Comprehensive Bike Insurance
What Is Comprehensive Bike Insurance Policy?
A comprehensive Two-wheeler insurance plan is a package policy 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 comprehensive insurance coverage 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?
- 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 is your bike's brand?
What All Is Not Covered Under A Comprehensive Two-wheeler Insurance Policy?
- 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.
Bike Insurance for Popular Bike Models
Add-on Covers For Your Bike Insurance Policy
Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.
In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.
No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.
The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.
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Two Wheeler Comprehensive 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 bike comprehensive 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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