Two-wheeler is one the modes of transport when it comes to private vehicles. But the ability to get out of traffic snarls, zip past narrow lanes, higher fuel efficiency are some reasons what makes it one of the more desired modes over other forms. But when you own a two-wheeler, its insurance alongside registration and PUC certificate are some of the mandatory requirements.
A two wheeler insurance policy is essentially available in two types- a third-party plan or a comprehensive plan. Third-party plan, as the title suggests covers the liabilities that might become payable to third persons. These liabilities are in the form of injuries to third persons or damage to their property.
The Motor Vehicles Act of 1988 states that all registered vehicles in the country need to have such third-party vehicle insurance at a minimum. However, such third-party coverage has its share of limitations which include no coverage for damage to your bike. To overcome these, you can upgrade your insurance coverage to the other type of policy, a comprehensive plan. Here are some of the advantages of buying a comprehensive bike insurance plan –
Comprehensive insurance coverage includes three components in one coverage: own-damage cover, third-party cover, and a personal accident cover. All three components come together to form the comprehensive insurance plan.
Own damage cover: Starting with the own-damage cover, this coverage ensures any damage to your bike is included as part of your policy as standard. With a comprehensive plan, you no longer need to worry about the repair costs for your bike in the event of an accident. The insurer covers the complete cost of repairs in its policy scope.
Third-party cover: Third-party cover resembles exactly what is offered under a third-party vehicle insurance policy. Legal liabilities may arise if you are involved in an accident injuring some other person. With a comprehensive plan, such legal liabilities are at bay. Any property damage under a third-party cover is limited to a tune of ₹7.5 lakhs while treatment cost for injury to a third person has no such limit. Since a third-party policy is compulsory, it is bundled as a part of the comprehensive plan and you need not purchase it separately.
Personal accident insurance: Personal accident insurance is another coverage offered under the comprehensive plan. With such insurance cover, any case of injuries resulting in death, permanent but partial disability, or even a temporary disability is covered. The compensation offered is subject to the terms of the policy.
Other perils: With comprehensive bike insurance, you can ensure the bike remains protected from untoward perils like natural calamities and man-made events. Besides that, theft and burglary are some of the things you no longer need to worry about when you have the protection of a comprehensive bike insurance policy.
Add-ons: Another advantage of why you should get a comprehensive plan is for customizing your insurance cover. This is possible using add-ons that are optional features that are offered by the insurer. With add-ons, it is possible to modify the coverage of your bike insurance policy with a zero-depreciation add-on, 24X7 roadside assistance add-on, consumables add-on, and more.
So, whether you are buying a bike insurance policy for the first time or headed for a bike insurance renewal, make sure to invest in a robust comprehensive bike insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.