You may recall that insurance plans were deemed for the rich a few years back. Now more than ever, two-wheeler insurance plans are essential for everyone. Fortunately, some plans offer more benefits for your asset. The comprehensive insurance plan does not leave you helpless should you face any unforeseen circumstances involving your insured two-wheeler. Rather it cushions you from the heavy losses likely to occur if your two-wheel is affected. It has a mandatory third-party insurance cover along with many add-ons to make you feel comfortable at all times. Let's read more about comprehensive insurance for a two-wheeler.
What is a Comprehensive Insurance Plan for a Two-wheeler?
Comprehensive two-wheeler insurance is an insurance policy that covers both personal damages and third-party liability. It offers comprehensive protection to the insured against damages or injuries to you and your vehicle, besides immuning you against third-party claims in the event of an accident. Such wide coverage means a greater premium for comprehensive insurance policyholders than those with standalone own damage and third-party liability policies.
Read more - A Comprehensive Bike Insurance Guide for First-time Buyers
Benefits of Two-wheeler Comprehensive Insurance Plan
Covers Third Party
One of the key benefits of the comprehensive two-wheeler plan is that it offers third-party bike insurance. Any damages that may occur to another person other than the insurer can be claimed. If the third party has been injured, the comprehensive policy will cover the medical expenses and compensate the bereaved in case of death.
Covers Non-natural Events
It is hard to predict whether a burglary, riot or theft will occur to your two-wheeler. The comprehensive bike insurance will give you peace of mind as you continue your day. When such incidences occur, the insurance company steps in and covers up for the consequential financial loss.
Insurance Against Personal Accidents
Going through an accident can be quite stressful. Even more stressful would be a huge financial burden after the accident. To relieve you from this, the comprehensive plan offers you monetary compensation that can help you get another two-wheeler or repair it.
Further, in the case of the death of the two-wheeler owner, there is also compensation. Due to the grim nature of accidents, the law makes it mandatory to have a bike insurance policy in hand.
Read more - 4 Major Reasons to Purchase a Comprehensive Bike Insurance Policy
Covers Natural Disasters
Natural disasters, such as earthquakes, hurricanes, thunderstorms or floods, can leave your two-wheeler damaged and obsolete. Comprehensive bike insurance ensures that you do not get into a financial rut. Such two wheeler insurance claims can help you get a new two-wheeler easily.
Owning a two-wheeler comes with its risks. One huge threat that two-wheeler owners face is that they are prone to disability through accidents; if the insured suffers a disability, the two-wheeler vehicle insurance steps in to ease their financial burden. Comprehensive insurance covers some medical expenses and provides finance to disabled riders.
Acts as a Cover for Personal Damages
Suppose you have had an injury while on your two-wheeler and are in financial distress. A comprehensive policy will help you. You will have your medical expenses covered by the comprehensive bike insurance as long as you have a valid driving license.
Opting for a two-wheeler comprehensive insurance plan is best to be safe and guarantee such coverage. This is also because you can get higher limits for covers in case of personal injuries.
Insurance Cover for Total Loss of Your Two-wheeler
In cases where your two-wheeler is out of sight, you can have a panic attack. However, if you have comprehensive bike insurance, all is not lost. You can claim the IDV in bike insurance or Insured Declared Value. This could also be where the two-wheeler is damaged beyond repair.
Within no time, you can acquire another two-wheeler leaving you undisrupted. Fortunately, you can check bike insurance prices through the insurance platforms. All you have to do is key in a few details on the bike insurance calculator, and you can see the premium you need to pay.
Why are Comprehensive Insurance Plans Better than Third-party and Standalone Own Damage Plans for Two-wheelers?
The importance of comprehensive insurance plans for two-wheelers can be best understood when compared with third-party insurance and standalone own damage bike insurance policies.
|Comprehensive Insurance Plan||Standalone Own Damage Insurance Plan||Third-party Insurance Plan|
|It offers third-party insurance and coverage for your own and your vehicle damages.||It covers only you and your vehicle against damages.||It covers damages caused to the third party involving your insured two-wheeler.|
|The coverage is very extensive as the two-wheeler is covered against man-made and natural calamities, accidents, disability, third-party claims, and total loss.||You get coverage only when you or your vehicle suffers injury or damage due to accidents, man-made and natural calamities, and total loss.||Only third-party claims can be entertained under this insurance.|
|You can get a range of additional services such as roadside assistance, zero depreciation cover, etc, as per your preferences.||Even standalone own damage insurance allows you to choose add-ons such as zero depreciation, roadside assistance, etc.||You can buy a personal accident cover in addition to third-party insurance.|
|It comes with a higher premium due to its extended coverage.||The premium of this plan is more than third-party insurance and less than comprehensive insurance.||Limited coverage means a much lower premium for policyholders.|
|Not mandatory but very beneficial.||It is also not mandatory to buy.||It is mandatory in India to have third-party motor insurance under the motor vehicles act, 1988|
Exclusions of Comprehensive Two-wheeler Insurance Plans
Like many insurance plans, there are instances where the comprehensive plan may not help mitigate losses. Such instances include:
- When the insured drives the two-wheeler without a valid licence.
- Driving under the influence of alcohol, drugs or other intoxicating substances.
- Consequential damages occur after an accident the insurance company is unaware of.
There are many advantages that a comprehensive plan comes with. If you want to protect your two-wheeler, you should buy comprehensive two-wheeler insurance. Further, you are certain to benefit from additional covers. If you have third-party or standalone bike insurance, you can upgrade your insurance plan on a two-wheeler insurance renewal.
Alternatively, you can apply for comprehensive bike insurance through two-wheeler insurance online and choose the comprehensive bike insurance for both third-party insurance and as a cover for your damages. Fortunately, there are so many bike insurance companies that enable you to enjoy such huge benefits.