Comprehensive vs Third Party Bike Insurance
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The primary difference between a Third-Party and Comprehensive Bike Insurance is that of coverage benefits. While a third-party bike insurance only covers for third-party related liabilities, a comprehensive bike insurance covers for your bike’s own damages as well and, also gives you the option to extend your coverage beyond just basic benefits, with a range of add-ons and covers.
Choosing the best kind of bike insurance for your two-wheeler is crucial given the extent of risks associated with riding two-wheelers in and around cities. Moreover, post the new traffic laws and hefty fines associated with not having a valid bike insurance, you really cannot afford to not have one!
To make your decision of buying the right bike insurance easier for you, we’ve put down the benefits and limitations of both a third-party and comprehensive bike insurance so you can evaluate your choices and make an informed decision accordingly.
Comprehensive Bike Insurance |
Third-Party Bike Insurance |
|
What is it? |
A Comprehensive bike insurance policy combines both a third-party liability insurance and own-damage cover to give you complete coverage against all the odds! |
Third-party bike insurance is a mandatory policy that takes care of the damages caused to third-party, it is mandatory by law in India as per the Motor Vehicles Act, 1988. |
Coverage Details |
This policy offers extensive coverage. Your bike will be covered against theft, loss, and damage. It offers monetary support against all kinds of damages caused to your bike as well as another individual, vehicle or property. |
This policy offers limited coverage. A third-party liability bike insurance will protect you only against damage/loss towards the third-party. |
Add-Ons |
With this policy, you can opt for beneficial Add-ons such a Zero-Depreciation Cover, Return to Invoice Cover, Roadside Assistance and Consumable Cover amongst others. |
This policy provides only Personal Accident Cover. |
What should you buy? |
Recommended if you need complete coverage for your bike along with add-ons. |
Recommended in case you rarely ride your bike or it’s too old already. |
Premium Price |
The premium of a comprehensive bike insurance policy is higher than that of third-party insurance. |
Third-party bike insurance policy is less expensive. |
Let's understand Comprehensive and Third-Party Bike Insurance in detail:
A combination of both a third-party cover and an own damage cover, a Comprehensive Bike Insurance gives your bike extensive coverage by covering for everything from third-party related liabilities to damages to your own bike due to unforeseen circumstances such as natural calamities, accidents, collisions, etc.
Additionally, you can also opt for one or a combination of various add-ons to give your two-wheeler better coverage. For example; you can opt for our Roadside Assistance cover while buying your comprehensive bike insurance, and get breakdown related assistance whenever the need arises.
As the name suggests, a Third-Party Bike Insurance is the type of bike insurance that only covers for the minimum, mandatory requirement of covering for losses and damages related to Third-Party Liabilities.
For example; If you happen to get into an accident with another bike, your Third-Party bike insurance will cover for the losses caused to the third-party. However, it wouldn’t be able to cover for damages and losses caused to your own bike.