Find your suitable insurance plan
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7 min read
Updated on Apr 13, 2023
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.
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.
Being an all-inclusive insurance policy, comprehensive bike insurance covers several features. Some of these features are mentioned below:
Though comprehensive two-wheeler insurance covers most of the things, still there are certain features that it lacks to cover. They are:
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.
Of course, there are several benefits of buying a comprehensive bike insurance plan. Some of them are mentioned below:
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.
This bike insurance policy allows several add-ons to be added to widen the scope of the coverage. Some of them are mentioned below:
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.
Below are some reasons to buy two-wheeler insurance online:
Know More: Top Benefits of Comprehensive Online Bike Insurance Policy.
Below are the steps to buy a comprehensive bike insurance policy:
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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.
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.
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.
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.
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.
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.
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.
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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