Are you looking for bike insurance that offers all-around protection? Have you heard about comprehensive bike insurance? But what exactly is it?
A comprehensive two-wheeler insurance policy covers the damage your bike has suffered. Furthermore, it covers accident damage caused to someone else, their vehicle property, as well as the damage caused due to various natural and man-made disasters..
A comprehensive bike insurance policy is usually a little more expensive as compared to third-party bike insurance. However, since it offers significantly higher damage coverage, it is cheaper in the long run due to the extensive protection it provides against various risks, which can save you from substantial out-of-pocket expenses.
What is a Two-Wheeler Comprehensive Policy?
A comprehensive bike insurance policy in India is a type of two-wheeler insurance that provides extensive coverage for a wide range of risks and damages. Unlike third-party insurance, which only covers liabilities towards third parties, a comprehensive bike insurance policy offers both third-party and own-damage coverage.
Advantages of a Comprehensive Bike Policy
If you want to completely insure your bike against damage, you should get comprehensive two-wheeler insurance. Here are a few reasons:
- Own Damage Cover: A comprehensive policy for bikes covers damage caused to your own vehicle during an accident. The insurer is liable to provide reimbursement to the policyholder to pay for the expenses incurred for repair of the two-wheeler.
It also covers different situations, such as fire and explosion, collision with animals, and theft, that can result in bike damage.
- Personal Injury and Death Cover: As the name suggests, the two-wheeler comprehensive policy also includes personal injury cover which means that if you get injured during a bike accident, you will remain financially protected up to the limits of the policy.
If an accident results in an unfortunate situation, such as the demise of the rider, the nominee of the policy will receive the amount from the insurer.
- Natural Disaster Cover: Natural calamities can result in loss or harm to the vehicle. If you live in a disaster-prone area, you should definitely buy a comprehensive two-wheeler insurance policy as it will allow you to safeguard your vehicle against damages caused by floods, earthquakes, storms, and other natural disasters, ensuring financial protection and peace of mind in the event of unforeseen incidents.
- Third-party cover: A comprehensive two-wheeler insurance policy also covers damages caused to a third party during the accident.
This means that any legal liabilities arising from bodily injury, death, or property damage to third parties will be covered.
- Add-ons: With a comprehensive bike insurance policy, you can enhance your coverage with various valuable add-ons such as zero depreciation cover, roadside assistance, engine protection, and more.
- No Claim Bonus (NCB): The insurer offers the policyholder a No-Claim Bonus (NCB) as a discount on premiums during renewals for every claim-free year. This NCB reduces the premium cost in the coming years, making the policy more cost-effective.
- Protection against theft: In case your bike is stolen, the insurance company compensates you for the loss (by way of IDV), ensuring you are not left without financial support.
To say, a comprehensive policy for bikes includes a mix of features of third-party as well as own-damage insurance. With so many benefits and extended coverage, comprehensive two-wheeler insurance is a choice that every bike owner should make.
How to Buy a Two-Wheeler Comprehensive Policy?
However, if you do not know how to buy comprehensive bike insurance, you can follow the steps listed below:
- Go to an insurance company’s website and open the bike insurance section from the dropdown menu.
- Under the different types of two-wheeler insurance policies, you will get the option of comprehensive two-wheeler insurance; select it.
- Clicking on it will direct you to the page where you will have to enter your bike registration number to start the purchase process.
- On proceeding, you will be asked to share your two-wheeler’s details, such as brand name, variant, bike name, and month and year of purchase.
- Enter these necessary details and you will get costs related to buying a comprehensive two-wheeler insurance.
- If you find the shared policy suitable, complete the payment process by clicking on pay and making the payment.
As you can see, purchasing a comprehensive policy for bikes is an easy task with no extra effort. However, when buying a policy, you should compare the policies offered by different insurers and request multiple quotes so that you get insurance at a reasonable rate.
Apart from this, you should also pay attention to the inclusions and exclusions of the policy so that you know the level of financial coverage provided by the policy and the maximum limit to which you can raise a claim.
Conclusion
A large list of risks is covered by this policy which serves as another advantage to its buyers. This policy offers complete protection, making it a prudent choice for ensuring the safety and financial security of your two-wheeler. Hence, this policy provides enhanced protection compared to third-party bike insurance.