Comprehensive vs Third Party Bike Insurance

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Difference between Comprehensive & Third-Party Two Wheeler Insurance

Difference between Comprehensive and Third-Party Bike Insurance

  Comprehensive Bike Insurance Third-Party Bike Insurance
What is it? A Comprehensive bike insurance policy combines both a third-party liability insurance and own-damage cover to give you complete coverage against all the odds! Third-party bike insurance is a mandatory policy that takes care of the damages caused to third-party, it is mandatory by law in India as per the Motor Vehicles Act, 1988.
Is it Mandatory? No, it is optional. Yes, it is mandatory in India as per the Motor Vehicles Act, 1988.
Coverage This policy offers extensive coverage. Your bike will be covered against theft, loss, and damage. It provides monetary support against all kinds of damage caused to your bike and another individual, vehicle or property. This policy offers limited coverage. A third-party liability bike insurance will protect you only against damage/loss towards the third party.
What is Not Covered? It excludes depreciation, personal accident cover, mechanical or electrical breakdown, driving without a valid license or in case of violating traffic rules, and when the policy has expired. It excludes the damage caused to your own vehicle, personal accident cover, mechanical or electrical breakdown, driving without a valid license or in case of violating traffic rules, and when the policy has expired.
Add-Ons With this policy, you can opt for beneficial add-ons such as Zero-Depreciation Cover, Return to Invoice Cover, Roadside Assistance and Consumable Cover amongst others. This policy provides only Personal Accident Cover.
Why Should You Buy? Recommended if you need complete coverage for your bike along with add-ons. Recommended if you rarely ride your bike or it’s too old already.
Premium Price The premium of a comprehensive bike insurance policy is higher than that of third-party insurance. Third-party bike insurance policy is less expensive, as the insurance regulator, IRDAI, fixes the rates of this policy.
Claim Settlement Your insurance company conducts the claim process. It depends on the type of policy you’ve purchased. The Motor Accident Claims Tribunal supervises the claim process.

Let's understand Comprehensive and Third-Party Bike Insurance in detail:

What is Comprehensive Bike Insurance?

Benefits of a Comprehensive Bike Insurance

Covers for your Bike’s Damages

The #1 reason people go for a comprehensive bike insurance is the fact that it covers for one’s own bike’s damages and losses thus saving you tons of money of hassle in the case of an unfortunate incident! 

Protects you from Third-Party Liabilities

Just like a Third-Party cover, a Comprehensive Bike Insurance too protects your bike from third-party related liabilities and losses. For example; in case your bike hits someone else’s car, your comprehensive bike insurance will be there for you! 

Option to Customize your IDV yourself!

When you choose to buy a comprehensive bike insurance with Digit, we give you the option to customize your bike’s IDV a.k.a your bike’s current market value since we really believe you know your bike the best! 

Protection During Natural Calamities

A comprehensive bike insurance not only protects your bike from damages caused during accidents and collisions, but also protects your bike from any damages caused due to a natural calamity such as a flood, cyclone, and the like. 

Compensation for Bike Theft

Another one of the biggest advantages of a comprehensive bike insurance is the fact that, in an unfortunate case where your bike is stolen, your comprehensive bike insurance will be there to cover for the losses of the same. Additionally, if you’ve opted for a Return to Invoice Cover, you’ll be compensated as per the last invoice value alongwith the road tax for the same.

Cost Effective Option

On the surface, one may think that a comprehensive bike insurance is more expensive. But it actually turns out to be a lot more cost effective when compared to a third-party bike insurance. Moreover, as humans we do seem to care more about the damages to our own bike, than someone else’s, don’t we? 

Covers for Personal Damages too!

Both in a Third-Party Bike Insurance and Comprehensive Bike Insurance, a Personal Accident cover may be included to cover for personal damages too! Since you do have a two wheeler, this is extremely crucial (and also mandatory by law) to have as part of your bike insurance plan. 

What is a Third-Party Bike Insurance?

Benefits of a Third-Party Bike Insurance

Covers for Third-Party Liabilities

The main purpose of this bike insurance is to protect you from any third-party related losses and damages and it provides for just that. 

Covers you in the Eyes of Law

As per the Motor Vehicle Act, you will at least need a Third-Party Policy to be able to ride legally on the road. On not having one, you could be held liable for a hefty traffic fine! 

Protects your Pocket from Fines

To be honest, the cost of buying at least a minimum insurance such as a Third-Party Bike Insurance is cheaper than the traffic penalties that can dent your pocket! As mentioned above, having at least a third-party bike insurance will protect your pocket from the same.

Third Party Motor Insurance Claims Intimated or Booked in 2020-21

Why Should You Upgrade to a Comprehensive Bike Insurance?

Factors You Should Consider Before Buying a Comprehensive Bike Insurance

FAQs about Difference between Comprehensive and Third-Party Bike Insurance