Comprehensive Bike Insurance

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Comprehensive Bike Insurance Policy

Comprehensive bike insurance policy is an insurance plan offering all-inclusive coverage to your two-wheeler including coverage against Third-Party liabilities as well as Standalone Own Damages. Comprehensive plans allow policyholders to buy Add-On covers to widen the protection available under the plan. Hence, it is one of the most recommended two-wheeler insurance plan.

What Is Comprehensive Bike Insurance?

If you ask about Comprehensive bike insurance meaning, it means an insurance plan that offers all-inclusive coverage to your two-wheeler including coverage against Third-Party liabilities as well as Standalone Own Damages.

So, under comprehensive plans the policyholder can claim for losses or damages incurred by his/her vehicle as well as for third-party damages in the event of a mishap. Comprehensive insurance suits well for bike owners as these policies take care of liabilities of both third party and bike owner’s vehicle.

What Is Covered Under a Comprehensive Two-wheeler Insurance Policy?

Being an all-inclusive insurance policy, comprehensive bike insurance covers several features. Some of these features are mentioned below:

  • Own Damage Cover of the insured bike – Comprehensive insurance covers your insured bike against damage/loss caused to the bike due to any mishap.
  • Damage/Loss Caused by Natural Disasters – This policy covers the insured bike against damage/loss caused due to any natural phenomenon like flood, storm, landslide, earthquake and so on.
  • Damage/Loss Caused by Manmade Disasters – This policy also cover against damages/loss caused to the insured bike against any man-made catastrophe such as riot, terrorist activity, strike, etc. It also covers damages caused during transit of the bike.
  • Cover Against Theft of Bike – So, if your two-wheeler is stolen you get coverage against it under a comprehensive insurance plan.
  • Cover Against Explosion and Fire – You can also be rest assured about getting protection against any kind of damage/loss caused to the insured bike due to fire, explosion etc., under a comprehensive insurance plan.
  • Cover Against Third-Party Liabilities – Of course, you definitely get coverage against any kind of damage/loss that your insured bike causes to a third-party person/property in the event of an accident under comprehensive plans.

What Is Not Covered Under A Comprehensive Two-wheeler Insurance?

Though comprehensive two-wheeler insurance covers most of the things, still there are certain features that it lacks to cover. They are:

  • It doesn’t cover against breakdown of the insured bike due to mechanical or electrical fault.
  • It also doesn’t cover regular wear and tear of the insured bike caused over time.
  • Further, it fails to cover under circumstances when the rider follows illegal practices like riding without DL, or riding under the influence of alcohol, drugs etc.
  • Again, if your bike is damaged due to any loss/damage caused by war, nuclear attacks etc., it is not covered under this policy.

Comprehensive Bike Insurance Vs Third Party Bike Insurance

Below are some differences between comprehensive and third-party bike insurance policies:

Third-party Two-Wheeler Insurance  Comprehensive Two-Wheeler Insurance
This obligatory insurance covers only against third-party liabilities. It includes damage caused to third-party persons, property as well as death. This is again not obligatory coverage. It includes both third-party liabilities as well as costs incurred for your bike’s own damages.
It offers coverage against third-party liabilities only. It offers coverage against third-party as well as Own Damage expenses.
This policy is available at low premium amount Here again, premium is high as the policy covers both third-party and OD
This policy doesn’t offer the facility to buy add-on covers. Here, you can buy add-on covers to further widen the scope of your policy.

So, above are the key differences between third party insurance and comprehensive insurance policy.

What are the Benefits of Buying a Comprehensive Insurance?

Of course, there are several benefits of buying a comprehensive bike insurance plan. Some of them are mentioned below:

  • It covers against the Own Damages of your insured bike along with covering third party liabilities. So, under this plan you can expect protection for most kinds of loss/damages caused to your car due to any mishap/accident along with looking after any such damages to the third-party.
  • This policy covers the insured against Personal Accident in case of any collision/accident etc., and lets the insured get the best treatment at a network hospital.
  • Further, comprehensive policy allow the insured to buy or include Add-On covers to extend the scope of the insurance policy.
  • Another benefit of the policy is that it allows coverage against natural and manmade disasters.

Significance Of IDV While Selecting The Bike Insurance Policy

The IDV or Insured Declared Value of a bike does have a significant role to perform while selecting a comprehensive two wheeler insurance policy. IDV is the maximum price that the insurer offers to the insured in case his/her bike gets stolen or gets damaged completely. Thus, it is important to check the IDV of your bike before buying a policy. A higher IDV is said to be better as you can receive better compensation in case of theft of your bike.

What Add-ons Can You Buy with Comprehensive Bike Insurance?

