Third-Party Bike Insurance: What Is It?
Here is what you should know about third-party two-wheeler insurance if you decide to buy insurance for your bike online. This kind of insurance covers bodily injuries and even passing away to third parties, as well as damage to their vehicles or property as a result of the insured bike. The IRDAI determines the annual third-party motorcycle insurance premium rates based on the engine’s cubic capacity. #
What Does Two-Wheeler Comprehensive Insurance Entail?
Compared to third-party bike insurance, comprehensive two-wheel insurance offers extensive coverage. It includes third-party bike insurance, which guards against third-party damage, as well as own damage coverage, which ensures the safety of your bike. Bajaj Allianz comprehensive bike insurance covers natural disasters, vandalism, terrorism, total loss, fire, and self-ignition damage. *
Let’s examine the table below and the various points of differentiation to understand better the distinctions between the two types of bike insurance:
|Features||Comprehensive Bike Insurance||Third-Party Bike Insurance|
|Coverage||Comprehensive bike insurance protects your bike from third-party property and person damages and damage from fires, human causes, and other perils.||Your bike is covered by third-party bike insurance in case it injures or damages the property or vehicles of others and third-party people.|
|Exclusions||Exclusions such as operating a vehicle while intoxicated, operating without a license, operating recklessly, operating the motorcycle outside of India, etc., will not be compensated for damages.||Third-party bike insurance does not cover harm to the insured bike or the owner-driver.|
|Legal requirement||It is not legally mandatory to drive on Indian roads.||It is mandatory on Indian roads.|
|Premium calculation||The IDV and other elements, such as the bike’s make and model, determine insurance premiums.||The IRDA updates the insurance premiums annually based on the engine’s cubic capacity.|
|Cost of Premiums||This insurance policy’s premium is more expensive than third-party insurance or a standalone bike cover because of its comprehensive coverage.||The premiums are reasonable because the coverage is limited and only covers third-party damages.|
|Own damage cover||Contains a personal damage insurance policy to cover your bike in the event of an accident.||Only guards against damage to third-party people, cars, and other objects. *|
Which Policy Should You Choose: Third-Party Or Comprehensive?
If you have a bike, you don’t use frequently or an old bike you plan to sell or scrap soon, a third-party bike insurance policy is ideal. You can get by with the minimal and required third-party insurance because this type of cover is sufficient to protect a bike rarely exposed to the roads.
On the other hand, a comprehensive bike insurance policy is a better choice for a brand-new bike you ride frequently. More than a basic third-party cover might be needed because your motorcycle is constantly at risk of damage from traffic.
Make sure you follow the process of bike insurance renewal on time.
* Standard T&C Apply
# Visit the official website of IRDAI for further details
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.