If you have a two-wheeler, getting bike insurance is not just essential but mandatory by law. However, when it comes to picking a policy, many get confused between the third-party and comprehensive two-wheeler insurance online. Both of these policies provide protection, but the advantages and coverage are different. Let’s gain a proper understanding of each of them, their primary differences and how to pick the correct policy based on your needs.
Key differences between comprehensive and third-party bike insurance
The significant comprehensive and third-party bike insurance difference revolves around coverage benefits. Riders should carefully evaluate third-party vs. comprehensive bike insurance to determine which is best for them. Let's break down which two-wheeler insurance is the best for you.
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Comprehensive bike insurance
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Third-party bike insurance
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Meaning
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It combines third-party liability insurance and own damage cover and provides complete coverage against many risks.
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It takes care of the damages caused to third-party property or life by the insured vehicle.
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Legal status
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Optional
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Mandatory in India as per the Motor Vehicles Act, 1988.
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Coverage
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Offers extensive coverage protecting insured bikes against theft, loss, physical damage and damage/loss to another individual vehicle or property.
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Offers limited coverage only against damage/loss towards the third party.
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Premium rate
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Higher
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Less expensive as IRDAI fixes the premium rates
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Add-ons
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Add-ons like Zero-Depreciation Cover, Return to Invoice Cover, Roadside Assistance, Consumable Cover and more are available.
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Provides only Personal Accident Cover
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How to choose between comprehensive and third-party bike insurance as per requirement
If you’re confused between a third-party and comprehensive two-wheeler policy, here is how to choose the right cover:
Pick the third-party policy if:
- You’re looking to meet only legal requirements.
- Your bike is more than five years old and has low market value.
- You don’t ride the bike often or keep it parked safely most of the time.
Pick the comprehensive policy if:
- Your bike is valuable or new.
- You need complete protection from natural disasters, fire, theft and accidents.
- You ride daily and want peace of mind.
Remember, the additional expense of a comprehensive policy can help save a significant amount of money in the event of theft or accidents.
Conclusion
Picking the correct bike policy depends on your usage and needs. Although the third-party bike insurance satisfies the basic rules, the comprehensive plan offers you complete protection. It might cost a bit more, but the advantages and safety are worth it. If you need help picking the best bike policy, just fill out the form on this page and receive expert advice for free. Our team will be there to assist you by suggesting the most suitable policies for your bike.
FAQ
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Is the third-party insurance enough for my two-wheeler?
This policy is legally sufficient, but it provides limited protection.
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Does the comprehensive insurance cover bike theft?
The policy does cover fire, accidents, thefts, etc.
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Is bike insurance policy renewal mandatory?
You must renew it before it expires to remain protected.
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Can I get bike insurance online?
Many insurers provide easy online policy renewal and buying options.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.