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Difference between Comprehensive and Third-Party Bike Insurance Explained

Choosing the right two-wheeler insurance is essential for every bike owner, therefore, it is important to understand the difference between third-party and comprehensive bike coverage.

Comprehensive bike insurance covers both your own vehicle and third-party damages, offering wider protection. Whereas third-party bike insurance covers third-party liabilities towards others.

Thus, choosing the best type of bike insurance for your two-wheeler is crucial given the extent of risks associated with riding two-wheelers in and around cities. So, to make your decision to buy the right bike insurance easier for you, we’ve put down the benefits and limitations of both third-party and comprehensive bike insurance!

Team Digit

Comprehensive Bike Insurance
Third-Party Bike Insurance
Comprehensive vs Third-Party Bike Insurance
Benefits, Limitations & Exclusions of Comprehensive Policy
Benefits, Limitations & Exclusions of Third-Party Policy
Upgrade to Comprehensive Bike Insurance
Why Choose Digit Bike Insurance?
How to Choose the Best Policy?
Frequently Asked Questions

What is Comprehensive Bike Insurance?

A comprehensive bike insurance policy acts like a raincoat for your beloved two-wheeler, providing it with all-round protection. It gives your bike extensive coverage by covering damage or loss to third-party related liabilities and even to your own bike due to unforeseen circumstances such as natural calamities, accidents, collisions, etc.

Comprehensive two-wheeler insurance also offers the option to buy add-ons for enhanced protection, thus, protecting you against all odds!

For example, you can opt for our Roadside Assistance cover while buying your comprehensive bike insurance and get breakdown-related assistance whenever the need arises.

What is Third-Party Bike Insurance?

As the name suggests, a Third-Party Bike Insurance is the type of bike insurance that only covers the minimum, mandatory requirement of covering for losses and damages related to third party vehicle, person, or property in case of an accident involving your two-wheeler.

Also, having at least a third-party two-wheeler insurance is mandatory by law in India; however, it does not cover any damage to your own vehicle, neither does it allow you to opt for any add-ons.

For example, if you happen to get into an accident with another bike, your third-party bike insurance will cover the losses caused to the bike that collided with you. However, it wouldn’t cover damages and losses caused to your own bike.

Comprehensive vs Third-Party Bike Insurance

Here is a simpler breakdown of the difference between third-party and comprehensive two-wheeler insurance to help you understand the limits and benefits of each:

Parameters	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 covers only the damage or loss caused to any third-party vehicle, property or person.
Is it Mandatory?	No, it is optional.	Yes, it is mandatory in India to have at least third-party policy as per the Motor Vehicles Act.
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 only against damage/loss to the third party caused due to your two-wheeler. It also includes a personal accident cover to protect you from personal injuries or death.
What is Not Covered?	It excludes depreciation, 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 various add-ons to enhance your protection.	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 want a budget policy, 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.

Benefits of a Comprehensive Bike Insurance

Limitations of a Comprehensive Bike Insurance

It doesn’t cover for your bike’s natural wear and tear.
It cannot protect your bike from depreciation of its parts over time.
Usually, unless you’ve taken a specific add-on, the fiber and rubber parts of your bike aren’t fully covered within standard bike insurance.
As a standard rule, any bike insurance won’t be able to cover losses or damage caused due to a nuclear attack or war.

Exclusions in a Comprehensive Bike Insurance

Riding Drunk - Since this goes against the law, any claims made wherein you were found riding under the influence of alcohol won’t be covered.
Riding without a Two-Wheeler License - Well, you shouldn’t be riding without a license anyway! But if it’s found that you were, when you are making a claim- the respective bike insurance claim won’t be covered!
Driving without a Valid License Holder - As per the law, we can’t cover for you if you were driving with a learner’s license, without a valid license holder in the front passenger seat.
Consequential Damages - Consequential damages refers to any damage and losses caused after the accident. Therefore, such damage won’t be covered in your bike insurance claim! Unless of course you’ve bought a specific add-on that covers for it.
Contributory Negligence - To simply put it, don’t do things you aren’t supposed to! This means that, if you make a claim for the damage or loss caused because of your own negligence, it won’t be covered for!
Add-ons Not Bought - If you haven’t bought a particular bike insurance add-on, you obviously can’t claim for its benefits! Hence, always opt for useful add-ons before the situation even arises! You never know when you may just need it.

