3rd party insurance:no problem?
you must understand what each type of insurance cover...if you're scared then get first party lor...but only available to new bikes...for second-hand bikes you can only get second or third party. The latter's the cheapest and cover only yourself. first party will cover everything...even if people hit you in accident you can claim. not so sure about the second party...
claim to 3rd party's insurance company, if the accident is your fault, you will not get a cent from the insurance company, have to pay the repair cost yourself... no claim for stolen or being burn.
2nd party insurance:
same as 3rd party insurance, claim including theive and fire, it means your bike kena stolen or burn you can claim for your loss.
1st party insurance :
no matter you hit somebody or somebody hit you, you can claim to your insurance company, not need to wait for police report to justify your fault or other's fault.