Comprehensive Bike Insurance vs Own-Damage Bike Insurance

What is a Bike Insurance Policy?

Before moving forward, you must know what is a bike insurance policy. It is a financial safeguard that provides protection against unforeseen risks involving your two-wheeler. These risks may include road accidents, theft, natural disasters, vandalism, and liabilities arising from third-party injuries or property damage.

Basically, there are two key types of policies involved here: own-damage bike insurance and comprehensive bike insurance. Let's understand both to know the key differences.

What is Own-Damage Bike Insurance?

Own-damage bike insurance policy is a type of two-wheeler insurance policy that is specifically designed to cover the damages to your own vehicle due to accident, theft, fire, natural calamities, or man-made disasters. However, this policy does not cover third-party liabilities and must be bought alongside a separate third-party bike insurance policy.

1. What It Covers?

   Here are inclusions of an own-damage bike insurance policy:

   • Damage to your bike due to accidents
   • Theft or total loss
   • Fire or explosion
   • Damage due to natural disasters (floods, earthquakes, etc.)
   • Man-made disasters (vandalism, riots, etc.)

2. What It Doesn't Cover?

   Here are exclusions of an own-damage bike insurance policy:

   • Injury or death of a third party
   • Damage to third-party property
   • Legal liabilities to third parties
   • Depreciation and regular wear & tear

Benefits of Own-Damage Bike Insurance Policy

The following are the benefits of an own-damage bike insurance policy:

• Covers your bike: It offers financial assistance for repairing or replacing it.
• Flexibility: This policy is available as a standalone policy with a separate third-party bike insurance cover.
• Add-ons Available: The OD bike insurance policy coverage can be enhanced with the help of various add-on covers.
• Budget-Friendly: This policy has a lower premium than a comprehensive two-wheeler policy if the third-party policy is already active.

What is Comprehensive Bike Insurance?

Comprehensive bike insurance offers all-in-one protection for your bike. It combines own-damage cover and third-party liability insurance in one policy. It protects you financially in case of accidents, theft, fire, natural calamities, and legal liabilities.

1. What It Covers?

   Here are the inclusions of comprehensive bike insurance policy:

   • Damage to your own bike due to accident
   • Theft or total loss
   • Fire or explosion
   • Natural calamities (floods, earthquakes, etc.)
   • Man-made disasters (riots, vandalism)
   • Injury or damage caused to third parties
   • Legal liability cover

2. What It Doesn't Cover?

   Here are the exclusions of comprehensive bike insurance policy:

   • Regular wear & tear
   • Drunk driving causes damages
   • Damages outside the mentioned geographical location
   • Damages incurred without having an active comprehensive policy
   • Damages sustained without having a valid RC, DL, or PUCC.

Benefits of Comprehensive Bike Insurance Policy

The following are the benefits of a comprehensive bike insurance policy:

• All-Round Protection: As the name says, it covers both own damages and third-party liabilities in a single premium.
• Convenience: No need to purchase a separate policy as it covers all perils in a single policy.
• Peace of Mind: Ride worry-free as it protects financially in risky environments.
• Customisable Coverage: A wide range of optional add-ons for customised protection.
• Better Resale Value: The bikes insured with comprehensive coverage are more attractive to buyers.

Add-Ons Available Under Comprehensive Bike Insurance Policy

• Zero Depreciation Cover
• NCB (No Claim Bonus) Protection
• Engine Protection Cover
• Roadside Assistance
• Return to Invoice Cover
• Pillion Rider Cover

Key Differences Between and Own-Damage Bike Insurance and Comprehensive Bike Insurance

You may also read: Comprehensive Vs Third-Party Bike Insurance Policy

Which One Should You Choose?

1. Choose Own-Damage Bike Insurance If:

   • You already have an active third-party insurance policy.
   • You want coverage for just your bike at a lower premium.
   • You ride occasionally and want minimal protection.

2. Choose Comprehensive Bike Insurance If:

   • You have a new or high-end bike model.
   • You ride regularly in cities or high-risk areas.
   • You want full protection, including third-party liabilities.
   • You prefer add-ons like zero depreciation, engine cover, etc.

Factors to Consider Before Buying Bike Insurance Online in India

You need to consider the following factors before buying bike insurance online in India:

1. Bike's Age and Value: Newer and high-end bikes deserve full coverage, which is why you must consider comprehensive bike insurance.
2. Usage Pattern: Daily users are more prone to risks and need broader protection than the occasional rider.
3. Location: Urban or theft-prone areas may require comprehensive coverage.
4. Add-On Requirements: Add-ons enhance coverage but also raise premium costs.

Final Verdict: Which One is Better?

Choosing between a comprehensive two-wheeler insurance policy and an own-damage bike insurance policy depends on your personal needs, bike condition, and financial preferences.

• Comprehensive coverage and maximum protection will be the best choice if you seek full coverage and maximum protection.
• If you already have third-party bike insurance and want to protect your own bike, then own-damage insurance is a great, cost-effective choice.
• Comprehensive bike insurance is generally the smarter investment for newer bikes or frequent riders.

FAQs – Comprehensive VS Own-Damage Bike Insurance