Comprehensive Bike Insurance offers complete coverage to bike owners. Even though premium rates are higher as compared to third-party insurance.
Comprehensive Bike Insurance
What is Comprehensive Bike Insurance? What is Comprehensive Bike Insurance?
Comprehensive Bike Insurance offers complete coverage to bike owners. Even though premium rates are higher as compared to third-party insurance, comprehensive insurance offers coverage for a wide range of contingencies and unforeseen circumstances such as accident, theft, natural calamity, and man-made disasters. The insured stands to gain far more than the additional premium paid.
Comprehensive Bike Insurance vs Zero Depreciation Bike Insurance
These two wheeler insurance policies can be differentiated based on the appended factors which can help you take an informed decision based on your personal needs and circumstances -
Premium Rate: - A comprehensive bike insurance provides cover up to 15 years whereas Zero depreciation cover provides cover for a period of up to 5 years
Claim Settlement: - In case of comprehensive insurance, the insurer factors in the depreciation on bike at the time of claim settlement. While in case of zero depreciation, the claim is settled without considering the depreciation which is why it is called zero or nil depreciation cover
Repair Expenses: - Under Zero Depreciation Insurance, the insurer covers total repair expenses. However, under Comprehensive Insurance there is no such provision. The insured must bear the extra cost for repairs
Priority: - Comprehensive bike insurance is suitable for individuals who want complete protection for their bikes. Full protection is their ultimate priority. A two-wheeler zero depreciation add-on cover is suitable for those who want to recover more at the time of claim settlement and for whom depreciation is a big consideration.
Before we understand the difference between comprehensive and third-party bike insurance, let's take a look at what exactly is comprehensive two-wheeler insurance!
Comprehensive two-wheeler insurance is a policy that provides a wide range of covers and benefits to bike owners. It priced higher than a regular third-party insurance but the insured stands to gain more coverage and benefits from the additional payments. It mainly provides cover for unforeseen circumstances or contingencies of own damages like theft, fire accidents, natural calamities, etc. and third party damages
A few benefits of comprehensive bike insurance are as follows:
- Coverage against thefts, accidents, natural calamities such earthquakes, floods and social risks such as riots, strikes terrorism.
- The policy also has a no-claim bonus where the insured gets a discount on renewal premium if there were no-claims in the previous policy year.
It's important to understand the process by which one initiates a claim for the policy. Let's understand how to file an own damage bike insurance claim:
- People generally mistake Comprehensive bike insurance and third-party bike insurance, when in reality, the two policies differ in terms of certain important features. Difference between Comprehensive and Third-Party Bike Insurance is as follows:
Understanding the differences between policies is very important to make a well-informed choice. Certain policies have similar covers, explore them in detail to find the plan best suited to your needs!
- Protects your two-wheeler against theft, accident, natural calamities and various social perils like riots.
- If the owner damages another individual's property, the liability in such cases is covered.
- Unlimited liability for third party personal damages such as death or injury to the other individual.
- Financial aid in case of disablement or death due to accidents that occur while driving travelling in the vehicle.
- Third-party bike insurance protects the driver from expenses of damages and injuries caused to another individual. Comprehensive bike insurance is a combination of third-party and own-damage bike insurance.
- While third-party bike insurance only covers the cost owed to another party for the damages incurred because of the insured, comprehensive bike insurance covers damages caused to the bike of the insured as well as another person.
- Comprehensive bike insurance gives extensive coverage with the choice to opt for beneficial add-ons. Third-party bike insurance offers a limited coverage with only Personal Accident coverage.
- In terms of the premium that is paid, comprehensive bike insurance costs more but comes with a wider-range of benefits.
Why buy bike insurance?
Many people tend to have very special memories attached to their two-wheelers. From long drives to even the routine quick trips, they play a very important part in our lives. So to make sure your bike is safe and secure, bike owners are advised to get two-wheeler insurance.
When you're on the road with your bike, the exposure to risk is much higher than that of someone in a car. Hence, having a comprehensive bike insurance in place will help protect you from the financial burdens that may arise due to any potential road accidents or mishaps.
Having a motor-vehicle insurance is also mandatory for any vehicle to function on Indian roads, as per the Motor Vehicles Act 2019.
The law requires a driver/owner to have third-party insurance in place. The third-party coverage of two wheeler insurance protects you against liabilities towards a third party incase of an accident. This includes expenses that have to be paid for personal injuries and also property damage.
A comprehensive two-wheeler insurance plan, not only covers the required third-party coverage but also gives you the own-damage cover benefits. The own-damage cover takes care of all liabilities incurred due to theft, explosion, fire, burglary, man-made disasters (riots, strikes, etc.) and natural disasters such as floods, earthquakes, etc.
Comprehensive covers also come with the huge benefits of additional-cover. Paying an extra premium let's you add more covers to your policy that protect your vehicle from a further range of risks. You can even avail certain discounts such as the No-Claim Bonus at the time of renewal. With a strong comprehensive cover in place you can get maximum coverage for your two-wheeler and worry less about the financial liabilities incase of a mishap.
What does your Third Party Bike Insurance policy give you?
What it covers
A standard comprehensive bike insurance policy covers you in the following events:
- Third-Party Legal Liability: The insured is covered for damage caused to a third party bodily injury, death, and third party property
- Personal Accident: Cover of Rs 15 lakhs is provided to the insured owner-driver (insured's family members) in case of an accident while driving the bike - during travel, while mounting or dismounting the bike
- Damage to your bike due to Man-Made Calamities: This policy provides cover against burglary, theft, strike, riot, terrorist activities
- Damage to your bike during Transit: Covers damages incurred during transit via lift, elevator, road, rail, air, inland waterway
- Damage to your bike due to Natural Disasters: Covers losses suffered due to natural calamities like storm, flood, earthquake, cyclone, typhoon, frost, landslide, hurricane, cyclone etc.
- Damage to your bike due to fire, explosion, and self-ignition
What it does not cover
Comprehensive Bike Insurance does not provide cover in the following events -
- Wear, tear, and ageing of bike
- Burglary/theft of bike accessories
- Damage/loss by an under-age or unauthorized rider or driving without a valid license
- Electrical or mechanical breakdown or failure
- Damage/loss due to irresponsible behavior like loss of keys or reckless behavior like speeding, performing stunts
- Damage/loss due to driving under the influence of alcohol or drugs
- Depreciation in the value of the bike
- Damage/loss/liability caused by terrorist attacks, riots, war, invasion or nuclear weapons
- Wear and tear of tyres and tubes, unless damaged in an accident
- Damage/loss to two wheeler or a third-party liability arising beyond the stated geographical area i.e. outside India