If you are going to purchase a two-wheeler, then the thought of getting Bike Insurance must have crossed your mind. Bike insurance provides cover to the expenses incurred during an accident for the third party, yourself and your vehicle. It is, therefore, essential that you get bike insurance as soon as you purchase a bike.

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As far as bike insurance is concerned, it is of two types: third-party bike insurance and comprehensive package policy.

Third-party Bike Insurance

Third-party bike insurance covers for the liability you have towards the third party in case your bike hurts him in any way. As such, it will pay for the damages incurred by the third party rather than for yourself.

Benefits Of Third-Party Bike Insurance

There are few benefits that third-party bike insurance provides. They are as follows:

1. Coverage For The Third-party

It is a necessity of every driver or rider to be responsible for the safety of others. In this regard, third-party liability comes really handy. It provides coverage for the safety of the third party who is met with an accident with your bike.

2. Legal License To Take Your Bike Out

The Motor Vehicles Act, 1988, makes it mandatory for every rider to have at least third-party bike insurance. Without this insurance, no one will be eligible to take their bike or car out on the road.

3. Avoidance Of Traffic Fine

If you ride your bike without third-party bike insurance, you are bound to be charged, at one point or another, by the traffic policeman for your illegal status as a rider. This two-wheeler insurance, therefore, protects you from paying any unnecessary fine.

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Things Not Covered In Third-Party Bike Insurance

Third-party bike insurance also has certain limitations. They are as given:

• If you or your bike undergoes an accident, the cover for the damage will not be provided for you.
• If you drive drunk and injure someone, you will lose your right to make a claim for third-party insurance coverage. You will have to pay the third party from your own pocket.
• If you drive without a driving licence then, too, you will have no right to claim for third-party coverage.

Comprehensive Package Policy

A comprehensive bike insurance policy not only covers the third-party liability but also for the damages you and your bike have incurred in an accident. This is the reason why people prefer a comprehensive package policy over a third-party policy.

Benefits Of Comprehensive Bike Insurance Policy

The benefits you derive from a comprehensive package policy are much higher compared to that of a basic third-party bike insurance policy. These benefits are as follows:

1. Covers For Your Damage

The best thing about a comprehensive bike insurance policy is that it covers your damage and not just for the third party. If you are met in an accident then, with the help of a comprehensive bike insurance policy, you will get compensation for the damages you have undergone along with the third party.

Not just for the third party, but your own bike will also be safe with a comprehensive bike insurance policy.

2. Customizable Add-ons

Another attractive benefit of a comprehensive bike insurance policy is that you can customise different add-ons for your bike. You can modify your bike, provide protection to the engine and much more with this option.

3. Protection From Natural Disaster

Natural disasters come unannounced. In such cases, you may not be in the position to save your bike from incurring any damage due to the wrath of nature. But with the help of a third-party bike insurance cover, you will be compensated for the damages done to your bike.

4. Zero Depreciation Cover

Zero depreciation cover protects your bike’s value from going down due to depreciation. What this implies is that some parts of your bike will be exempted from the depreciation valuation and when you make a claim you will get more money than otherwise. You can get this cover with a bit of extra premium along with a Comprehensive Cover.

5. Protection Against Bike Theft

There is always a threat that your two-wheeler might get stolen despite all your security efforts. Losing out on your vehicle can be a huge financial loss. With a comprehensive bike insurance cover, however, you can rest assured as if even the bike gets stolen you will be paid the compensation.

Limitations Of Comprehensive Bike Insurance

There are certain limitations to comprehensive bike insurance as well.

• In comparison to third-party bike insurance policies, a comprehensive policy has a higher premium. Although this should not come as a surprise since the comprehensive policy provides greater benefits.
• In case of a nuclear attack, no claims can be made for your bike.
• Meeting an accident in a drunk driving state will not give you the power to make a claim for your insurance policy.
• Driving without a license is also forbidden and if you do not follow this rule then, too, your insurance claim will become invalid.

These are the basic differences between a third-party and a comprehensive bike insurance policy. Although it is mandatory to have third-party bike insurance, you should always go for a comprehensive bike insurance policy. Even though the premiums to be paid for a comprehensive package policy will be higher, the benefit they provide stands in a much higher ratio than the expense it incurs.