Comprehensive Two-Wheeler Insurance
What Is Comprehensive Bike Insurance?
Comprehensive two-wheeler insurance is a package that offers insurance coverage for the loss/damage incurred by the insured’s two-wheeler as well as for third party liabilities. It is an all-inclusive two wheeler insurance plan.
Policyholders can customise and enhance the coverage offered by a comprehensive policy with the help of a number of add-ons covers such as Zero Depreciation Cover, Roadside Assistance Cover NCB Cover, Bi-fuel Kit Cover etc.
What Is Covered Under Comprehensive Two-wheeler Insurance Policy?
Get a comprehensive two-wheeler insurance quote online today. Don't forget to explore the following advantages of buying a comprehensive two-wheeler insurance policy.
- Own damages incurred by the insured’s two-wheeler in any road accident, natural/man-made calamity, theft, fire or any other mishap.
- Third party bodily injuries as well as death.
- Third party property damage (up to Rs. 1 lakh).
What All Is Not Covered Under A Comprehensive Two-wheeler Insurance?
- Depreciation/wear and tear of the vehicle.
- Mechanical or electrical breakdown of the insured vehicle.
- Illegal practices such as when the vehicle was being driven without a valid driving licence.
- The accident occurred when the driver was under the influence of alcohol or drugs.
- Any loss or damage due to mutiny war, or nuclear attacks and other events that are beyond compensation.
Comprehensive Bike Insurance Vs Third Party Bike Insurance
Comprehensive Two-wheeler Insurance
Third Party Two-wheeler Insurance
A comprehensive two-wheeler insurance policy offers coverage for own-damage as well as third party liabilities - bodily injuries/death and property damage caused by the insured’s vehicle.
The third-party two-wheeler insurance policy offers coverage only for third party liabilities - injury/death/property damage of third party caused by the insured’s vehicle.
Add-on covers such as Zero Depreciation Cover, Roadside assistance Cover, Consumables Cover, etc. can be opted for with this policy against an extra premium.
Add-on covers cannot be opted for with this policy.
Nature of requirement
It is an optional but recommended policy.
It is mandatory to have at least a third party insurance cover as per Indian Motor Tariff.
It is comparatively costlier because it offers extensive coverage.
It is comparatively cost-effective because it offers narrow coverage.
Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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Benefits of Comprehensive Bike Insurance Plans
With a comprehensive bike insurance plan, you can become tension free from the protection of your bike, the safety of the bike rider alongside liability arising towards the damage/loss of the third party person or property. Through a comprehensive bike insurance plan, a policyholder can enjoy benefits of both a third party insurance plan as well as a standalone own damage insurance plan.
Highlighted below are some of the benefits of purchasing a comprehensive bike insurance policy in India:
- Offers Coverage For Third Party Liability
A comprehensive insurance policy covers the legal liability towards a third party property or person caused due to an accident or mishap. The coverage includes damage or loss to the property, damage of two-wheeler parts, and bodily injuries or demise of a third party caused due to a collision with the insured bike at the time of an accident or mishap.
- Safeguards Your Own Bike
A comprehensive bike insurance plan offers coverage to your two-wheeler against any accident or mishap. Also, it protects your bike against the damages or losses caused by other natural calamities like flood, earthquake, tsunami, thunderstorm, etc., and manmade activities like theft, burglary, riots and so on. In case of complete loss or the damage/loss to your bike is beyond repair then in such scenarios, the policyholder can claim for the IDV of the bike.
- Personal Accident Cover
The comprehensive bike insurance plans are available with a personal accident cover of up to Rs. 15 lakh with which policyholders become insured against injuries that may result in total or partial permanent or temporary disability or even death. It comes as a huge benefit as it gives coverage for bodily injuries suffered by the policyholder in a mishap that could indulge a huge expense to be incurred in the treatment.
- Pillion Rider Cover
The Pillion Rider Cover is an add-on cover which can be included in a comprehensive insurance plan to get the safety cover for other riders. The cover is designed to pay out the expenses of medical assistance provided to the passenger on the bike after an accident. The coverage under this cover will be offered for partial or permanent disability or death of the pillion rider.
- Add-on Covers
The comprehensive bike insurance plan opens the option to include add-on covers in the policy. By paying a little extra premium along with the regular amount of premium, you can avail different add-on covers which comprise zero depreciation cover, roadside assistance cover, no claim bonus protection, return to invoice, etc. These add-on covers support you during the claim settlement after an accident or unfortunate event.
Significance Of IDV While Selecting The Bike Insurance Policy
IDV stands for Insured Declared Value. It is the maximum amount that your insurance company would be providing you, in case your two-wheeler gets stolen or gets completely damaged. Premiums are an important aspect to be considered while choosing a bike insurance policy but do not forget to check the Insured declared value of your bike prior to buying an insurance policy. Also, it is highly recommended to select a higher IDV as at the time of complete loss of your two-wheeler, a high IDV would mean a higher reimbursement amount.
What Add-ons Can You Buy with Comprehensive Bike Insurance?
The add-ons covers are designed to enhance the coverage of an insurance policy. They offer flexibility to insurance plans by allowing its policyholders to select and pick a cover to boost coverage and different aspects of a plan based on their suitability. Below given are some of the add-on covers which can be included in a comprehensive bike insurance cover:
- Passenger Cover
- Consumables Cover
- Engine Protector Cover
- Return to Invoice Cover
- Zero Depreciation Cover
- Roadside Assistance Cover
- No Claim Bonus Protect Cover
What Is NCB in Comprehensive Bike Insurance?
The premium for comprehensive bike insurance plans is higher that of third party bike insurance plans as the former offers coverage to a third party as well as own-damage expenses which contributes to wider coverage, while the latter compensates the only third party expenses. Besides, the No Claim Bonus or NCB benefit is only offered on the own-damage insurance cover within the policy.
