Two-wheeler is a common mode of transport in India. The huge Indian population riding two-wheelers. This is the general confusion among many riders that which insurance is better. Should you purchase third-party insurance or comprehensive two wheeler insurance?
In India, third-party insurance is mandatory for two-wheeler. This is the minimum insurance coverage you need to purchase. But if you want to protect your bike also then a comprehensive policy is a better option. You can add some add-on covers also.
In this topic, I will explain about the third-party and comprehensive two-wheeler policy in detail. Possibly you will be able to get maximum knowledge and you will be able to decide which one is better for you.
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What is Comprehensive Two Wheeler Insurance?
A comprehensive two wheeler insurance policy has both the coverage – third-party and own damage as well. Along with a third party, it covers damage to your vehicle and theft also. In India, it is better to have a comprehensive insurance policy because it has more benefits than only third-party insurance. Comprehensive two wheeler insurance has the following benefits:
Own Damage Loss – damage to insured vehicle:
It covers any accidental damage to your two-wheeler. Damage may be due to natural calamities or man-made calamities etc.
Theft Cover:
A comprehensive two wheeler insurance policy covers the theft of your vehicle. However, you can’t cover theft claims with third-party insurance.
Add-on Cover Benefits:
A basic comprehensive policy does not have maximum coverage. So, you can add some good add-on covers like zero depreciation, consumable cover, no-claim bonus protection covers, etc. You can maximize coverage by adding some add-ons.
Third-Party Cover:
This insurance policy covers third-party also. Death, permanent disability or physical injury, and property damage of a third party are covered.
Owner Driver:
You must have a personal accident cover of Rs.15 lacs. You must have this cover because the accident of the two-wheeler in India is very high.
NCB Benefits:
You get no claim bonus rewards on every claim-free year. You can get up to 50% NCB if you don’t have any claims for five consecutive years.
Why Comprehensive Policy is Better than Third Party?
In my opinion, a comprehensive two wheeler insurance policy is much better than only third-party insurance. It covers the third party and your vehicle also. If will compare properly then you will find that there is not much difference in the premium of a third-party and a comprehensive two wheeler insurance policy.
It is always affordable in the case of two-wheeler insurance. In a Comprehensive policy, you protect your vehicle and you can have other benefits like no claim bonus, add-on covers, etc also. It provides you with maximum coverage.
Suppose your bike is damaged in an accident and you have only third-party insurance. Now what? You will have to repair your bike from your own pocket. But in case you have a comprehensive policy then you don’t have financial stress because your bike is covered under the policy.
Conclusion – Comprehensive Two Wheeler Insurance
Sometimes buying only third-party insurance may be a better decision for you. If you have multiple vehicles and you are not using your two-wheeler on a regular basis. If you ride it very rarely then you may select only third-party insurance in comparison to comprehensive.
In the second case if your bike is very old and it has very low insurance declared value then also you can prefer only third-party insurance. There are multiple general insurance companies like Acko, Bajaj, and others that are providing a comprehensive two wheeler insurance policy.
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