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What’s the Difference between Third Party Liability, Own Damage, and Comprehensive Two-Wheeler insurance policy?

Are you thinking of buying a two-wheeler but unsure of which insurance policy you need to take? Or do you have just the Third Party Liability cover and want to upgrade to a better policy that offers you and your bike coverage as well? Here’s all you need to know about the three insurance policies we offer on two-wheelers, so you can make an informed decision about which plan suits your needs best.

Third-Party Liability insurance:

This Third-Party Liability cover is a mandatory insurance policy you will have to buy when you purchase your bike. This policy is a lot cheaper than Comprehensive two-wheeler insurance as it only protects you from third-party liabilities. That means this policy does not cover any damages sustained to you or your bike in the case of an accident, but rather covers your legal liabilities if any damages are sustained by a third party for which you are responsible for.

For instance, if you get into an accident with another rider and you are at fault, and you and the other rider have sustained injuries, this insurance policy will cover the other rider for the injuries sustained, but it will not cover your personal damages. The insurance policy coverage will include the third party’s medical bills, cost to repair the property you damaged, etc, but that coverage will not extend to you. If you want to extend the policy to insure yourself and your two-wheeler as well, you will have to take a Standalone Own Damage insurance policy or a comprehensive insurance policy.

Own Damage Insurance Policy:

This is a standalone policy that has been recently introduced by the IRDAI, which allows you to take a policy to protect your bike in the case of theft, damage due to natural calamities or damages due to man-made disasters like vandalism and riots. This is an independent and optional policy that you can take in addition to the mandatory Third Party Liability insurance policy, which means you can get your two-wheeler insured against theft and natural disasters without having to wait to upgrade to a Comprehensive insurance policy.

Since it’s a standalone policy, it will not be bundled with your Third Party Liability insurance, giving you the freedom to choose this policy from another insurance provider if you find their policy better suits your needs. However, this policy does not cover you in the case of a personal accident, or any damages your bike sustained during transit — which is only available in a Comprehensive insurance policy.

Comprehensive Insurance Policy:

This policy offers coverage for Third Party damages and for Own Damage as well. This cover is a comprehensive one, offering coverage for own damage and third party liability, and in the event of personal accident or if your bike sustained any damages during transit (damages sustained by lift, rail, flight, road, air, etc). You can also take add-ons with your Comprehensive insurance cover, to ensure maximum protection for you, your two-wheeler, and for third parties. Use this information well, and you can confidently pick the policy that is best suited for you and your bike.

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