GENERAL INSURANCEIRDAI Regn. No. 157
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Third Party vs Comprehensive Two-Wheeler InsuranceInsuring your bike ensures that you stay on the right side
of the law. Apart from that, an extensive insurance policy covers you financially against
risks such as accidents, calamities, and theft. Read ahead to get an overview of Third-party
Liability Policy and a Comprehensive Policy.What does it mean?
Third PartyThird-party two-wheeler insurance is a mandatory policy
that takes care of the financial losses you suffer due to injuries caused to another
person, vehicle or property. It is mandatory by law in India as per the Motor
Vehicles Act, 1988.
ComprehensiveComprehensive two-wheeler insurance is a combination of
Third-party liability insurance and own-damage cover. It offers financial support
against all kinds of damages caused to your bike as well as another individual,
vehicle or property.
What does it cover?
It covers the damages caused to another vehicle, person or property due to accidents.
It covers third-party liabilities and theft. It also
covers any damage to your vehicle due to accidents, sabotage, fire, vandalism,
terrorism and malicious acts, civil disturbances like riots, natural calamities
like floods, earthquakes, etc.
What does it not cover?
1. Damage caused to own vehicle2. Damage caused when
Riding without a valid license
Riding under the influence of drugs or Alcohol
The policy is not active
1. Damage caused due to2. Damage caused when
Normal Wear and Tear
Mechanical or electrical Breakdown
Riding without a valid license
Riding under the influence of drugs or Alcohol
The policy is not active
What are the add-ons
Only the Inclusive Personal Accident Cover
Add-ons
Inclusive Personal Accident Cover
Zero Depreciation Add-on
Return to Invoice Add-on
Pillion Rider Add-on
And others
Which is less expensive?
Third-party bike insurance policy is less
expensive. The insurance regulator, IRDAI, fixes the rates of third-party
bike insurance policies.
The premium of a Comprehensive bike insurance policy
has two components: The third-party premium (which is fixed by IRDAI) and the
own-damage premium. Considering the increase in coverage, its premium is higher
than that of third-party insurance.
Which is better?
This policy offers limited coverage.
This policy offers extensive coverage.
Practically SpeakingA Third-party bike insurance policy serves this major purpose - complying with the law of the land.A Comprehensive bike insurance policy helps you take care
of your own vehicle’s repair as well as another party’s losses. It contains the mandatory
‘Third-party’ cover. It also comes handy in case of any damage or loss due to reasons
other than an accident. For example, dents on your bike because of a tree falling on
it, or damages caused by fire are also covered.Thus, a Comprehensive bike insurance policy is more useful
than a basic Third-party insurance policy. However, the choice is with you. No matter which
policy you choose, make sure to renew it in a timely manner to keep it active.
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CIN:U66000MH2016PLC287385
IRDAI Registration No:157
Category:Non-Life Insurance
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