CHENNAI: Not all bike insurance plans provide the same level of protection. Third-party insurance meets legal requirements, while a comprehensive plan offers wide coverage for insured vehicles along with third-party liabilities. The extra protection comprehensive plans cover makes it easier to compare policies.
Also, you can choose a policy that meets your coverage requirements. Continue reading to learn the additional benefits a comprehensive bike insurance provides when compared with third-party 2-wheeler insurance.
Both third party and comprehensive insurance offer different levels of coverage, depending on the risks involved. Let’s understand these two-wheeler insurance policies in detail:
What is Third-party Two-wheeler Insurance?
Third-party two-wheeler insurance is the minimum legal requirement in India. It covers liabilities arising from injury, death or property damage to a third party. It does not offer damage cover to the insured bike, or damage due to theft, fire, or natural disaster.
What is Comprehensive Two-wheeler Insurance?
Comprehensive two-wheeler insurance provides broader financial protection. It covers third- party liabilities and also protects the insured bike against accidents, theft, fire, natural disasters and man-made disasters. Policyholders can also choose suitable add-ons to enhance coverage based on their insurance requirements.
What Additional Protection does a Comprehensive Bike Insurance Offer?
When compared with third-party bike insurance, comprehensive bike insurance covers more
risks and provides additional benefits that reduce repair and replacement costs over time.
Total Loss and Theft Cover
Insured bikes are covered under a comprehensive policy in case of theft or total loss after an accident. The claim amount is calculated based on Insured Declared Value and the terms of the policy.
NCB Discounts
The No Claim Bonus (NCB) rewards policyholders for not filing a single claim during the policy tenure. The discount is applied during renewal on the own damage premium. This results in reduced insurance costs over time.
Add-on Covers
To enhance coverage, policyholders can include add-ons. Popular add-ons include zero depreciation cover, roadside assistance, engine protection, and return to invoice plus consumables cover, depending on the insurer.
Access to Network Garages
Comprehensive bike insurance provides access to network garages. This allows for cashless claims and repair services, making the process faster and more convenient.
Own Damage Cover
Unlike third-party insurance, comprehensive bike insurance covers damage to the insured bike if there is an accident, theft, fire, natural calamities and other man-made disasters.
Daily Commuters
For daily riders, there is increased exposure to road risks and accidents each day. With comprehensive insurance, you can avail more financial coverage and reduced repair expenses.
New Bike Owners
New bikes are more expensive, with high repair costs. Comprehensive insurance covers accidental damage, theft and other risks.
Riders Travelling through Flood Prone Regions
Travelling frequently through flood-prone areas increases the risk of damage due to heavy rain and waterlogging. A comprehensive policy covers losses caused by natural calamities, subject to the terms of the policy.
Owners of High-Value Motorcycles
High value motorcycles have costly spare parts. Comprehensive insurance reduces the financial losses caused by accidental damage, theft or other covered events. Riders can also select appropriate additional covers for greater protection.
Choosing the right bike insurance is essential to protect the rider as well as the vehicle. Although third-party insurance is legally required, comprehensive insurance provides more coverage against unanticipated expenses. Also, it ensures more peace of mind for every ride. Depending on the riding requirements, TATA AIG two-wheeler Insurance provides third-party insurance, standalone own damage and comprehensive plans.
Useful additional covers are available for own damage and comprehensive policies, which can be tailored for extra protection. In addition, policyholders can buy and renew their bike insurance online, access a wide network of cashless garages, get digital claim support, and earn No Claim Bonus for claim-free years. This makes TATA AIG bike insurance reliable and convenient.