Buying two-wheeler insurance is mandatory according to India’s Motor Vehicle Act of 1988. This plethora of options makes it challenging for bike or two-wheeler owners to select the right one. However, due to the uncertainty of various events, it is necessary to prepare for every challenge that may come your way.
Thus, among the different types of coverage, having comprehensive bike insurance is the one which maximises the protection of your bike, making it the rational choice for almost two-wheeler riders.
In this article, we will learn about comprehensive bike insurance policy, the rationality behind choosing it and its benefits to bike owners.
What is Comprehensive Motorcycle Insurance?
Comprehensive motorcycle insurance is a type of insurance policy where the policyholder gets extensive coverage in case of any theft, accident, or unforeseen events involving the bike. It provides financial protection against any third-party liabilities, i.e., damages to third-party property or injuries to third parties, along with coverage for own damage to the insured vehicle.
It also includes protection against natural or man-made calamities. Furthermore, the policy may include personal accident insurance coverage, including the loss of wages and more.
Which Policy Is Best For Two Wheeler Comprehensive Bike Insurance Or Third Party?
Suppose you have to buy the Mahindra Mojo bike. Undoubtedly, you have to buy Mahindra Mojo insurance. But now you are confused about which one will be the best, whether the comprehensive third-party bike insurance policy. So, here is the difference between them, which helps you to understand which one you should go with.
|Aspect||Comprehensive Insurance||Third-Party Insurance|
|Coverage||Own damage and third-party liabilities||Only third-party liabilities|
|Protection||Extensive coverage for the insured bike||Protection for third parties involved|
|Damages Covered||Accidents, theft, fire, natural calamities, etc.||Damages to others’ property and injuries|
|Financial Safety||Protects against bike repair costs and theft||No coverage for the bike’s own damage|
|Legally Mandated||Not mandatory by law, but highly recommended||Mandatory by the Motor Vehicles Act|
|Premium||Generally higher premium due to broad coverage||Lower premium, as it covers fewer risks|
|Personal Accident Cover||Often includes personal accident cover for owner/driver||Personal accident cover not included|
|Add-Ons Available||Various add-ons available to enhance coverage||No add-ons, only basic coverage|
|Best For||New bikes, expensive bikes, comprehensive protection||Budget-conscious riders, basic coverage|
What are The Benefits of Comprehensive Two-Wheeler Insurance?
1. Protection Against Third-Party Claims
Comprehensive two-wheeler insurance protects against third-party liabilities, which include damages and injury to their property and life. It also bears the financial burden of legal expenses or other penalties raised against third-party liabilities.
2. Coverage for Own Damage
A comprehensive policy also protects against your own damages, including damage to your insured bike. The insurance company provides the claim against the money spent on repairing and replacing any damaged parts or provides the complete IDV value in case of total loss.
3. Protection from Natural and Man-Made Calamities
Comprehensive insurance coverage will protect you against natural calamities and man-made disasters. It includes floods, earthquakes, cyclones, fires, strikes, explosions, etc. They both may cause damage to your valuable asset. But with comprehensive insurance, the insurance company will come forward to take your financial burden on them, providing you with financial security.
4. Coverage for Theft
Theft is a major concern when it comes to two-wheelers. However, with comprehensive bike insurance, you will get the claim against theft or total loss of the insured two-wheeler vehicle by evaluating its Insured Declared Value (IDV). It gives peace of mind and financial security against losing their valuable assets.
5. Personal Accident Cover
Comprehensive two-wheeler policies may also include a personal accident cover. In case of permanent disability or death due to an accident involving the bike, the insurer will provide a lump sum amount to the policyholder and support them financially by providing a monthly income during their challenging time.
6. Fulfils Legal Compliance
Riding your bike on Indian roads requires bike insurance according to the Motor Vehicle Act. So having a comprehensive two-wheeler insurance policy fulfils your legal compliance and saves you from legal implications.
Choosing a comprehensive policy for your two-wheeler is rational as it provides extensive coverage and many benefits. It also gives you the flexibility to add important coverages such as zero depreciation, roadside assistance and more, making it the more customisable choice for bike riders. Along with legal and financial security, investing in comprehensive two-wheeler insurance gives them peace of mind and freedom to enjoy their journey on Indian roads.