In India, there are two kinds of bike insurance policy coverage. Third-party two-wheeler insurance offers minimal coverage and is required for driving on Indian roads. The Comprehensive bike policy, on the other hand, provides more coverage. We will help you distinguish between the two plans and provide you with the information to choose the best coverage for your bike.
What is Comprehensive Bike Insurance?
A Comprehensive two wheeler insurance, which combines both third-party and own-damage coverage, provides comprehensive coverage for your bike by covering everything from third-party liabilities to damages to your bike caused by unforeseen events such as natural catastrophes, collisions, accidents, and so on. You may also choose one or a mix of several add-ons to improve the coverage of your two-wheeler.
Advantages of Comprehensive Insurance:
- It will pay for any damage to your motorbike.
- It safeguards you from third-party obligations.
- It allows you to personalize your Insured Declared Value (IDV).
- It offers protection from the effects of natural disasters.
- Any personal injury caused by accident might be compensated.
Drawbacks of Comprehensive Bike Insurance:
- It’s far more expensive than third-party bike insurance.
- It does not cover the bike’s everyday wear and tears.
What is a Third-Party Insurance?
As the name implies, a Third-Party Bike Insurance is a sort of bike insurance that only provides the bare minimum of coverage for Third-Party Liabilities, losses, and damages. Suppose you are involved in a motorcycle collision with another vehicle. Your Third-Party bike insurance will pay for the damages caused to the other passengers. However, it would not be able to cover damages and losses to your own bike.
Advantages of Third-Party Bike Insurance:
- In the event of an accident, this coverage will cover the expenses of replacing a third-party vehicle.
- You won’t have to pay any high bike insurance fines if you have this coverage since the law requires it.
Drawbacks of Third-Party Bike Insurance:
- This policy excludes damage to your motorbike.
- This insurance prevents you from customizing your IDV.
A comprehensive or third-party bike insurance policy should always provide the protection you need for your bike. By making this decision, you will be able to take advantage of reasonable insurance rates and keep paying them without experiencing financial measures on other costs.