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Posted by Royal Sundaram on 07 Jun 2016
Did you just book a new motorbike? No doubt it’s a matter of pride and joy for you, and you do not want it to be harmed in any way. To mitigate this unwarranted risk, a two wheeler insurance policy is recommended.
When it comes to insuring your ride, there are two types of policies available in the market – comprehensive and Third-Party. While having a third-party cover, which is the least amount of protection for your bike, is a mandate by law, there are several untold benefits of comprehensive policy.
Difference between Comprehensive & Third Party Cover
Before you go ahead choosing one, here is a short comparison that will help you make a better choice.
|Includes loss or damage to third party individual or property vehicle||Includes cover for third party property or individual as well as personal accident cover|
|Lesser premiums||Higher premium|
|Covers injuries/death to Third parties and accidental Third party property damage due to Insured vehicle||Theft, vandalism, fire, natural calamities, damage caused due to hitting an animal, glass damage, floodwater|
So why choose Comprehensive Plan over Third Party Insurance?
You may think that purchasing third party insurance policy may be a cheaper option. However, does it guarantee you equal protection? Many among us are emotionally attached to our motorbikes, and cannot bear a single scratch on it. However, what if there is a severe accident that leaves your vehicle with extensive damages. What if you end up causing damage to other vehicles, property, or people? In such cases, a third-party insurance plan will only cover the damage caused to third-party. However, it will not cover the extensive damages caused to your motorbike. Thus, you will have to bear the brunt of repair bills all by yourself.
Third party insurance would suffice if the riding conditions are safe. Being a mandate by law, it will only help you evade traffic police checks. However, a comprehensive cover is highly recommended as it offers both, own vehicle and third-party cover, thereby offering financial cushioning after any kind of mishaps to the bike.
Considering the steady rise in road accidents in India, owing to multiple factors, a Comprehensive insurance is recommended for covering all possible liabilities and expenses after an unfortunate event. As the name suggests, it offers overall protection against damages to your bike, in case of any accident or collision.
So be a smart rider and insure your bike with comprehensive policy.
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