Bike insurance own damage vs third party insurance clarification

You must have bought the 2w in 2021. A new 2w comes with compulsory 5 years third party insurance which is compulsory. Further own damage is optional and is used for the expenses related to the damages to your vehicle in case of an accident. Comprehensive insurance is just both of them combined..

Now if you have third party insurance till 2026, Then you definitely don't have to buy comprehensive insurance. Own damage insurance is upto you.

The quoted price of RS 200 by phonepe must be the cheapest plan without zero dep or other add-ons.

Own damage mein Personal accident cover optional hota hai. Woh select karoge toh cost increase ho jayegi.

The cost difference could be coming from the difference in IDV (or the value of the vehicle as per the car) combined with not getting personal accident insurance, zero depreciation and so on. There are multiple factors that decide the price of the insurance. Please check and compare the coverage offered by the current insurance, and the one that you are looking at.

there are 3 kinds of things present while opting bike insurance:

1. Third-party insurance (mandatory):  It provides cover against any damage caused to third-party property or individuals in case of an accident. However, it does not provide cover for damages to your bike. This needs to be taken with each bike. (cost ~700-800rs)

2. Personal Accident insurance (mandatory): It covers your damage (not bike) due to a bike accident. One needs to have a minimum of 15Lakhs mandatory cover which can be claimed on death/disability.  The registered bike owner needs to take this atleast once (even if you have multiple bikes under the same name).

3. Own Damage (optional): It covers your bike damage incase of any accidents or natural calamities. The max cover amount will be the Insured's Declared Value (IDV) provided by the insurance company while taking the insurance. This is optional and can be ignored if you do not want to cover your own bike damage. (cost ~ 220rs)

Note: If you take comprehensive bike insurance, it will give all three benefits and costs ~900-1000rs.

**All costs are exclusive of GST.