First-party Bike Insurance

Everything you need to know about first-party bike insurance, its coverage, how to make a first-party insurance claim, etc.
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First-party Bike Insurance
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3 mins
20-October-2023

First-party insurance for two-wheelers, also known as first-party bike insurance, is an indispensable component of responsible bike ownership in India. This comprehensive insurance option provides coverage for your own bike, ensuring you have financial support in the event of accidents, theft, or damage to your two-wheeler. In this comprehensive guide, explore the benefits of first-party bike insurance, the claim process, etc.

First-party insurance for two-wheelers: Overview

First-party bike insurance, often referred to as comprehensive bike insurance, is designed to safeguard the interests of the bike owner. First-party insurance provides an extensive shield for you and your bike. This type of coverage typically includes coverage against various scenarios, such as accidents, theft, vandalism, natural disasters, and more.

First-party bike insurance essentially operates on the principle of 'self-protection’. It covers the damages caused to your own insured vehicle. It ensures that your own financial interests are secure, irrespective of whether the incident was your fault or not. While third-party insurance is a legal requirement in India, opting for first-party insurance is a prudent choice for those who want to secure their two-wheelers.

Benefits of first-party bike insurance

First-party bike insurance offers numerous advantages that make it a wise investment for any bike owner in India. Let us delve into the key benefits of this type of coverage:

Coverage for own damage:

The most significant advantage of first-party insurance is that it covers damage to your own bike. Whether it is a minor scrape, a significant accident, or damage due to natural calamities, your insurance policy will assist in covering the repair or replacement costs.

Theft cover:

First-party bike insurance offers coverage for damages caused due to burglary or robbery. The insurer compensates for the total of the bike.

Accident coverage:

First-party insurance ensures that you have financial support for medical expenses and bike repairs in the event of an accident.

Peace of mind:

Knowing that you have the financial backup in case of any emergency provides you with peace of mind. You can ride with confidence, knowing that you are not financially vulnerable in case of unforeseen incidents.

Customisation options:

You have the flexibility to customise your policy with rider plans or add-on covers. You can avail of add-on covers like zero depreciation cover, roadside assistance cover, NCB protection cover, key replacement cover, etc., which further enhances your coverage.

Legal compliance:

In India, it is mandatory to have at least third-party liability insurance to legally ride a two-wheeler on public roads. First-party insurance meets this requirement while also offering comprehensive coverage for your bike.

Coverage against natural calamities:

First-party insurance also extends coverage to damage caused by natural disasters such as floods, earthquakes, and cyclones. This is especially relevant for locations where the climate can be unpredictable.

How to apply for first-party bike insurance online?

Here’s a step-by-step guide to applying for first-party bike insurance at Bajaj Finance Insurance Mall.

Step 1: Click here to visit our online application form.

Step 2: Fill in the details of your two-wheeler, such as the type, registration number, and PIN code, and click on Get Quote.

Step 3: Choose the IDV, NCB value, optional add-on covers, and plan type for your third-party two-wheeler insurance.

Step 4: Select the owner-driver personal accident cover as mandated by the RTO and proceed to the next step.

Step 5: Confirm the vehicle registration date and previous policy type (Comprehensive/third-party).

Step 6: Provide your personal details such as name, date of birth, residential address, contact number, and previous insurance policy details.

Step 7: Review the details entered and make the payment through your preferred online payment mode.

How to make a claim for first-party bike insurance?

Here's a step-by-step guide on how to make a claim for first-party bike insurance:

Inform the insurance company:

As soon as an incident occurs, such as an accident, theft, or damage to your bike, you should promptly inform your insurance company. Most insurers provide a dedicated helpline or customer support service specifically for claims.

Provide necessary information:

You need to provide details about the incident, including the date, time, location, and circumstances surrounding the event to the insurer. Accurate information is crucial for a successful claim.

Lodge a police report (if required):

For certain incidents like theft or significant accidents, you may need to file a First Information Report (FIR) with the local police. The FIR is an essential document required for your claim.

Assessment by the insurance company:

The insurance company will appoint a surveyor or investigator to assess the extent of damage or loss to your bike after you inform them. This assessment is critical for claim approval. Based on this assessment, they evaluate the extent of damages caused to the vehicle.

Repair or replacement:

If your claim gets approved, you have the option to get the bike repaired at a network garage affiliated with your insurer. These garages typically offer cashless repair services. In the case of a total loss, you will receive the insured sum for your bike. The insurer will directly settle the claim with the cashless garage. If you have opted for a reimbursement claim, in this case, you need to pay the bills and submit the bills and other documents to the insurer. Accordingly, the insurer will compensate for the claim made.

Documentation:

Maintain all documentation related to the incident, including the FIR, claim form, repair bills, receipts, and any other documents requested by your insurance company. Keeping an organised record of your claim can help expedite the process. In the case of cashless repair, the network garage directly deals with the insurer for the documentation. You would need to provide these documents yourself to the insurer if you opted for a reimbursement claim.

Timely settlement:

Most insurance companies aim to settle claims as quickly as possible. Ensure that you provide accurate information and documentation to expedite the claim process.

Is first-party insurance for two-wheelers mandatory?

In India, third-party liability insurance is mandatory by law for all two-wheeler owners. This type of insurance provides coverage for damages caused to a third party, including the person and the property, in case of an accident involving your bike.

On the other hand, first-party insurance, while not legally mandatory, is highly recommended for all bike owners. It offers comprehensive coverage for your own bike and provides financial protection in a range of scenarios, as mentioned earlier.

In summary, first-party bike insurance offers a multitude of benefits and is a wise choice for responsible bike owners in India. Your two-wheeler is more than just a mode of transportation; it is an investment, and first-party insurance ensures that your investment is well protected.

Frequently asked questions

What is the difference between first-party bike insurance and third-party bike insurance?

Firstly, first-party bike insurance provides coverage against damages to your bike caused by natural calamities, theft, fire, and accidents. You also get coverage for third-party liabilities. Whereas third-party bike insurance covers damages caused to a third-party due to an accident involving your bike. Secondly, first-party bike insurance is not mandatory, while third-party bike insurance is mandatory as per the Motor Vehicles Act. Finally, first-party bike insurance is usually more expensive than third-party bike insurance because it covers more risks.

Should I buy a first-party bike insurance or third-party bike insurance?

Choosing between first-party bike insurance and third-party bike insurance depends on your specific needs. If you have a new or expensive bike and want comprehensive coverage, first-party bike insurance is recommended. It gives coverage for both own damages and third-party damages. However, if you have an older or less expensive bike, third-party bike insurance will suffice.

What is the cost of first-party bike insurance?

The cost of first-party bike insurance varies depending on various factors like the make and model of the bike, its age, the city of registration, and your driving history. The premium can be higher if the bike is new or expensive. It is best to compare different insurance policies and get multiple quotes to find the most affordable option.

What is covered under first-party bike insurance?

A first-party bike insurance policy typically includes coverage against damages to your bike caused by natural calamities such as earthquakes, floods, landslides, theft, fire, and accidents. It also covers expenses for personal accident insurance, medical expenses, and third-party liability expenses. However, it is important to read the policy document carefully to understand the terms and conditions of the coverage.

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*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

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T&C Apply. *Premium indicated is exclusive of taxes for third party coverage of two-wheeler up to 75 CC. Premium may vary based on the specification of the vehicle.