You are cruising through the congested streets, confident in your riding style. But suddenly, a pedestrian jumps in front of your bike, causing you to lose control. Your bike hits the person, leaving them severely injured and damaging your vehicle. Since you have third-party insurance, you don't need to worry about the cost of the injured person's treatment. But what about the cost of repairing the damage to your bike? This is where comprehensive insurance comes into play.
Third-party insurance provides basic coverage that financially shields you from legal liabilities arising from injuries sustained by pedestrians or other motorists due to your bike. It also covers third-party property damage caused by your bike when colliding with a building or another vehicle.
It is important to note that the insurance regulator determines the cost of third-party bike insurance and is fixed for all two-wheelers with the same engine displacement size. For instance, a bike with an engine size of up to 75 CC has a premium of ₹538 per year. For two-wheelers with an engine size between 75 CC and 150 CC, the premium is ₹714. If your bike's engine size falls between 150 CC and 350 CC, the premium is ₹1,366. The premium for bikes with an engine size above 350 CC is ₹2,804.
Here are some of the most common reasons why you will need comprehensive coverage and not third-party liability coverage for your two-wheeler:
Coverage Against Accident
Regardless of how skilled a rider you are, accidents can still happen. Imagine cruising on the highway when suddenly a wild animal jumps in front of your vehicle—losing control becomes inevitable. If the incident leads to a collision with a pole or the highway guardrail, the damage to your bike could result in significant repair bills that might burn a hole in your pocket. However, with comprehensive two-wheeler insurance, the responsibility for repairs and replacements rests on the insurer's shoulders.
Coverage for Personal Accident
When a road accident occurs, not only can your bike sustain damage, but there is also a high likelihood of you and the pillion rider suffering severe injuries. The personal accident cover in your bike insurance policy takes care of medical bills arising from such injuries. Additionally, if the incident results in death, a fixed sum is paid to your loved ones to help them manage day-to-day expenses and other necessities.
This coverage also provides a payout in case of permanent or temporary disability.
Coverage for Natural Disaster
When a natural calamity strikes, not only are your property and vehicles at stake but your life as well. Imagine a scenario where a severe earthquake hits the city you live in, and the bike parked in a covered garage gets irreparably damaged due to the collapse of the garage ceiling. In this case, if you have comprehensive insurance with a return to invoice cover, the insurer will compensate you for the exact value at which you purchased the bike.
Option to Boost Coverage
Even if your standard bike insurance does not cover various incidents, you can still enhance the scope of coverage by paying a little extra premium. For example, you can buy an NCB (No Claim Bonus) protection cover, which allows you to retain the no-claim bonus reward even after filing a claim during the policy year.
You can also opt for a zero depreciation cover. With this add-on, when you send your bike for repairs, the insurer will not consider depreciation while reimbursing the repair costs.
Another useful add-on is the engine protection cover. This rider is beneficial if your engine gets damaged due to water ingress or lubricant leakage.
The premium for comprehensive bike insurance is divided into two parts: third-party liability coverage, for which the premium is fixed by the IRDA, and own damage cover, where the insurer determines the premium based on the following factors:
Make and model of the bike
Registration year and place
Previous claim records
Installation of anti-theft devices
Aftermarket modifications
Third-party two-wheeler insurance offers basic protection but falls short when it comes to covering damages to your bike or personal injuries. Comprehensive insurance provides a more holistic safety net, covering accidents, natural disasters, and personal injuries while allowing add-ons to enhance coverage. For peace of mind on the road, consider upgrading to comprehensive insurance today.
Disclaimer: This content is part of a marketing initiative. No TNIE Group journalists were involved in the creation of this content.