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Standalone Bike Insurance v/s Third-Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | Own Damage Insurance | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|---|
| Cover your own bike | Covers damages to your bike only | Not covered | Covers damages to both your bike and third-party liabilities |
| Third-party liability coverage | Not covered | Covers third-party property damage and injuries | Covers both third-party liabilities and own bike damage |
| Coverage for theft | Yes, bike theft is covered | Not covered | Yes, bike theft is covered |
| Coverage for natural disasters | Yes, covers natural disasters like floods | Not covered | Yes, covers natural disasters |
| Coverage for man-made events | Yes, covers vandalism and riots | Not covered | Yes, covers man-made events |
| Personal accident cover | Optional (through add-ons) | Not included | Available as an add-on |
| Premium cost | Moderate | Lower, as it only covers third-party liabilities | Higher due to broader coverage |
| Add-on covers available | Available (e.g., zero depreciation) | Not available | Available (e.g., engine protection, zero depreciation) |
| Legal requirement | Not required | Mandatory by law | Optional but highly recommended |
| Best for | Those wanting protection for their own bike | Those seeking basic, mandatory protection | Those seeking full coverage for bike, third-party, and theft |
Bike Insurance Plans By Universal Sompo
What Is Covered Under Universal Sompo Standalone Own-Damage Bike Insurance?
This insurance covers the following:Damage to your bike due to an accidentDamage caused by fire or explosionTheft or total loss of the bikeDamage caused by natural disasters like floods or earthquakesDamage caused by man-made disasters like riots or strikes
This insurance does not cover the following:Bike damage due to mechanical or electrical failureDamage caused by illegal riding, such as riding without a licenseNormal wear and tear of the bike over timeDamage that happens outside India
The benefits of buying this insurance are:It protects your bike from many problems like theft, accidents, fire, explosions, and natural or man-made disasters.If you do not make any claim in a year, you get a No Claim Bonus, which reduces your next premium.You can add extra covers (add-ons) to get more protection for your bike.