A third-party two-wheeler insurance policy extends financial coverage in case of any damages to the third-party property or an individual. Usually, the premium amount of third-party two-wheeler insurance is decided by IRDAI yearly and depends on the engine's cubic capacity. It is mandatory to buy this insurance plan for a two-wheeler owner, and not purchasing it can lead to a penalty and even imprisonment.
Therefore, it is a must for every two-wheeler owner to purchase online third-party two-wheeler insurance to ride on Indian roads. However, one must note that such policies do not extend financial cover for a policyholder's own vehicle damages or physical injuries.
A comprehensive two-wheeler insurance policy extends substantial coverage to the policyholder, unlike third-party insurance plans. This policy provides extensive financial coverage, including the benefits of a third-party insurance plan if the policyholder suffers any personal injuries or property damages.
This particular variant of two-wheeler insurance covers the overall damage or loss to a policyholder's vehicle from fire, natural calamities, accidents, etc. You can also avail of additional covers such as engine protection, consumables and passenger, zero depreciation, and roadside assistance.
Additionally, here individuals have the liberty to customise the policy to meet their requirements.
To comprehend the difference between third-party two-wheeler insurance and comprehensive two-wheeler insurance, take a look at the table below and other differentiation points:
|Features||Third-party two-wheeler insurance||Comprehensive bike insurance|
|Coverage||A third-party two-wheeler insurance plan covers financial expenses caused due to damages to third party properties or vehicles, or persons by the insured bike.||In this type of plan, the policyholder's bike is financially covered against damages apart from third party coverage.|
|Add-on cover||No add-on coverage is available.||Proposers can get various add-on facilities like zero depreciation cover, roadside assistance, and more with this policy.|
|Legal requirement||Third-party insurance is a legal requirement to ply on Indian roads.||It is not a mandatory requirement.|
|Calculation of premium||The premium amount depends on the cubic capacity of the engine, and IRDA revises it annually.||The premium of such insurance policies depends on the IDV and other factors like the make and model of the vehicle, etc.|
|Premium cost||Under third-party two-wheeler insurance, damages caused to the policyholder and their vehicle are not covered.||Under this policy, damages caused under the influence of alcohol, negligent driving, driving without a license etc., will not be covered.|
Now that intending proposers have a clear idea about what comprehensive two-wheeler insurance and third-party two-wheeler insurance policies are; they can purchase one based on their requirements.
It is advised that customers should make a knowledgeable choice between third-party insurance and comprehensive two-wheeler insurance depending on the coverage and protection they need. Additionally, buying third-party two-wheeler insurance cover online is convenient and saves time.
A comprehensive two-wheeler insurance plan is a good option for a new vehicle and is used regularly. Therefore, one can choose a comprehensive motor insurance plan that offers substantial coverage and additional benefits at an affordable premium on both their two and four-wheelers.
With each passing year, where other insurance premiums tend to rise, car and bike insurance have a beneficial NCB, bringing down premium amounts.
No Claim Bonus is simply a perk given to policyholders for not making a claim in previous years. NCB in motor insurance can fetch up to a 20-50% discount on the payable premium amount by maintaining a claim-free record. NCB is not related to the make or age of the vehicle but solely on the claim record of the policyholder.
While purchasing a comprehensive motor insurance policy, you are generally not eligible for NCB unless in the case of NCB transfer. The policyholder will be eligible for NCB on the first renewal of the motor insurance policy, starting from 20%. This is applicable only if no claims have been made in the preceding years. The discount increases with every claim-free year up to a maximum of 50% at the end of five claim-free years.
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