Why should you obtain a comprehensive two-wheeler insurance plan?

Two Wheeler Insurance

A comprehensive two-wheeler insurance plan has several benefits. From offering wholesome insurance coverage to vehicles to keeping you safe when you are riding, the plan serves many purposes. A comprehensive bike insurance plan is cost-effective and flexible too, making it even more suitable for your requirements. Take a look at this article to learn more about the importance of comprehensive two wheeler insurance and why you need to choose it.

Understanding two wheeler insurance

When you get a new bike or scooter, you are expected to insure it at the earliest. This is both a law and a requirement. There are two ways in which you can procure two wheeler insurance. They are by getting a third-party cover or a comprehensive cover. While the former only covers third-party liabilities, the latter covers damages to your own vehicle as well.

As per the law of India, you are required to get at least a basic third-party cover for your two-wheeler as soon as you purchase it. Getting a comprehensive plan is optional, but highly advisable. The third-party plans are cheaper than the comprehensive plans, but the latter offer a much greater scope of coverage.

Differences between third-party bike insurance and comprehensive bike insurance

Here's a key look at some of the major differences between a third-party two wheeler insurance plan and a comprehensive bike insurance policy:

1. Coverage

The main difference lies in the scope of coverage. While a third-party plan, as the name suggests, only covers third-party damages, a comprehensive plan covers all third-party as well as own vehicle damages. Along with that, the third-party plan also pays compensation if your own vehicle is damaged beyond repair or stolen. You will not get these covers in a third-party bike insurance policy.

2. Price

The price of a third-party policy is lower than the price of a comprehensive plan. This is because the scope of coverage is much higher in a comprehensive plan. Also, the third-party cover is limited and non-customisable, whereas a comprehensive plan can be customised. You can add extra covers and pay more for them, so the overall cost of the comprehensive plan is higher.

3. Requirement

It is legally required for you to get a third-party plan to cover your two-wheeler. However, it is optional to buy a comprehensive cover. This is a major point of difference between the two types of bike covers in India.

As you can see, there indeed are some very basic differences between the two types of bike covers. Assess your needs and then finalise the type of policy you want.

Advantages of comprehensive bike insurance

The comprehensive bike insurance plans have a lot of benefits on offer. They include:

1. Coverage for your own vehicle

As mentioned above, a third-party plan does not offer coverage for your own vehicle. If anything happens to your vehicle during an accident, you cannot make a claim. If the vehicle gets stolen or burnt down, you cannot make a claim to get it replaced. For all these covers, you need to rely on a comprehensive policy.

2. Option to add riders

Riders are add-on covers that you can attach to your comprehensive plan at an added cost. You can only attach riders to comprehensive policies, not a third-party plan. The riders make your plan tailor-made to your needs. You can get additional covers such as the engine protection cover, roadside assistance cover, and zero depreciation cover, among others. This is highly beneficial and allows you to get proper, all-round protection for your precious two-wheeler.

3. Duration

When it comes to the duration of the plan, you get more flexibility with comprehensive insurance. You can get a regular one-year policy or invest in a long-term plan to keep your bike protected for a longer period. The long-term plans are affordable and also offer extended coverage.

4. Cost-effective

On the surface, a comprehensive plan may seem very expensive, but when you see the benefits it offers, you will notice how cost-effective it is. You get a huge cover for the price you pay. When there is a claim, you get a very large settlement as compared to the amount you paid as your bike insurance premium.

5. Very easy to buy

The process of buying a comprehensive plan is quick and simple and this adds to the list of benefits.

As you can see, these are some very valuable advantages that a comprehensive two wheeler insurance plan offers. If you have recently purchased a new bike, consider getting a good comprehensive policy to keep it safe.

How to buy a comprehensive policy?

It is very easy to purchase a comprehensive bike insurance plan these days. You can do so online in just a couple of minutes. Here's a detailed look at the process:

1. Visit any insurance aggregator website to compare the available options. Find the most suitable plan and click on it. Alternatively, you can also directly visit the website or the mobile app of your preferred insurance company if you already have shortlisted their motor insurance policy.

2. Enter the details of your bike such as the make and model number, the date of manufacturing, the cubic capacity, etc.

3. Enter your personal details like your name, address, age, etc.

4. Pay the premium online via a safe and trusted payment gateway.

5. The policy will be issued to you instantly and a soft copy of the policy document will be mailed to you within a few minutes.

The process to obtain a comprehensive two wheeler insurance plan is very simple and quick. If you are planning to get a new bike insurance cover, just follow the steps mentioned above and get the policy issued quickly and easily.

Conclusion

You will need to get either a comprehensive bike plan or a basic third-party two wheeler insurance policy for your new bike. If it is brand new and expensive, choosing a comprehensive cover will make a lot of sense. If however your bike is old and you wish to replace it soon, going for a third-party plan may be suitable. Analyse your needs, keep the points mentioned above in mind and then make the perfect selection.