Two-wheeler insurance, also known as motorcycle insurance or bike insurance; protects your bike from any loss or damage caused by accidents, theft, fire or natural disasters. It is very important to invest in bike insurance. Before buying two-wheeler insurance; it is very important to understand the types of insurance policies, and what each has to offer. The knowledge about the differences between every policy will help you make the right choice.

First party insurance claim

In a bike insurance policy; you are the first party/ insured, and your provider is the second party/ insurer. If the damage was caused by someone else; they become the third party.

In a first-party insurance policy, the provider will pay you in an event of accident, loss or injury. The amount will be paid whether the damage was caused by you or someone else.

Third party bike insurance claim

You buy this policy for protection against claims of a third party. You are not covered for the damages that have happened to you in this policy; whether the damage was caused by you or someone else. So the insurance provider is not liable to any of your duties. The damage can be third party vehicle damage, death, injury, or property damage. Having this policy is compulsory in India.

Whether you are planning on buying first or third party bike insurance, make sure to choose your insurance provider wisely. Select a reputed provider like Bajaj Finserv, which provides various offers along with hassle-free online insurance application and renewal.

Read Also: First Party Insurance Vs Third-Party Insurance – Know The Difference!