Benefits of a Third-Party Bike Insurance

Limitations of a Third-Party Bike Insurance

It doesn’t provide coverage to your bike’s own damages or losses; whether it occurs due to an accident, collision, fire or even a natural calamity.
You can’t customize your bike insurance policy with add-ons or covers.
You can’t customize your IDV in the case of a third-party bike insurance
It doesn’t compensate for the theft of your bike.
Though it may help you comply with the law; however, a third-party bike insurance policy does not provide enhanced coverage when compared to a comprehensive car insurance plan.

Exclusions

Bike’s Own Damages - As mentioned above, a third-party bike insurance only covers third-party damages and losses and won’t cover your bike’s own damages and losses.
Riding Drink - Abiding by the law, no insurance provider will be able to accept your bike insurance claim if you were found to be riding drunk.
Riding without a Valid License - If you only have a learner’s license and were driving without a valid driving license-holder in the front passenger seat, then your claim won’t be accepted as you will be considered riding without a valid license.

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

Check out the number of Third-Party Motor Insurance Claims intimated or booked during 2020-21. The highest number of third-party insurance claims intimated/booked were by National Insurance Company Limited, and the Oriental Insurance Company Limited booked the least insurance claims.

Why Should You Upgrade to Comprehensive Bike Insurance?

Upgrade to a comprehensive insurance policy from third-party insurance to avail of the following benefits of comprehensive bike insurance policy:

To protect your dear bike: If you really care about the condition of your bike, a comprehensive bike insurance policy is the way to go! In case of an accident, natural calamity or any other unfortunate incident where you accidentally damage your bike, your comprehensive bike insurance will cover you.
To cover both own damages and third-party liabilities within one bike insurance policy: One of the best things about comprehensive bike insurance is the fact that you and your bike will be covered from both own damages and third-party liabilities within one single plan.
To benefit from additional covers: It is only within a comprehensive bike insurance policy, and an own damage bike insurance where you can also opt for different add-ons to customize your policy just the way you like, for just the kind of coverage you need. This benefit is not available with third-party bike insurance policy.
To get Personal Accident Cover: With a comprehensive car insurance policy, you don’t have to buy a personal accident cover separately because it is already included in a comprehensive policy.

Note: If you already have an active third-party two-wheeler insurance policy, you can buy a separate Standalone Own Damage Policy, to cover damage or loss to your own bike as well.

Why Should You Buy Digit Bike Insurance?

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Average turn around time for two-wheeler claims is 11 days

Customize your Vehicle IDV

With us, you can customize your vehicle IDV as per your choice!

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Factors to Consider Before Buying a Bike Insurance Policy

Here’s some important things you should consider before buying a two-wheeler insurance policy:

Determine Your Requirements: Assess your bike insurance needs and select the policy that suits the best. For example, if you ride your two-wheeler in a densely populated area or an area prone to natural calamities, opting for comprehensive bike insurance with add-ons like roadside assistance, etc., is the best decision.
Consider Your Bike’s Age and Value: If you have recently purchased a new bike or own a luxurious model, go for comprehensive bike insurance as you can customise it with add-ons for enhanced protection. While third-party coverage may be enough for comparatively older bikes, depending on your risk tolerance and financial plan.
Consider Your Bike Usage: Also, whether your bike is new or old, if you use it less you can go only for a third-party liability policy as it ensures legal compliance while providing basic protection for your bike.
Get the Right IDV: IDV or Insured Declared Value is the maximum amount your insurer will give you in case your bike is totally damaged or stolen. We know low premiums are luring but it will not give you maximum financial benefit. Always check the IDV you are being offered and not just the premium. At Digit, we let you customize your IDV as per your choice because we want you to make the right decision without any compromise.
Claim Settlement Speed & Ratio: An insurance company’s claims settlement ratio will give you an idea about how successfully they fulfil claims.
24x7 Support: You never know when you need help, therefore always ensure that your bike insurance provider is always available for you.

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FAQs about Comprehensive vs Third-Party Bike Insurance

All

Which is better, third-party or comprehensive insurance?

If you want to protect your vehicle against a wide range of damage, injuries to passengers, vehicle theft, etc., then comprehensive insurance is the best for you. In comparison, a third-party insurance policy is more limited and covers the damage caused to third-party. So, choose which best suits you.

