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  • Comprehensive Two-Wheeler Insurance Policy vs Third Party Two Wheeler Insurance

    What is Comprehensive Two Wheeler Insurance?

    Two-wheelers have been considered as the best means to commute because they cut through narrow lanes and traffic jams in addition to offering fuel efficiency. Although two-wheelers have the potential to save a good amount of time and money, they also come with an element of danger as two-wheeler accidents can cause serious injuries and even result in death.

    It has been made mandatory by the Motor Vehicles Act of 1988 for all two-wheelers that hit the road must be insured. A two-wheeler insurance policy protects the driver from significant damage while offering financial protection to his / her family in case of his / her accidental death. Two-wheeler insurance policies also offer coverage to the owner of the vehicle from risk against any third party injuries, loss of life or damage to property.

    The two most popular kinds of insurance policies offered by insurance companies are Third Party Insurance and Comprehensive Insurance. While comprehensive insurance is relatively expensive in comparison with third party insurance, a third party insurance policy will only offer cover for the third person, making comprehensive insurance the best bet for those who wish to be fully protected when on the road. Even the premiums can be availed at a lower rate if you go for third party insurance, since the coverage is limited. While you and your two-wheeler will not be covered under a third party insurance policy, a comprehensive insurance policy is opted for by most individuals as it ensures that not only you and your vehicle, but also any third party involved in an accident will be financially protected.

    Benefits of Comprehensive Two-Wheeler Insurance Policy:

    A Comprehensive Two-Wheeler Insurance Policy provides a number of benefits to customers. Following are the most important:

    • Protection against damage to your two-wheeler after accidents: If you meet with an accident, depending upon the severity of collision, it can be an expensive endeavour to maintain and restore your two-wheeler. A comprehensive insurance policy will cover all expenses related to restoring your two-wheeler to its regular condition.
    • Protection against injuries: In case the rider suffers injuries by meeting with an accident, all medical expenses will be covered by the policy provided you insure your two-wheeler under a comprehensive policy.
    • Protection against death: In case the rider of a two-wheeler dies because of an accident caused when he / she was riding the bike, a comprehensive insurance policy will ensure that the family members of the deceased are compensated.
    • Protection against injury or death to third party and damage to property: In case the rider meets with an accident and as a result, injures or kills a third person, or damages any property, the costs associated with the same will be covered by a comprehensive insurance policy.

    Comprehensive two-wheeler insurance policies are the best option for all motorists who are looking to purchase insurance for their vehicles. It not only covers a wide variety of losses and damages to the insured individual, but also to third parties, thereby ensuring that the costs incurred by the policyholder in case of an accident are minimal.   

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