TAny insurance policy purchased to cover your bike against unforeseen events and incidents is called as two-wheeler insurance or bike insurance. The presence of bike insurance guarantees that in situations such as accidents or third-party liabilities you do not have to put on your worrying caps. They are also a great way to keep in check the rising costs of damage repair.
If you are on the lookout for purchasing two-wheeler insurance or renewing the same, you must be first aware of the different types of insurances available. You can either opt for the mandated third-party liability insurance or go for a fuller and more complete, comprehensive two-wheeler insurance. Each has their benefits, but one overshadows the other by a large margin.
Third party liability insurance comes into situations where, due to an involvement of your vehicle, someone else is injured or loses their lives. It also provides personal accident cover for the insured (Owner Driver) in case of an accidental death or permanent total disability. There are no financial gains for the insured out of the third-party liability, but it ensures the costs are covered for the other party. That’s about it, there are no other features of the insurance. This is one of the reasons behind third party being labeled as basic two-wheeler insurance.
If you are not satisfied with the features and services provided by the third-party liability, you can take a look at the comprehensive insurance. On a very high level, this insurance not only protects against third-party liability but also keeps you and your bike covered against accidents.. Comprehensive bike insurance has quite an extensive and long list of features that keeps your bike covered for both collisions and non-collision events.
Comprehensive two-wheeler insurance consists of the basic third-party liability cover and added benefits on the top of it. Most notably comprehensive insurance allows you to claim for damages caused to your vehicle during an incident, which is not possible in the third-party liability. Comprehensive insurance also provides you cover against the wear and tear of your vehicle, which can be quite handy to retain the list value of your vehicle even when your bike is getting older. If you are staying in an area where chances of bike theft exist, comprehensive insurance is advisable.
Some of the most popular riders are the cover for pillion rider and cover for any approved accessories. It must be kept in mind that these are add-ons and not all of the add-ons would make sense for each insured. One has to choose the riders carefully depending on what they expect out of their insurances. If your bike has met with an accident and needs repairs, you pay for the repairs and reimburse the same or look for garages that provide cashless services.
During the renewal process, it is highly recommended to go through the policy carefully and get rid of features that you no longer need so as to cut down on the premium amounts. One of the easiest ways to get hold of all the features provided by an insurance company is to compare the same. Comparing insurance allows you to understand your insurance much better and only choose the features that make sense for your usage. Need for comprehensive insurance
Comprehensive two-wheeler insurance comes loaded with features. If you compare them with third party liability, they don’t seem affordable but then comparing them is like comparing apples and oranges. Both of the insurances exist for different reasons. Though it is the decision of the customer to choose the insurance that best fits their needs, comprehensive insurance makes a much better case for itself. One simply cannot expect such features with third party liability insurance. For all round protection and coverage for your two-wheeler, comprehensive two-wheeler insurance is the right stop.