Is third party insurance enough for my bike?

This bike insurance policy covers third-party liabilities, including injuries, death, and damage. It does not cover damage to your bike and has little scope for add-ons. So, it is enough only for those people who occasionally use their bike or have an older two-wheeler.

Can I switch from third-party bike insurance to comprehensive insurance in India?

You can switch from the third-party bike insurance policy to the comprehensive policy while renewing your bike insurance policy only after you get the inspection done and have paid the higher premium for the comprehensive insurance policy.

Can I buy only comprehensive bike insurance and skip buying a third-party policy in India?

No. Under the Motor Vehicles Act 1988, it is mandatory to have third-party motor insurance in India; not following it can attract heavy penalties. This is because a third-party insurance policy ensures that third parties are compensated for any damage or injuries in case of an accident.

How can I claim compensation under third-party two-wheeler insurance?

The lengthy claim process is conducted under the Motor Accident Claims Tribunal. To initiate the process, register an FIR at your nearest police station and collect a charge sheet. Then the Motor Accident Claims Tribunal, a special court, will register the case and decide upon a compensation claim amount.

Why is it mandatory to buy a third-party bike insurance policy?

A third-party two-wheeler insurance policy ensures that third parties are compensated in case of injuries or damage to their property in case of an accident involving your bike.

Why do most bike owners prefer comprehensive bike insurance?

Comprehensive two-wheeler insurance covers both third-party liabilities as well as damage and loss to your bike in case of unfortunate events, and also allows you to customise your bike insurance with add-ons. These features are not available with third-party policy.

Is getting comprehensive bike insurance mandatory?

No, you need to mandatorily have a comprehensive bike insurance in India; however, since it offers complete coverage, it is highly recommended to get one.

Why is comprehensive bike policy more expensive than third-party policy?

Comprehensive bike insurance is more expensive because it offers broader coverage. It covers damage to your own vehicle as well as third-party liabilities, thus providing more extensive financial protection and benefits.

Is theft covered under third-party bike insurance?

No, third-party bike insurance does not cover theft; only damage or injury caused to third parties due to your vehicle is covered under this.

Can I customise the IDV while buying a third-party bike insurance policy?

No, you can change your IDV only while buying a comprehensive two-wheeler insurance policy because IDV is applicable only in the case of the Own Damage component, which is not covered in third-party policy, unless you’ve bought a Standalone Own Damage policy along with it.

How is the premium determined for third-party and comprehensive two-wheeler insurance?

For third-party bike insurance policy, the premium is decided by IRDAI based on the bike’s engine cubic capacity. In the case of comprehensive bike insurance, the premium is determined based on various factors like the make, model, age, cc, IDV, etc. of your bike, which can vary from one insurer to another.

Under what conditions will I not be able to claim my bike insurance?

Your claim won’t be entertained if at the time of the accident you were riding under the influence of alcohol, riding without a valid license, or if you have damage caused by your own negligence.

How do I check if I have a third-party or comprehensive bike insurance policy?

You can check the same in your insurance policy document or by contacting your insurance provider for confirmation.

Can I ride my two-wheeler in India with only a third-party policy?

Yes, having at least a third-party car insurance policy is mandatory by law in India. So, you can legally drive your vehicle around with only a third-party policy.

What if I don't have a third-party plan nor comprehensive bike insurance?

If you don’t have any two-wheeler insurance policy, and especially, not even a third-party policy, then you will be liable to pay a penalty. You will be fined ₹2,000 for the first offence, ₹4,000 for the second offence, and even imprisonment.

What are the best add-on covers under comprehensive bike insurance?

If your two-wheeler is less than 5 years old and has significantly lost its value, then you can opt for covers like zero-depreciation add-on and the return to invoice cover. Further, the roadside assistance add-on is beneficial for all types of two-wheelers in situations when you’re stuck and yet it doesn’t really count as a claim!

Which two-wheeler insurance policy is the best for me if my bike is over 10 years old?

For bikes older than 10 years, it's better to opt for the basic third-party insurance policy. This is because the bike’s value will have depreciated over the years. So, with a third-party policy you can cover your bike, save on your bike insurance premium, and comply with the law.