A comprehensive bike insurance policy allows several add-ons to be added to widen the scope of the coverage. Some of them are mentioned below:

  • Add-on of Consumables
  • Passenger Coverage add-on
  • Return to Invoice add-on
  • Engine Protector Add-On
  • Add-on of Zero Depreciation
  • Roadside Assistance add-on, and
  • No Claim Bonus NCB Protect add-on etc.

What Is NCB in Comprehensive Insurance?

The No Claim Bonus or NCB discount is offered to the insured by the insurer as a reward for not raising a claim during a policy year. Being cumulative in nature, this benefit grows with every claim-free year and can reach up to 50%.  For instance, if you do not make a claim for one policy year, you get a 20% NCB discount. This becomes 25% in the second year, 35% in the third year, 45% in the fourth year and 50% in the fifth year. Hence, the more claim free years, the more the discount and the more the NCB discount, the less the premium.

Reasons to Buy A Comprehensive Bike Insurance Online?

Below are some reasons to buy two-wheeler insurance online:

  • The process of buying the policy becomes easy and smooth with online bike insurance purchase.
  • There is no hassle, and you can buy the plan within seconds. Moreover, the policy documents are immediately sent to you via email by the insurer.
  • Also, by buying two-wheeler insurance online, you save the additional charges that you might have to pay to agents in case of offline policies. Thus, the policy becomes economical for you.
  • You can also renew your policy easily with the help of an online process by comparing and looking for the best option at the time of bike insurance renewal.
  • You can avoid the tedious paperwork and go paperless with online policy purchase.
  • You also get anytime online support on your insurer’s portal to resolve any query that you have.
  • Also, you get assistance while raising a claim at the time of claim settlement.

Know More: Top Benefits of Comprehensive Online Bike Insurance Policy.

How to Buy A Comprehensive Bike Insurance Policy?

Below are the steps to buy a comprehensive bike insurance policy:

  • Visit the official portal of your insurer
  • On the home page, select bike/two wheeler insurance
  • Now, submit the required details of your bike or the Registration Number of your bike.
  • Now, Select the Type of Comprehensive cover you want to buy for two wheeler insurance
  • Proceed with the payment using the mode of payment you want.
  • Once the payment is done a copy of the Policy will be sent to you on your Registered Email ID.

 

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FAQs on Comprehensive Bike Insurance

What is comprehensive bike insurance?

A comprehensive plan of two-wheeler insurance is an insurance policy that offers total coverage for the insured bike against the liabilities of the third-party and the damages caused to the insured vehicle. Comprehensive plans also allow the policyholder to widen the scope of coverage by using add-ons covers like road assistance add-on, engine protection add-on, zero depreciation add-on etc.

What is the difference between comprehensive and third party bike/two-wheeler insurance?

A third party bike insurance gives protection against the third party liabilities like third-party injury/damage of person/property, disability, and even death. This is the situation if any damage is caused by the insured’s bike to the third-party in an accident. On the other hand, comprehensive insurance allows extensive protection to the insured bike including coverage against own-damages caused to the insured bike as well as third party liabilities.

Can I convert third party bike insurance into a comprehensive policy?

No, it is not possible to convert third party plans into comprehensive policies. However, you can add a standalone own-damage cover to your third-party plan to allow coverage to your bike's own damages. You can buy this OD policy from the same insurer or a different one as per your requirement to add to your existing cover.

Which company is better for comprehensive bike insurance renewal?

A large number of insurance companies offer policies for bike insurance renewal. It depends on your requirement and many other factors to consider an insurance provider to be the best. It is also important to consider factors like ease of renewal, time taken for renewal, and availability of online policies etc. to categorize a company as the best one for comprehensive bike insurance renewal.

Is it compulsory to have comprehensive insurance for a new bike in India?

No, it is not compulsory to have a comprehensive bike insurance policy for any vehicle in India. However, having a third-party bike insurance is obligatory for every bike owner to ride his/her bike without hassle/penalty on the road.

What is the difference between comprehensive and zero depreciation insurance for a bike?

A comprehensive bike insurance is a proper bike insurance policy, while a zero depreciation is an add-on cover that you can buy with a comprehensive policy or Standalone Own Damage policy. This add-on cover insures a bike for the depreciation charges that are incurred by the vehicle.

Which insurance is best for a two wheeler - a comprehensive or third party bike insurance plan?

A third-party insurance covers only for the liabilities that are associated with the damages caused by the insured bike to a third-party person/property etc. However, comprehensive insurance allows extensive protection to the insured bike including coverage against own-damages caused to the insured bike as well as third party liabilities. So, a comprehensive plan is regarded as best for two-wheeler bike insurance. But even if you don't buy a comprehensive plan, the insured must at least have a third-party policy, which is mandatory.

Jun 27, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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