In India, motor insurance companies offer two types of bike insurance policies – comprehensive insurance and third-party liability insurance. Read on to know more about it.
Riding a bike is much more feasible than a car when it comes to making your way through the traffic. Not to mention, motorcycles are much easier to maintain than cars. But, riding a bike is also much riskier than driving a car; bikers are more prone to accidents. What if you collide with another vehicle and your motorcycle is severely damaged? Or what if your bike gets stolen? Do you have sufficient finances to make up for the loss? In such a situation, a two-wheeler insurance policy comes to your aid.
Today, insurance companies offer a variety of bike insurance plans, and picking the best one can sometimes be overwhelming. Before you buy a policy, you must assess your exact requirement and choose the right type of insurance. In India, there are mainly two types of two-wheeler insurance – comprehensive insurance and third-party liability insurance.
Comprehensive Bike Insurance
As the name suggests, a comprehensive bike insurance policy provides complete protection to your bike. It covers damages to your bike as well as third-party liability. While comprehensive insurance is not mandatory, it is better to buy this as you get better benefits and financial protection in the event of an accident.
 A comprehensive bike insurance policy provides the following coverage:
- Accidental damage to your bike
- Damages to your motorcycle caused due to natural calamities like floods, earthquakes, landslides, etc.
- Damage to your two-wheeler due to man-made disasters like a riot, vandalism, etc.
- Loss or theft of your prized possession
While the comprehensive insurance provides wider coverage, the premium for the policy is higher than third-party liability insurance.
Third-party Liability Insurance
Third-party insurance, which is also known as liability-only insurance, is the most basic form of protection. As per law, it is a mandatory requirement for all bike owners. Under this type of insurance, you get coverage only for the damages you may cause to the other party in an accident.
If you have third-party insurance, you cannot file a claim for the damage to your vehicle or your personal injuries. Since it is only a basic cover, the premium for third-party liability insurance is much cheaper than comprehensive insurance.
Add-on Covers
Apart from the above 2-wheeler insurance, you can also purchase an add-on cover and expand the scope of your regular insurance policy’s coverage. Add-ons are an additional protection option that you can buy by paying an additional premium.
All insurance companies offer a variety of add-on covers to cater to the different needs of the people, and you can choose any add-on to suit your specific needs. But, remember, the more add-ons you buy, the higher will be the premium. So, be prudent with your choice.
 Some of the most common types of add-ons that you can consider buying are:
- Zero-depreciation cover
If you need to replace any spare part that is damaged due to an accident, the insurance company pays only a part of the actual cost; they will reduce the depreciation. But, if you have a zero-depreciation add-on cover, you can get full compensation for the replacement.
- Roadside assistance
There can be nothing more frustrating than your bike breaking down in the middle of the road. With roadside assistance at your disposal, you can get immediate help to get the bike towed and repair services.
- Daily allowance
If your bike is in the garage for more than one week (the tenure may differ from insurer to insurer), under this cover, you can get a daily cash allowance for your usual travel.
Final Word
If you drive an inexpensive bike and don’t use it daily, third-party insurance would be sufficient for you. But, if you own an expensive bike, comprehensive coverage would be a better choice.