The No Claim Bonus is a reward which is provided by the insurance companies to the policyholder for a claim-free year. This benefit is cumulative in nature which could go up to 50% with every successive claim-free year. Here is the chart that explains the calculation of the No Claim Bonus (NCB):
Number of Claim Free Years
Reasons to Buy A Comprehensive Bike Insurance Policy Online?
When it comes to purchasing a bike insurance plan, you can buy it either offline or online. However, in today’s scenario, buying a policy online is more beneficial for policyholders due to which every insurance company is making its plans available online. Here are some significant facts that you should consider before purchasing two-wheeler insurance online:
- Quick Policy Issuance – The online purchase of a bike insurance policy could make you get the policy documents in your mailbox within a few seconds due to quick policy issuance by the insurers.
- No Additional Charges – By purchasing a bike insurance plan online, you save yourself from paying any additional charges to agents, which makes the purchase process economical.
- Easy Purchase Process - You will not be required to provide previous bike insurance policy details to your insurance company if your policy has been expired for more than 90 days.
- Paperless Procedures - You can get benefits related to a bike insurance plan without getting into tedious paperwork with paperless procedures through an online facility.
- Easy Renewal of Policy - You can easily renew your expired bike insurance policy online by making the payment online through the website of your insurance company.
- Claim Settlement Assistance – With the online purchase, you can get assistance while making a claim for your bike or two-wheeler for its settlement.
- Anytime Online Support – The online support is always available on the website of the insurer or insurance platforms to help you with any insurance related query through chatbox, email, etc.
How to Buy A Comprehensive Bike Insurance Policy?
To buy a comprehensive bike insurance plan is quite and you just have to follow the below-given steps to purchase a comprehensive bike insurance policy online:
Step 1: Visit the official website of InsuranceDekho
Step 2: In the ‘Get Your Quote’ section provide your bike registration number or other details such as its make, model, variant, year of registration and so on and then select ‘proceed’.
Step 3: Enter your personal details, i.e., your name and your mobile number after which various policy quotes for comprehensive bike insurance policies will be displayed on your screen.
Step 4: Compare the bike insurance policy quotes and select a plan which suits your needs and budget the most.
Step 5: Make the payment for the insurance policy of your choice. After the payment, the policy document will be sent to your registered email ID.
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Comprehensive Two Wheeler Insurance FAQs
What is comprehensive bike insurance?
A comprehensive bike insurance policy is a complete insurance plan which provides insurance coverage for third party liabilities as well as own-damages incurred by your bike. The third party liabilities include bodily injuries, permanent/temporary disability, partial/total disability and death of third party and property damage of up to Rs. 1 lakh caused by an accident involving the insured’s bike. A comprehensive bike insurance coverage plan provides compensation for own-damages incurred by the insured’s bike in a road accident, natural calamity, fire, explosion, riots strikes, or any other mishap in accordance with the Insured Declared Value (IDV) of the bike. The coverage of a comprehensive bike insurance plan can be further extended with the help of bike insurance add-ons such as zero depreciation cover, road assistance cover, engine protect cover, etc.
What is the difference between comprehensive and third party bike insurance?
A third party bike insurance cover is the most basic insurance plan that provides insurance coverage against third party liabilities such as bodily injuries, disability, death and property damage (of up to Rs. 1 lakh) of third party caused due to an accident caused by the insured’s bike. Whereas a comprehensive bike insurance plan is an extensive cover which provides for own-damages incurred by the insured’s bike in addition to the third party liabilities.
Can I convert 3rd party bike insurance into comprehensive?
No, you cannot convert a third party bike insurance plan into a comprehensive cover. But you can buy a standalone own-damage bike insurance cover, either from the same insurance company or a different insurance company, and get your bike covered against own-damages.
Which company is better for comprehensive bike insurance renewal?
There are 25 general insurance companies which offer renewal of bike insurance policies. The best insurance company varies from individual to individual depending on factors like availability of online/offline renewal process, ease of renewal, renewal time, etc. You can get your policy renewed in just 2 minutes at InsuranceDekho.
Is it compulsory to have comprehensive insurance for a new bike?
No, it is not necessary for either a new or an old bike to have a comprehensive bike insurance policy. However, at least a third party bike insurance is a compulsory requirement for all bikes as per Indian Motor Tariff. Also, a new bike is compulsorily required to have a 5-year third party bike insurance policy. Riding a bike without a minimum of a valid third party bike insurance plan is a punishable offence which is punishable with a fine of Rs. 2,000 and/or jail term of up to 3 months.
What is the difference between a comprehensive bike insurance plan and a zero depreciation bike insurance?
A comprehensive bike insurance is a type of bike insurance plan whereas a zero depreciation cover is a bike insurance add-on. Like any other add-on cover, a zero depreciation cover can be opted with comprehensive bike insurance plans and standalone own-damage bike insurance plans. A zero depreciation cover insures your bike against the depreciation charges incurred by it.
Which insurance is best for a bike comprehensive or third party bike insurance plan?
The best insurance company changes from policyholder to policyholder depending on their requirements such as type of plan, add-on covers, customer support service, etc. However, one reliable parameter to compare different insurance companies for bike insurance plans is the Claim Settlement Ratio (CSR) registered by them. Claim Settlement Ratio is the percentage of claims settled by a car insurance company out of the total number of claims received by it during a financial year. The higher the claim settlement ratio, the better it is. In the financial year 2018-19, IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%) and The Oriental Insurance (93.16%) registered the highest Claim Settlement Ratio for motor claims as per IBAI’s General Insurance Claim Insights Handbook For Policyholders.
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