment, you will receive policy details instantly. 

Protect Your Own Damage Cover with TATA AIG Bike Insurance

First-party bike insurance helps protect against unexpected repair and replacement expenses. It covers financial losses caused by accident, theft, fire or natural calamity. The right policy also lets riders enhance their cover with optional add-ons. Selecting the right own damage cover reduces financial stress and helps protect your bike against risks.

TATA AIG provides own damage bike insurance against accidents, theft, fire, natural disasters, and more. The policy also provides access to a nationwide network of cashless garages for hassle-free repairs. Riders can also add add-ons to their policy for extended financial coverage.