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There are two types of bike insurance policies in India - Third-party bike insurance and Comprehensive insurance policy.
The Third-party two-wheeler policy provides basic coverage and is mandatory while driving on the Indian streets. It protects you against third-party liabilities such as injuries to someone or damages to their property while riding your bike.
On the other hand, the Comprehensive bike policy offers wider coverage. Along with third-party liabilities, it protects your bike against damages due to an accident, man-made liabilities, riots, theft and natural liabilities.
The below table will differentiate the two policies and arm you with relevant knowledge to select the right policy for your bike.
|PARAMETER||THIRD-PARTY LIABILITY COVER||COMPREHENSIVE COVER|
|Legal requirement||Third-party two-wheeler insurance is mandatory in India as per The Motor Vehicles Act, 1988.||Comprehensive bike policy is optional. Because it offers wider coverage, it is more popular amongst riders.|
|Meaning||It takes care of the financial losses due to injuries caused to another person or damages to their property.||Comprehensive offers financial support against all kinds of damages caused to your bike as well as protects you against third-party liabilities.|
|Coverage||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, vandalism, fire, malicious acts, sabotage, terrorism, riots and natural calamities.|
|Exclusions||1. Damage caused to own vehicle 2. Personal accident cover 3. Damage caused when riding without a valid licence 4. Riding under the influence of drugs or alcohol 5. When the policy is not active||1. Damage caused due to normal wear and tear 2. Mechanical or electrical breakdown 2. Personal accident cover 3. Damage caused when riding without a valid license 4. Riding under the influence of drugs or alcohol 5. When the policy is not active|
|Add-ons||Not applicable||Add-ons available on ACKO are: Zero Depreciation for bike, Bike Engine Protect, Outstation Emergency, Roadside Assistance, Personal Belongings - Damage/Theft, Key Protect and Consumables Cover.|
|Costs||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 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.|
|Suitability||This policy offers limited coverage.||This policy offers more exhaustive coverage.|
A Third-party bike insurance policy serves one major purpose of complying with the law of the land. As the Comprehensive policy covers third-party liabilities and damages to your bike, you avoid monetary penalties for not complying with the law.
It protects you from damages in case of accidents, natural calamities, and riots. It also has bike theft cover and damages/losses due to reasons other than an accident. For example, dents on your bike because of a tree falling on it, damages caused by fire, or losses when your bike gets stolen.
When you buy a Comprehensive policy, you can choose from a wide range of add-ons to enhance the coverage of your policy. These add-ons are not applicable in the case of a Third-party bike insurance policy.
No matter which policy you choose, make sure to renew it on time to enjoy its benefits. Also, whatever policy you select, you can also switch the plan while renewing the policy.
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No. It is mandatory to own Third-party insurance while driving or riding in India. If you are caught riding without this basic policy, you will have to pay heavy penalties. Sometimes, non-compliance can even lead to imprisonment.
A Third-party two-wheeler insurance policy ensures that third parties are compensated in case of injuries or damages to their property in case of an accident involving your bike.
No, you can only select IDV while buying a Comprehensive two wheeler insurance policy. This is because the concept of IDV is applicable only in the case of the Own Damage component, which is not covered in Third-party policy.
Comprehensive policy covers both third-party liabilities as well as damages to your bike in case of accidents, fire, natural calamities, riots. It also compensates in case your bike gets stolen. Plus, you can customise your bike policy by selecting add-ons based on your requirements.
Yes, you can switch from Third-party to Comprehensive insurance policy and vice-a-versa while renewing your policy.
As discussed above, the Comprehensive policy covers third-party liabilities and damages to your bike. Since Comprehensive bike Insurance offers a broader coverage and more benefits, it is costlier than Third-party bike insurance.
In the case of a Third-party bike insurance policy, the premium is decided by IRDAI based on the bike’s engine cubic capacity. Coming to the case of a Comprehensive policy, the premium is determined by two components - Third-party component premium and the Own Damage component premium. The insurers will decide upon the premium amount they want to charge on the Own Damage component depending on various factors such as settlement ratio, services, etc. Hence the premium amount for a Comprehensive policy varies from insurer to insurer.
IRDAI Registration No: 157
Category: Non-Life Insurance
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